Indonesia: Ghee Market 2024

Ghee Market Size in Indonesia

In 2022, the Indonesian ghee market increased by 13% to $X, rising for the second consecutive year after two years of decline. In general, the total consumption indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +40.9% against 2020 indices. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Ghee Exports

Exports from Indonesia

Ghee exports from Indonesia contracted significantly to X tons in 2022, waning by -29.8% compared with the year before. Overall, exports saw a abrupt contraction. The most prominent rate of growth was recorded in 2021 with an increase of 313% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, ghee exports declined dramatically to $X in 2022. In general, exports showed a abrupt downturn. The pace of growth appeared the most rapid in 2021 when exports increased by 614% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Nigeria (X tons) was the main destination for ghee exports from Indonesia, accounting for a 79% share of total exports. Moreover, ghee exports to Nigeria exceeded the volume sent to the second major destination, Thailand (X tons), tenfold. The Philippines (X tons) ranked third in terms of total exports with a 6.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Nigeria amounted to +6.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+8.1% per year) and the Philippines (-24.9% per year).

In value terms, the largest markets for ghee exported from Indonesia were the Philippines ($X), Thailand ($X) and Nigeria ($X), with a combined 69% share of total exports. India, Singapore and Saudi Arabia lagged somewhat behind, together comprising a further 28%.

In terms of the main countries of destination, India, with a CAGR of +72.3%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average ghee export price amounted to $X per ton, reducing by -18.8% against the previous year. Overall, export price indicated slight growth from 2012 to 2022: its price increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, ghee export price increased by +40.3% against 2020 indices. The pace of growth appeared the most rapid in 2021 an increase of 73% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (+19.8%), while the prices for the other major destinations experienced more modest paces of growth.

Ghee Imports

Imports into Indonesia

In 2022, the amount of ghee imported into Indonesia contracted to X tons, waning by -8.4% against 2021 figures. Over the period under review, imports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 with an increase of 56%. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports failed to regain momentum.

In value terms, ghee imports soared to $X in 2022. In general, total imports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +70.9% against 2020 indices. The pace of growth was the most pronounced in 2013 when imports increased by 71%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, New Zealand (X tons) constituted the largest supplier of ghee to Indonesia, accounting for a 47% share of total imports. Moreover, ghee imports from New Zealand exceeded the figures recorded by the second-largest supplier, India (X tons), threefold. The third position in this ranking was taken by Belgium (X tons), with a 9.2% share.

From 2012 to 2022, the average annual growth rate of volume from New Zealand stood at -2.9%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+23.0% per year) and Belgium (-5.6% per year).

In value terms, New Zealand ($X) constituted the largest supplier of ghee to Indonesia, comprising 37% of total imports. The second position in the ranking was held by India ($X), with a 14% share of total imports. It was followed by Belgium, with a 13% share.

From 2012 to 2022, the average annual growth rate of value from New Zealand totaled +2.8%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+27.2% per year) and Belgium (-1.0% per year).

Import Prices by Country

The average ghee import price stood at $X per ton in 2022, growing by 36% against the previous year. Over the period under review, import price indicated a strong expansion from 2012 to 2022: its price increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, ghee import price increased by +55.5% against 2020 indices. The growth pace was the most rapid in 2017 an increase of 49%. The import price peaked in 2022 and is likely to continue growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for New Zealand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+11.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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