Ireland: Margarine And Shortening Market 2024

Margarine And Shortening Market Size in Ireland

After two years of decline, the Irish margarine and shortening market increased by 486% to $X in 2022. Overall, consumption posted buoyant growth. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Margarine And Shortening Production in Ireland

In value terms, margarine and shortening production rose modestly to $X in 2022 estimated in export price. Over the period under review, production, however, saw a perceptible curtailment. The most prominent rate of growth was recorded in 2020 with an increase of 13%. Over the period under review, production reached the maximum level at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Margarine And Shortening Exports

Exports from Ireland

In 2022, shipments abroad of margarine and shortening was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. In general, exports saw a significant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, margarine and shortening exports soared to $X in 2022. Overall, exports posted a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The UK (X tons) was the main destination for margarine and shortening exports from Ireland, accounting for a 100% share of total exports. It was followed by Hong Kong SAR (X tons), with a 0.3% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to the UK amounted to +53.1%.

In value terms, the UK ($X) emerged as the key foreign market for margarine and shortening exports from Ireland, comprising 99% of total exports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 0.4% share of total exports.

From 2012 to 2022, the average annual growth rate of value to the UK stood at +51.9%.

Export Prices by Country

In 2022, the average margarine and shortening export price amounted to $X per ton, which is down by -38% against the previous year. In general, the export price showed a mild reduction. The growth pace was the most rapid in 2021 when the average export price increased by 85% against the previous year. As a result, the export price attained the peak level of $X per ton, and then reduced dramatically in the following year.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to the UK totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (+0.9%), while the prices for the other major destinations experienced a decline.

Margarine And Shortening Imports

Imports into Ireland

In 2022, imports of margarine and shortening into Ireland was estimated at X tons, therefore, remained relatively stable against the previous year's figure. In general, imports showed a buoyant expansion. The growth pace was the most rapid in 2015 with an increase of 63% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, margarine and shortening imports stood at $X in 2022. Over the period under review, imports recorded resilient growth. The pace of growth was the most pronounced in 2015 with an increase of 39%. Over the period under review, imports attained the peak figure in 2022 and are likely to see gradual growth in years to come.

Imports by Country

In 2022, Belgium (X tons) constituted the largest supplier of margarine and shortening to Ireland, accounting for a 58% share of total imports. Moreover, margarine and shortening imports from Belgium exceeded the figures recorded by the second-largest supplier, the UK (X tons), twofold. The third position in this ranking was taken by the Netherlands (X tons), with an 8.6% share.

From 2012 to 2022, the average annual growth rate of volume from Belgium stood at +45.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+2.5% per year) and the Netherlands (-2.7% per year).

In value terms, Belgium ($X) constituted the largest supplier of margarine and shortening to Ireland, comprising 49% of total imports. The second position in the ranking was taken by the UK ($X), with a 20% share of total imports. It was followed by the Netherlands, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Belgium stood at +49.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+2.4% per year) and the Netherlands (+5.1% per year).

Import Prices by Country

In 2022, the average margarine and shortening import price amounted to $X per ton, therefore, remained relatively stable against the previous year. Overall, the import price posted a perceptible increase. The pace of growth was the most pronounced in 2016 an increase of 20% against the previous year. The import price peaked in 2022 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for the UK ($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 (+43.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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