Italy: Butter Market 2024

Butter Market Size in Italy

In 2022, the Italian butter market increased by 2.8% to $X, rising for the second consecutive year after two years of decline. The market value increased at an average annual rate of +2.4% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. Butter consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Butter Production in Italy

In value terms, butter production dropped modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.8% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2017 with an increase of 35% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Butter Exports

Exports from Italy

In 2022, after four years of growth, there was significant decline in shipments abroad of butter, when their volume decreased by -22.2% to X tons. Overall, exports, however, posted measured growth. The pace of growth appeared the most rapid in 2015 when exports increased by 133%. Over the period under review, the exports hit record highs at X tons in 2021, and then reduced remarkably in the following year.

In value terms, butter exports contracted slightly to $X in 2022. Over the period under review, exports, however, continue to indicate strong growth. The pace of growth appeared the most rapid in 2015 with an increase of 98%. Over the period under review, the exports reached the maximum at $X in 2021, and then shrank in the following year.

Exports by Country

Spain (X tons), Belgium (X tons) and Austria (X tons) were the main destinations of butter exports from Italy, together accounting for 36% of total exports. Greece, Germany, the Netherlands, South Korea, Poland, France, Romania, Croatia and Denmark lagged somewhat behind, together comprising a further 49%.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +117.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for butter exported from Italy were Spain ($X), Belgium ($X) and Austria ($X), together accounting for 33% of total exports. Germany, Greece, the Netherlands, South Korea, France, Romania, Poland, Croatia and Denmark lagged somewhat behind, together accounting for a further 50%.

Among the main countries of destination, South Korea, with a CAGR of +122.7%, saw 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

The average butter export price stood at $X per ton in 2022, jumping by 28% against the previous year. In general, export price indicated a remarkable increase from 2012 to 2022: its price increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, butter export price increased by +32.7% against 2020 indices. The most prominent rate of growth was recorded in 2017 an increase of 33% against the previous year. Over the period under review, the average export prices attained the peak figure in 2022 and is expected to retain growth in the near future.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Romania ($X per ton) and Croatia ($X per ton), while the average price for exports to Belgium ($X per ton) and Poland ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Romania (+7.9%), while the prices for the other major destinations experienced more modest paces of growth.

Butter Imports

Imports into Italy

In 2022, imports of butter into Italy was estimated at X tons, picking up by 2.6% on the previous year's figure. The total import volume increased at an average annual rate of +3.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2015 with an increase of 21%. As a result, imports attained the peak of X tons. From 2016 to 2022, the growth of imports failed to regain momentum.

In value terms, butter imports soared to $X in 2022. In general, total imports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +7.1% 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 +81.2% against 2020 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 47% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Imports by Country

The Netherlands (X tons), Belgium (X tons) and Germany (X tons) were the main suppliers of butter imports to Italy, with a combined 64% share of total imports. France, Lithuania, the Czech Republic, Spain, Poland, Denmark, Croatia and Austria lagged somewhat behind, together comprising a further 34%.

From 2012 to 2022, the biggest increases were recorded for Croatia (with a CAGR of +105.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Belgium ($X), the Netherlands ($X) and Germany ($X) were the largest butter suppliers to Italy, with a combined 67% share of total imports. France, the Czech Republic, Spain, Poland, Denmark, Austria, Lithuania and Croatia lagged somewhat behind, together comprising a further 30%.

Croatia, with a CAGR of +113.2%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average butter import price stood at $X per ton in 2022, rising by 30% against the previous year. In general, import price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, butter import price increased by +47.3% against 2020 indices. The growth pace was the most rapid in 2017 an increase of 61%. The import price peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Austria ($X per ton), while the price for Lithuania ($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 Czech Republic (+7.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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