Malaysia: Butter Market 2024

Butter Market Size in Malaysia

The Malaysian butter market reduced to $X in 2022, waning by -12.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, recorded a buoyant increase. Over the period under review, the market reached the peak level at $X in 2021, and then reduced in the following year.

Butter Exports

Exports from Malaysia

In 2022, exports of butter from Malaysia surged to X tons, picking up by 16% compared with 2021. In general, exports, however, recorded a perceptible curtailment. The most prominent rate of growth was recorded in 2016 with an increase of 129% against the previous year. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, butter exports expanded notably to $X in 2022. Overall, total exports indicated mild growth from 2012 to 2022: its value 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, exports decreased by -37.1% against 2017 indices. The most prominent rate of growth was recorded in 2016 when exports increased by 77% against the previous year. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Hong Kong SAR (X tons) was the main destination for butter exports from Malaysia, with a 24% share of total exports. Moreover, butter exports to Hong Kong SAR exceeded the volume sent to the second major destination, Nigeria (X tons), twofold. The third position in this ranking was held by Saudi Arabia (X tons), with a 7.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Hong Kong SAR stood at +3.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nigeria (+30.9% per year) and Saudi Arabia (-0.9% per year).

In value terms, Hong Kong SAR ($X) emerged as the key foreign market for butter exports from Malaysia, comprising 45% of total exports. The second position in the ranking was taken by Brunei Darussalam ($X), with an 8.3% share of total exports. It was followed by Saudi Arabia, with a 5.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Hong Kong SAR stood at +10.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brunei Darussalam (-4.2% per year) and Saudi Arabia (+9.6% per year).

Export Prices by Country

The average butter export price stood at $X per ton in 2022, dropping by -5.4% against the previous year. In general, export price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of +3.7% 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 +1.6% against 2020 indices. The pace of growth appeared the most rapid in 2014 an increase of 31% against the previous year. The export price peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Nigeria ($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 Saudi Arabia (+10.6%), while the prices for the other major destinations experienced more modest paces of growth.

Butter Imports

Imports into Malaysia

After two years of growth, purchases abroad of butter decreased by -3.9% to X tons in 2022. Over the period under review, total imports indicated tangible growth from 2012 to 2022: its volume increased at an average annual rate of +4.5% 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 +13.8% against 2019 indices. The pace of growth appeared the most rapid in 2015 with an increase of 24%. Over the period under review, imports hit record highs at X tons in 2021, and then reduced modestly in the following year.

In value terms, butter imports reduced to $X in 2022. Overall, total imports indicated strong growth from 2012 to 2022: its value 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, imports increased by +14.7% against 2019 indices. The pace of growth appeared the most rapid in 2017 with an increase of 50% against the previous year. Imports peaked at $X in 2021, and then contracted in the following year.

Imports by Country

In 2022, New Zealand (X tons) constituted the largest butter supplier to Malaysia, with a 45% share of total imports. Moreover, butter imports from New Zealand exceeded the figures recorded by the second-largest supplier, Denmark (X tons), fourfold. The third position in this ranking was taken by Benin (X tons), with an 8.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from New Zealand stood at +4.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Denmark (+29.8% per year) and Benin (+2.0% per year).

In value terms, New Zealand ($X) constituted the largest supplier of butter to Malaysia, comprising 44% of total imports. The second position in the ranking was held by Denmark ($X), with a 13% share of total imports. It was followed by Australia, with an 8.2% share.

From 2012 to 2022, the average annual growth rate of value from New Zealand stood at +6.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Denmark (+25.7% per year) and Australia (-7.7% per year).

Import Prices by Country

The average butter import price stood at $X per ton in 2022, declining by -4.7% against the previous year. Over the last decade, it increased at an average annual rate of +1.9%. The pace of growth appeared the most rapid in 2017 an increase of 39%. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Benin (+2.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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