MERCOSUR: Ghee Market 2024

Ghee Market Size in MERCOSUR

After two years of growth, the MERCOSUR ghee market decreased by -4.3% to $X in 2022. Over the period under review, consumption saw pronounced growth. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market failed to regain momentum.

Ghee Production in MERCOSUR

In value terms, ghee production fell slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 31%. As a result, production attained the peak level of $X. From 2015 to 2022, production growth remained at a somewhat lower figure.

Argentina (X tons) constituted the country with the largest volume of ghee production, accounting for 74% of total volume. Moreover, ghee production in Argentina exceeded the figures recorded by the second-largest producer, Chile (X tons), threefold.

In Argentina, ghee production expanded at an average annual rate of +6.2% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: Chile (+1.0% per year) and Uruguay (+0.1% per year).

Ghee Exports

Exports in MERCOSUR

In 2022, the amount of ghee exported in MERCOSUR surged to X tons, growing by 230% on the previous year's figure. Overall, exports recorded strong growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, ghee exports skyrocketed to $X in 2022. In general, exports saw a resilient increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Argentina was the largest exporting country with an export of about X tons, which reached 76% of total exports. Chile (X tons) took a 19% share (based on physical terms) of total exports, which put it in second place, followed by Uruguay (4.7%).

From 2012 to 2022, average annual rates of growth with regard to ghee exports from Argentina stood at +6.1%. At the same time, Chile (+31.0%) and Uruguay (+2.1%) displayed positive paces of growth. Moreover, Chile emerged as the fastest-growing exporter exported in MERCOSUR, with a CAGR of +31.0% from 2012-2022. While the share of Chile (+17 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Uruguay (-2.9 p.p.) and Argentina (-7.7 p.p.) displayed negative dynamics.

In value terms, Argentina ($X) emerged as the largest ghee supplier in MERCOSUR, comprising 74% of total exports. The second position in the ranking was taken by Chile ($X), with a 21% share of total exports.

In Argentina, ghee exports expanded at an average annual rate of +9.7% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Chile (+41.8% per year) and Uruguay (+6.3% per year).

Export Prices by Country

The export price in MERCOSUR stood at $X per ton in 2022, jumping by 21% against the previous year. Export price indicated pronounced growth 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, ghee export price increased by +28.5% against 2020 indices. The pace of growth was the most pronounced in 2017 an increase of 44% against the previous year. Over the period under review, the export prices reached the peak figure in 2022 and is likely to continue growth in years to come.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Chile ($X per ton), while Argentina ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+8.3%), while the other leaders experienced more modest paces of growth.

Ghee Imports

Imports in MERCOSUR

In 2022, imports of ghee in MERCOSUR amounted to X tons, with an increase of 11% against the year before. Total imports indicated measured growth from 2012 to 2022: its volume increased at an average annual rate of +3.3% 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 +26.8% against 2019 indices. The pace of growth was the most pronounced in 2020 when imports increased by 41% against the previous year. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, ghee imports expanded significantly to $X in 2022. Over the period under review, imports enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 50%. Over the period under review, imports attained the peak figure at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Peru (X tons) was the main importer of ghee, making up 74% of total imports. It was distantly followed by Brazil (X tons), achieving a 21% share of total imports. Suriname (X tons) took a relatively small share of total imports.

Peru was also the fastest-growing in terms of the ghee imports, with a CAGR of +5.6% from 2012 to 2022. At the same time, Suriname (+2.1%) displayed positive paces of growth. Brazil experienced a relatively flat trend pattern. While the share of Peru (+15 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Brazil (-8.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Peru ($X) constitutes the largest market for imported ghee in MERCOSUR, comprising 69% of total imports. The second position in the ranking was held by Brazil ($X), with a 27% share of total imports.

From 2012 to 2022, the average annual growth rate of value in Peru amounted to +7.8%. The remaining importing countries recorded the following average annual rates of imports growth: Brazil (+4.6% per year) and Suriname (+3.3% per year).

Import Prices by Country

The import price in MERCOSUR stood at $X per ton in 2022, growing by 3.3% against the previous year. Import price indicated perceptible growth from 2012 to 2022: its price increased at an average annual rate of +2.7% 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 +9.4% against 2020 indices. The pace of growth appeared the most rapid in 2017 when the import price increased by 52%. The level of import peaked at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Brazil ($X per ton), while Suriname ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+4.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform