Middle East: Butter Market 2024

Butter Market Size in the Middle East

In 2022, the Middle Eastern butter market was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. Over the period under review, consumption recorded a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Butter Production in the Middle East

In value terms, butter production totaled $X in 2022 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 43%. The level of production peaked at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Butter Exports

Exports in the Middle East

In 2022, overseas shipments of butter increased by 132% to X tons, rising for the second consecutive year after three years of decline. Over the period under review, exports continue to indicate a prominent increase. The pace of growth appeared the most rapid in 2015 with an increase of 314%. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, butter exports surged to $X in 2022. In general, exports enjoyed resilient growth. The most prominent rate of growth was recorded in 2015 with an increase of 536%. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Turkey represented the major exporting country with an export of around X tons, which resulted at 65% of total exports. The United Arab Emirates (X tons) held a 17% share (based on physical terms) of total exports, which put it in second place, followed by Saudi Arabia (14%). Iran (X tons) held a minor share of total exports.

Turkey was also the fastest-growing in terms of the butter exports, with a CAGR of +45.6% from 2012 to 2022. At the same time, Iran (+13.0%) and Saudi Arabia (+2.1%) displayed positive paces of growth. By contrast, the United Arab Emirates (-3.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Turkey increased by +61 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest butter supplier in the Middle East, comprising 74% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with an 18% share of total exports. It was followed by the United Arab Emirates, with a 4.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Turkey amounted to +43.7%. In the other countries, the average annual rates were as follows: Saudi Arabia (+9.3% per year) and the United Arab Emirates (-6.3% per year).

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2022, almost unchanged from the previous year. Over the period under review, the export price, however, continues to indicate a resilient increase. The growth pace was the most rapid in 2015 when the export price increased by 54%. The level of export peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+7.1%), while the other leaders experienced mixed trends in the export price figures.

Butter Imports

Imports in the Middle East

In 2022, after two years of decline, there was significant growth in supplies from abroad of butter, when their volume increased by 15% to X tons. In general, imports, however, showed a noticeable descent. Over the period under review, imports attained the maximum at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, butter imports soared to $X in 2022. Overall, imports showed a relatively flat trend pattern. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Saudi Arabia (X tons), distantly followed by Bahrain (X tons), the United Arab Emirates (X tons), Qatar (X tons) and Kuwait (X tons) represented the major importers of butter, together comprising 80% of total imports. The following importers - Israel (X tons) and Iran (X tons) - each recorded a 7.5% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Bahrain (with a CAGR of +15.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X), Bahrain ($X) and the United Arab Emirates ($X) constituted the countries with the highest levels of imports in 2022, with a combined 67% share of total imports.

In terms of the main importing countries, Bahrain, with a CAGR of +20.0%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2022, with an increase of 7% against the previous year. Over the last decade, it increased at an average annual rate of +3.2%. The most prominent rate of growth was recorded in 2017 an increase of 21% against the previous year. Over the period under review, import prices hit record highs in 2022 and is expected to retain growth in the immediate term.

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 Israel ($X per ton), while Iran ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bahrain (+3.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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