New Zealand: Ghee Market 2024

Ghee Market Size in New Zealand

After three years of growth, the New Zealand ghee market decreased by -93.2% to $X in 2022. In general, consumption recorded a deep setback. Ghee consumption peaked at $X in 2021, and then fell remarkably in the following year.

Ghee Production in New Zealand

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 +3.1% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2017 with an increase of 28% against the previous year. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Ghee Exports

Exports from New Zealand

In 2022, shipments abroad of ghee was finally on the rise to reach X tons after three years of decline. The total export volume increased at an average annual rate of +2.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. 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. Overall, exports enjoyed a strong expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China (X tons), Mexico (X tons) and the Philippines (X tons) were the main destinations of ghee exports from New Zealand, together accounting for 40% of total exports. Malaysia, the United States, Egypt, Thailand, Denmark, Saudi Arabia, Australia, Vietnam, Indonesia and Peru lagged somewhat behind, together comprising a further 41%.

From 2012 to 2022, the biggest increases were recorded for Denmark (with a CAGR of +36.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for ghee exported from New Zealand were China ($X), Mexico ($X) and the Philippines ($X), together comprising 40% of total exports. Malaysia, the United States, Egypt, Denmark, Thailand, Saudi Arabia, Australia, Indonesia, Vietnam and Peru lagged somewhat behind, together comprising a further 40%.

Among the main countries of destination, Denmark, with a CAGR of +45.9%, recorded 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 ghee export price stood at $X per ton in 2022, with an increase of 17% against the previous year. Over the period under review, export price indicated a buoyant expansion from 2012 to 2022: its price increased at an average annual rate of +6.4% 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 +30.8% against 2020 indices. The pace of growth was the most pronounced in 2017 when the average export price increased by 59%. The export price peaked at $X per ton in 2018; afterwards, it flattened through to 2022.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Indonesia ($X per ton) and Denmark ($X per ton), while the average price for exports to Vietnam ($X per ton) and the United States ($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 Indonesia (+7.9%), while the prices for the other major destinations experienced more modest paces of growth.

Ghee Imports

Imports into New Zealand

Ghee imports into New Zealand stood at X tons in 2022, surging by 10% compared with the year before. In general, imports showed strong growth. The pace of growth was the most pronounced in 2014 when imports increased by 154% against the previous year. As a result, imports attained the peak of X tons. From 2015 to 2022, the growth of imports remained at a lower figure.

In value terms, ghee imports rose markedly to $X in 2022. Over the period under review, imports continue to indicate strong growth. The pace of growth was the most pronounced in 2017 when imports increased by 154%. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, India (X tons) was the main ghee supplier to New Zealand, accounting for a 91% share of total imports. Moreover, ghee imports from India exceeded the figures recorded by the second-largest supplier, Fiji (X tons), more than tenfold. The United Arab Emirates (X tons) ranked third in terms of total imports with a 1.9% share.

From 2012 to 2022, the average annual growth rate of volume from India stood at +8.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Fiji (+8.0% per year) and the United Arab Emirates (+75.9% per year).

In value terms, India ($X) constituted the largest supplier of ghee to New Zealand, comprising 90% of total imports. The second position in the ranking was taken by Fiji ($X), with an 8.6% share of total imports. It was followed by the United Arab Emirates, with a 0.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from India totaled +12.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Fiji (+13.0% per year) and the United Arab Emirates (+95.6% per year).

Import Prices by Country

The average ghee import price stood at $X per ton in 2022, therefore, remained relatively stable against the previous year. Overall, import price indicated a measured increase from 2012 to 2022: its price increased at an average annual rate of +3.8% 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 +12.6% against 2019 indices. The pace of growth was the most pronounced in 2017 an increase of 30%. As a result, import price attained the peak level of $X per ton. From 2018 to 2022, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+11.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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