Portugal: Cream Fresh Market 2024

Cream Fresh Market Size in Portugal

The Portuguese cream fresh market rose sharply to $X in 2022, growing by 7.7% against the previous year. Over the period under review, consumption recorded a strong increase. Cream fresh consumption peaked in 2022 and is likely to see gradual growth in the near future.

Cream Fresh Production in Portugal

In value terms, cream fresh production expanded significantly to $X in 2022 estimated in export price. Over the period under review, the total production indicated modest growth from 2012 to 2022: its value increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -7.3% against 2020 indices. The pace of growth was the most pronounced in 2020 when the production volume increased by 42%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Cream Fresh Exports

Exports from Portugal

In 2022, overseas shipments of cream fresh increased by 17% to X tons for the first time since 2018, thus ending a three-year declining trend. Over the period under review, exports, however, recorded a abrupt descent. The growth pace was the most rapid in 2014 when exports increased by 32% against the previous year. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, cream fresh exports skyrocketed to $X in 2022. In general, exports, however, showed a deep contraction. The most prominent rate of growth was recorded in 2016 when exports increased by 47% against the previous year. Over the period under review, the exports reached the maximum at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Spain (X tons), Angola (X tons) and Cabo Verde (X tons) were the main destinations of cream fresh exports from Portugal, with a combined 69% share of total exports. Macao SAR, Ireland, Guinea-Bissau, Sao Tome and Principe and France lagged somewhat behind, together accounting for a further 23%.

From 2012 to 2022, the biggest increases were recorded for Macao SAR (with a CAGR of +94.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for cream fresh exported from Portugal were Spain ($X), Cabo Verde ($X) and Angola ($X), together accounting for 70% of total exports. Ireland, France, Macao SAR, Guinea-Bissau and Sao Tome and Principe lagged somewhat behind, together accounting for a further 21%.

Among the main countries of destination, Ireland, with a CAGR of +120.8%, recorded the highest growth rate of 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 cream fresh export price stood at $X per ton in 2022, increasing by 5.3% against the previous year. In general, export price indicated a tangible increase from 2012 to 2022: its price increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, cream fresh export price increased by +64.5% against 2019 indices. The pace of growth appeared the most rapid in 2020 when the average export price increased by 31% against the previous year. The export price peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Ireland ($X per ton), while the average price for exports to Macao SAR ($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 Syrian Arab Republic (+17.2%), while the prices for the other major destinations experienced more modest paces of growth.

Cream Fresh Imports

Imports into Portugal

In 2022, supplies from abroad of cream fresh increased by 9.9% to X tons, rising for the second consecutive year after two years of decline. The total import volume increased at an average annual rate of +2.4% 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 2018 with an increase of 16%. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of imports failed to regain momentum.

In value terms, cream fresh imports surged to $X in 2022. The total import value increased at an average annual rate of +2.6% 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 2018 with an increase of 23%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Spain (X tons) was the main cream fresh supplier to Portugal, with a 96% share of total imports. It was followed by France (X tons), with a 1.6% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from Spain amounted to +3.9%. The remaining supplying countries recorded the following average annual rates of imports growth: France (-12.8% per year) and Germany (-13.3% per year).

In value terms, Spain ($X) constituted the largest supplier of cream fresh to Portugal, comprising 94% of total imports. The second position in the ranking was taken by France ($X), with a 2.7% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Spain amounted to +4.9%. The remaining supplying countries recorded the following average annual rates of imports growth: France (-12.8% per year) and Germany (-11.2% per year).

Import Prices by Country

The average cream fresh import price stood at $X per ton in 2022, with an increase of 9.4% against the previous year. In general, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the average import price increased by 12% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2014; however, from 2015 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 ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+2.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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