Portugal: Ghee Market 2024

Ghee Market Size in Portugal

The Portuguese ghee market soared to $X in 2022, growing by 36% 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). In general, consumption, however, continues to indicate a perceptible contraction. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Ghee Exports

Exports from Portugal

In 2022, shipments abroad of ghee decreased by -85.2% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports continue to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2021 when exports increased by 335% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, ghee exports plummeted to $X in 2022. In general, exports showed a deep setback. The most prominent rate of growth was recorded in 2021 when exports increased by 192% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Macao SAR (X tons) was the main destination for ghee exports from Portugal, with a 65% share of total exports. Moreover, ghee exports to Macao SAR exceeded the volume sent to the second major destination, Luxembourg (X kg), fivefold. The third position in this ranking was taken by Spain (X kg), with a 6.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Macao SAR totaled +24.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Luxembourg (+54.9% per year) and Spain (-33.2% per year).

In value terms, Macao SAR ($X) emerged as the key foreign market for ghee exports from Portugal, comprising 71% of total exports. The second position in the ranking was taken by Luxembourg ($X), with a 16% share of total exports. It was followed by Mozambique, with a 4.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Macao SAR totaled +23.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Luxembourg (+49.2% per year) and Mozambique (-1.0% per year).

Export Prices by Country

In 2022, the average ghee export price amounted to $X per ton, picking up by 50% against the previous year. Over the period under review, the export price, however, recorded a slight downturn. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a 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 Luxembourg ($X per ton), while the average price for exports to France ($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 Spain (+5.4%), while the prices for the other major destinations experienced more modest paces of growth.

Ghee Imports

Imports into Portugal

In 2022, supplies from abroad of ghee increased by 3.8% to X tons, rising for the third consecutive year after two years of decline. Overall, imports, however, showed a deep downturn. The pace of growth appeared the most rapid in 2017 when imports increased by 145% against the previous year. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports failed to regain momentum.

In value terms, ghee imports skyrocketed to $X in 2022. Over the period under review, imports, however, continue to indicate a pronounced decline. The pace of growth appeared the most rapid in 2017 with an increase of 201%. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

France (X tons), Spain (X tons) and the Netherlands (X tons) were the main suppliers of ghee imports to Portugal, with a combined 88% share of total imports. Belgium, Italy and Germany lagged somewhat behind, together comprising a further 12%.

From 2012 to 2022, the biggest increases were recorded for Italy (with a CAGR of +119.8%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the largest ghee suppliers to Portugal were France ($X), the Netherlands ($X) and Spain ($X), together accounting for 84% of total imports. Belgium, Italy and Germany lagged somewhat behind, together comprising a further 15%.

Italy, with a CAGR of +112.7%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average ghee import price stood at $X per ton in 2022, picking up by 14% 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 +80.9% against 2015 indices. The most prominent rate of growth was recorded in 2013 when the average import price increased by 39% against the previous year. The import price peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Belgium ($X per ton), while the price for France ($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 (+10.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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