Saudi Arabia: Butter Market 2024

Butter Market Size in Saudi Arabia

The Saudi butter market expanded sharply to $X in 2022, with an increase of 6.6% against the previous year. In general, consumption saw a modest expansion. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Butter Production in Saudi Arabia

In value terms, butter production stood at $X in 2022 estimated in export price. In general, production posted a buoyant increase. The pace of growth was the most pronounced in 2014 with an increase of 43% against the previous year. Butter production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Butter Exports

Exports from Saudi Arabia

Butter exports from Saudi Arabia soared to X tons in 2022, with an increase of 26% compared with the previous year. The total export volume increased at an average annual rate of +2.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 when exports increased by 45%. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports remained at a lower figure.

In value terms, butter exports soared to $X in 2022. Overall, exports enjoyed a buoyant increase. The pace of growth appeared the most rapid in 2020 when exports increased by 43% against the previous year. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Bahrain (X tons) was the main destination for butter exports from Saudi Arabia, accounting for a 59% share of total exports. Moreover, butter exports to Bahrain exceeded the volume sent to the second major destination, Kuwait (X tons), fourfold. The third position in this ranking was held by the United Arab Emirates (X tons), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume to Bahrain totaled +68.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kuwait (+6.2% per year) and the United Arab Emirates (+7.8% per year).

In value terms, Bahrain ($X) remains the key foreign market for butter exports from Saudi Arabia, comprising 52% of total exports. The second position in the ranking was taken by Kuwait ($X), with a 16% share of total exports. It was followed by the United Arab Emirates, with a 14% share.

From 2012 to 2022, the average annual growth rate of value to Bahrain stood at +67.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kuwait (+9.3% per year) and the United Arab Emirates (+9.8% per year).

Export Prices by Country

The average butter export price stood at $X per ton in 2022, almost unchanged from the previous year. Overall, export price indicated resilient growth from 2012 to 2022: its price increased at an average annual rate of +7.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, butter export price decreased by -1.5% against 2019 indices. The growth pace was the most rapid in 2013 when the average export price increased by 25% against the previous year. The export price peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Iraq ($X per ton), while the average price for exports to Yemen ($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 Yemen (+9.3%), while the prices for the other major destinations experienced more modest paces of growth.

Butter Imports

Imports into Saudi Arabia

In 2022, approx. X tons of butter were imported into Saudi Arabia; with an increase of 8.1% compared with 2021. In general, imports, however, recorded a mild contraction. The most prominent rate of growth was recorded in 2020 with an increase of 37% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, butter imports rose rapidly to $X in 2022. The total import value increased at an average annual rate of +1.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2014 with an increase of 41%. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, New Zealand (X tons) constituted the largest supplier of butter to Saudi Arabia, accounting for a 43% share of total imports. Moreover, butter imports from New Zealand exceeded the figures recorded by the second-largest supplier, Denmark (X tons), threefold. The third position in this ranking was taken by the United States (X tons), with a 9.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from New Zealand totaled +5.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Denmark (+12.0% per year) and the United States (-14.2% per year).

In value terms, New Zealand ($X) constituted the largest supplier of butter to Saudi Arabia, comprising 43% of total imports. The second position in the ranking was taken by Denmark ($X), with a 19% share of total imports. It was followed by the United States, with an 8.5% share.

From 2012 to 2022, the average annual growth rate of value from New Zealand stood at +7.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Denmark (+11.1% per year) and the United States (-13.9% per year).

Import Prices by Country

In 2022, the average butter import price amounted to $X per ton, approximately mirroring the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.4%. The pace of growth appeared the most rapid in 2017 an increase of 18%. Over the period under review, average import prices attained the peak figure at $X per ton in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+4.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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