Slovakia: Ghee Market 2024

Ghee Market Size in Slovakia

In 2022, the Slovak ghee market decreased by -74.5% to $X, falling for the third year in a row after three years of growth. In general, consumption recorded a deep contraction. Ghee consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Ghee Production in Slovakia

In value terms, ghee production stood at $X in 2022 estimated in export price. In general, production showed a sharp downturn. The most prominent rate of growth was recorded in 2013 with an increase of 64%. As a result, production attained the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

Ghee Exports

Exports from Slovakia

In 2022, shipments abroad of ghee increased by 73% to X tons, rising for the third year in a row after three years of decline. Over the period under review, exports, however, showed a dramatic decrease. The most prominent rate of growth was recorded in 2021 when exports increased by 291% against the previous year. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, ghee exports soared to $X in 2022. Overall, exports, however, recorded a significant decline. The most prominent rate of growth was recorded in 2021 with an increase of 224% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The Czech Republic (X tons) was the main destination for ghee exports from Slovakia, accounting for a 87% share of total exports. Moreover, ghee exports to the Czech Republic exceeded the volume sent to the second major destination, Hungary (X tons), more than tenfold. The third position in this ranking was taken by the UK (X tons), with a 3.5% share.

From 2012 to 2022, the average annual growth rate of volume to the Czech Republic amounted to -23.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hungary (-22.5% per year) and the UK (+43.8% per year).

In value terms, the Czech Republic ($X) remains the key foreign market for ghee exports from Slovakia, comprising 87% of total exports. The second position in the ranking was taken by Hungary ($X), with a 4.1% share of total exports. It was followed by the UK, with a 4.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the Czech Republic totaled -22.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hungary (-21.4% per year) and the UK (+41.2% per year).

Export Prices by Country

The average ghee export price stood at $X per ton in 2022, falling by -10% against the previous year. Over the period under review, export price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.3% 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 decreased by -25.5% against 2020 indices. The most prominent rate of growth was recorded in 2019 an increase of 81%. Over the period under review, the average export prices hit record highs at $X per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Poland ($X per ton), while the average price for exports to Germany ($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 Poland (+5.4%), while the prices for the other major destinations experienced more modest paces of growth.

Ghee Imports

Imports into Slovakia

In 2022, supplies from abroad of ghee decreased by -71.2% to X tons, falling for the fourth consecutive year after seven years of growth. Overall, imports showed a abrupt downturn. The pace of growth was the most pronounced in 2013 when imports increased by 41%. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, ghee imports contracted remarkably to $X in 2022. In general, imports recorded a abrupt decrease. The pace of growth appeared the most rapid in 2017 when imports increased by 55% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

Germany (X tons), the Czech Republic (X tons) and Poland (X tons) were the main suppliers of ghee imports to Slovakia, with a combined 89% share of total imports. Hungary and Spain lagged somewhat behind, together comprising a further 10%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Hungary (with a CAGR of +25.3%), while imports for the other leaders experienced a decline.

In value terms, the largest ghee suppliers to Slovakia were the Czech Republic ($X), Germany ($X) and Poland ($X), together accounting for 81% of total imports. Spain and Hungary lagged somewhat behind, together accounting for a further 15%.

Among the main suppliers, Hungary, with a CAGR of +27.5%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average ghee import price stood at $X per ton in 2022, rising by 4.5% against the previous year. In general, the import price, however, continues to indicate a drastic downturn. The pace of growth was the most pronounced in 2018 when the average import price increased by 24% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 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 Spain ($X per ton), while the price for Poland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+11.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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