South-Eastern Asia: Butter Market 2024

Butter Market Size in South-Eastern Asia

In 2022, the Southeast Asian butter market increased by 24% to $X, rising for the second consecutive year after two years of decline. The total consumption indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +7.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +39.5% against 2020 indices. Over the period under review, the market reached the peak level in 2022 and is expected to retain growth in the near future.

Butter Production in South-Eastern Asia

In value terms, butter production fell to $X in 2022 estimated in export price. The total production indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +4.5% against 2020 indices. The most prominent rate of growth was recorded in 2017 with an increase of 48% against the previous year. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Butter Exports

Exports in South-Eastern Asia

In 2022, approx. X tons of butter were exported in South-Eastern Asia; with an increase of 14% on 2021. Over the period under review, exports, however, continue to indicate a perceptible slump. The pace of growth was the most pronounced in 2013 when exports increased by 26% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, butter exports soared to $X in 2022. In general, exports, however, showed a perceptible setback. The most prominent rate of growth was recorded in 2013 with an increase of 23%. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Malaysia (X tons) represented the major exporter of butter, constituting 53% of total exports. Singapore (X tons) took the second position in the ranking, distantly followed by Thailand (X tons). All these countries together held approx. 43% share of total exports. Indonesia (X tons) held a minor share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Thailand (with a CAGR of +36.5%), while the other leaders experienced mixed trends in the exports figures.

In value terms, the largest butter supplying countries in South-Eastern Asia were Singapore ($X), Malaysia ($X) and Thailand ($X), together comprising 95% of total exports.

In terms of the main exporting countries, Thailand, with a CAGR of +39.2%, 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

In 2022, the export price in South-Eastern Asia amounted to $X per ton, picking up by 6.6% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.9%. The pace of growth was the most pronounced in 2018 an increase of 30% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+4.8%), while the other leaders experienced more modest paces of growth.

Butter Imports

Imports in South-Eastern Asia

In 2022, purchases abroad of butter increased by 26% to X tons, rising for the second year in a row after two years of decline. The total import volume increased at an average annual rate of +5.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, butter imports soared to $X in 2022. Overall, imports continue to indicate a prominent expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Indonesia (X tons) represented the main importer of butter, generating 44% of total imports. Singapore (X tons) ranks second in terms of the total imports with an 18% share, followed by Malaysia (15%), the Philippines (11%) and Vietnam (5.5%). Thailand (X tons) followed a long way behind the leaders.

Indonesia was also the fastest-growing in terms of the butter imports, with a CAGR of +14.6% from 2012 to 2022. At the same time, Thailand (+10.0%), the Philippines (+8.4%), Malaysia (+4.5%) and Vietnam (+4.4%) displayed positive paces of growth. By contrast, Singapore (-3.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Indonesia and the Philippines increased by +24 and +2.4 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($X) constitutes the largest market for imported butter in South-Eastern Asia, comprising 49% of total imports. The second position in the ranking was taken by Singapore ($X), with a 19% share of total imports. It was followed by Malaysia, with a 12% share.

From 2012 to 2022, the average annual growth rate of value in Indonesia stood at +21.7%. In the other countries, the average annual rates were as follows: Singapore (+1.5% per year) and Malaysia (+6.5% per year).

Import Prices by Country

In 2022, the import price in South-Eastern Asia amounted to $X per ton, picking up by 21% against the previous year. Import price indicated a perceptible increase from 2012 to 2022: its price increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, butter import price increased by +34.0% against 2020 indices. The growth pace was the most rapid in 2017 an increase of 47%. The level of import peaked in 2022 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Indonesia ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+6.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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