Southern Asia: Butter Market 2024

Butter Market Size in Southern Asia

The South Asian butter market declined significantly to $X in 2022, which is down by -16.9% against the previous year. Overall, consumption recorded a mild contraction. Over the period under review, the market reached the maximum level at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Butter Production in Southern Asia

In value terms, butter production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.8% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2014 when the production volume increased by 55% against the previous year. As a result, production attained the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Butter Exports

Exports in Southern Asia

Butter exports surged to X tons in 2022, growing by 140% compared with the previous year's figure. Over the period under review, exports showed significant growth. The pace of growth appeared the most rapid in 2017 when exports increased by 335%. Over the period under review, the exports reached the peak figure at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, butter exports surged to $X in 2022. Overall, exports showed a significant increase. The pace of growth appeared the most rapid in 2017 with an increase of 318% against the previous year. The level of export peaked at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

The biggest shipments were from India (X tons), together finishing at 99% of total export.

India was also the fastest-growing in terms of the butter exports, with a CAGR of +36.6% from 2012 to 2022. From 2012 to 2022, the share of India increased by +14 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) also remains the largest butter supplier in Southern Asia.

From 2012 to 2022, the average annual rate of growth in terms of value in India amounted to +35.4%.

Export Prices by Country

In 2022, the export price in Southern Asia amounted to $X per ton, picking up by 2.5% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 an increase of 25%. The level of export peaked at $X per ton in 2016; however, from 2017 to 2022, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for India.

From 2012 to 2022, the rate of growth in terms of prices for India amounted to -0.9% per year.

Butter Imports

Imports in Southern Asia

In 2022, butter imports in Southern Asia contracted rapidly to X tons, waning by -15.9% on 2021 figures. Total imports indicated modest growth from 2012 to 2022: its volume increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -28.8% against 2018 indices. The most prominent rate of growth was recorded in 2016 when imports increased by 60% against the previous year. Over the period under review, imports attained the maximum at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, butter imports dropped significantly to $X in 2022. Total imports indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2016 with an increase of 60%. The level of import peaked at $X in 2021, and then shrank rapidly in the following year.

Imports by Country

Maldives (X tons) and Bangladesh (X tons) represented the main importers of butter in 2022, reaching approx. 36% and 35% of total imports, respectively. Sri Lanka (X tons) took the next position in the ranking, followed by India (X tons), Pakistan (X tons), Nepal (X tons) and Afghanistan (X tons). All these countries together took near 29% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Bangladesh (with a CAGR of +30.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest butter importing markets in Southern Asia were Maldives ($X), Bangladesh ($X) and Sri Lanka ($X), together comprising 80% of total imports.

In terms of the main importing countries, Bangladesh, with a CAGR of +31.5%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Southern Asia stood at $X per ton in 2022, approximately equating the previous year. Over the last decade, it increased at an average annual rate of +3.2%. The growth pace was the most rapid in 2017 an increase of 18%. Over the period under review, import prices reached the peak figure in 2022 and is likely to see gradual growth in years to come.

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 India ($X per ton), while Pakistan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nepal (+5.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :