Southern Asia: Ghee Market 2024

Ghee Market Size in Southern Asia

The South Asian ghee market rose to $X in 2022, picking up by 3.1% against the previous year. The total consumption indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -3.2% against 2020 indices. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Ghee Production in Southern Asia

In value terms, ghee production rose modestly to $X in 2022 estimated in export price. The total production indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.8% against 2020 indices. The most prominent rate of growth was recorded in 2020 when the production volume increased by 18%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

The country with the largest volume of ghee production was India (X tons), accounting for 86% of total volume. Moreover, ghee production in India exceeded the figures recorded by the second-largest producer, Pakistan (X tons), sevenfold.

From 2012 to 2022, the average annual growth rate of volume in India totaled +3.1%.

Ghee Exports

Exports in Southern Asia

In 2022, shipments abroad of ghee increased by 29% to X tons, rising for the second consecutive year after two years of decline. In general, exports posted a prominent expansion. The most prominent rate of growth was recorded in 2018 with an increase of 70%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, ghee exports skyrocketed to $X in 2022. Overall, exports continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2018 when exports increased by 55% against the previous year. The level of export peaked in 2022 and is expected to retain growth in years to come.

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 ghee exports, with a CAGR of +11.9% from 2012 to 2022. India (+7.1 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

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

In India, ghee exports expanded at an average annual rate of +14.8% over the period from 2012-2022.

Export Prices by Country

The export price in Southern Asia stood at $X per ton in 2022, growing by 5.2% against the previous year. Over the last decade, it increased at an average annual rate of +2.9%. The pace of growth was the most pronounced in 2020 when the export price increased by 14%. As a result, the export price attained the peak level of $X per ton; afterwards, it flattened through to 2022.

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 +2.6% per year.

Ghee Imports

Imports in Southern Asia

In 2022, the amount of ghee imported in Southern Asia declined significantly to X tons, waning by -24.1% against the previous year. Over the period under review, imports faced a deep slump. The growth pace was the most rapid in 2015 with an increase of 214%. Over the period under review, imports reached the peak figure at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, ghee imports plummeted to $X in 2022. Overall, imports recorded a deep downturn. The growth pace was the most rapid in 2021 when imports increased by 185% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Bangladesh (X tons) was the major importer of ghee, comprising 61% of total imports. India (X tons) took a 15% share (based on physical terms) of total imports, which put it in second place, followed by Pakistan (7.4%), Sri Lanka (7%) and Bhutan (6%). Maldives (X tons) followed a long way behind the leaders.

Bangladesh was also the fastest-growing in terms of the ghee imports, with a CAGR of +4.5% from 2012 to 2022. Sri Lanka (-2.0%), Bhutan (-2.6%), Maldives (-2.9%), Pakistan (-10.3%) and India (-31.7%) illustrated a downward trend over the same period. While the share of Bangladesh (+56 p.p.), Sri Lanka (+5.9 p.p.), Bhutan (+5 p.p.), Pakistan (+4.5 p.p.) and Maldives (+2.7 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of India (-74.1 p.p.) displayed negative dynamics.

In value terms, Bangladesh ($X) constitutes the largest market for imported ghee in Southern Asia, comprising 60% of total imports. The second position in the ranking was held by India ($X), with a 19% share of total imports. It was followed by Sri Lanka, with a 6.9% share.

In Bangladesh, ghee imports expanded at an average annual rate of +7.6% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: India (-27.2% per year) and Sri Lanka (+8.1% per year).

Import Prices by Country

In 2022, the import price in Southern Asia amounted to $X per ton, rising by 7.4% against the previous year. Import price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +4.3% 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 +98.5% against 2015 indices. The most prominent rate of growth was recorded in 2018 an increase of 42% against the previous year. The level of import peaked in 2022 and is likely to continue growth in the near future.

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 Bhutan (+11.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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