Uruguay: Butter Market 2024

Butter Market Size in Uruguay

In 2022, the Uruguayan butter market decreased by -36.8% to $X, falling for the second consecutive year after two years of growth. In general, consumption recorded a mild decrease. Butter consumption peaked at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Butter Production in Uruguay

In value terms, butter production dropped slightly to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 67% against the previous year. Butter production peaked at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Butter Exports

Exports from Uruguay

In 2022, the amount of butter exported from Uruguay soared to X tons, jumping by 42% on the previous year. Overall, exports, however, recorded a abrupt shrinkage. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, butter exports soared to $X in 2022. In general, exports, however, continue to indicate a mild reduction. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Russia (X tons), Bahrain (X tons) and Egypt (X tons) were the main destinations of butter exports from Uruguay, together comprising 56% of total exports. Saudi Arabia, Brazil, Georgia, Morocco, South Africa, China, Chile, Peru and Algeria lagged somewhat behind, together accounting for a further 34%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Chile (with a CAGR of +109.1%), while the other leaders experienced more modest paces of growth.

In value terms, Russia ($X), Egypt ($X) and Bahrain ($X) were the largest markets for butter exported from Uruguay worldwide, together comprising 55% of total exports. Saudi Arabia, Brazil, Morocco, South Africa, Georgia, China, Chile, Peru and Algeria lagged somewhat behind, together accounting for a further 35%.

Chile, with a CAGR of +111.7%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average butter export price stood at $X per ton in 2022, surging by 29% against the previous year. Over the period under review, export price indicated perceptible growth from 2012 to 2022: its price increased at an average annual rate of +4.9% 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 increased by +34.4% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the average export price increased by 56% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the immediate term.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Algeria ($X per ton) and Brazil ($X per ton), while the average price for exports to Georgia ($X per ton) and Russia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Iran (+8.0%), while the prices for the other major destinations experienced more modest paces of growth.

Butter Imports

Imports into Uruguay

Butter imports into Uruguay skyrocketed to X tons in 2022, increasing by 95% on the previous year's figure. Overall, imports continue to indicate a strong expansion. The pace of growth appeared the most rapid in 2016 with an increase of 164% against the previous year. Imports peaked in 2022 and are likely to continue growth in the near future.

In value terms, butter imports skyrocketed to $X in 2022. Over the period under review, imports showed a resilient increase. The growth pace was the most rapid in 2016 with an increase of 147% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

Brazil (X tons) and Argentina (X tons) were the main suppliers of butter imports to Uruguay.

From 2012 to 2022, the biggest increases were recorded for Argentina (with a CAGR of +35.7%).

In value terms, Brazil ($X) and Argentina ($X) constituted the largest butter suppliers to Uruguay.

Argentina, with a CAGR of +38.0%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review.

Import Prices by Country

The average butter import price stood at $X per ton in 2022, increasing by 18% against the previous year. Over the last decade, it increased at an average annual rate of +3.8%. The most prominent rate of growth was recorded in 2017 when the average import price increased by 27% against the previous year. Over the period under review, average import prices attained the maximum in 2022 and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Argentina ($X per ton), while the price for Brazil totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by New Zealand (+1.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :