Global Butter Market 2024

Butter Market Size

The global butter market reduced to $X in 2022, standing approx. at the previous year. The market value increased at an average annual rate of +2.3% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. Over the period under review, the global market attained the peak level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Butter Production

In value terms, butter production contracted modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.0% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2017 with an increase of 27%. Global production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Butter Exports

Exports

Global butter exports stood at X tons in 2022, with an increase of 8.4% on 2021. The total export volume increased at an average annual rate of +3.2% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, butter exports skyrocketed to $X in 2022. In general, total exports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +8.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +66.2% against 2020 indices. The growth pace was the most rapid in 2017 with an increase of 46%. Over the period under review, the global exports attained the peak figure in 2022 and are expected to retain growth in years to come.

Exports by Country

In 2022, New Zealand (X tons), distantly followed by the Netherlands (X tons), Ireland (X tons), Germany (X tons), Belgium (X tons) and France (X tons) were the main exporters of butter, together mixing up 70% of total exports. Poland (X tons), Belarus (X tons), the United States (X tons), Denmark (X tons) and the UK (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Poland (with a CAGR of +9.3%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest butter supplying countries worldwide were New Zealand ($X), Ireland ($X) and the Netherlands ($X), together comprising 53% of global exports. Germany, Belgium, France, Poland, Belarus, Denmark, the United States and the UK lagged somewhat behind, together comprising a further 36%.

Poland, with a CAGR of +15.8%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices by Country

The average butter export price stood at $X per ton in 2022, picking up by 29% against the previous year. Overall, export price indicated a resilient expansion from 2012 to 2022: its price increased at an average annual rate of +5.0% 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 +48.2% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the average export price increased by 49% against the previous year. The global export price peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was France ($X per ton), while the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+6.7%), while the other global leaders experienced more modest paces of growth.

Butter Imports

Imports

In 2022, purchases abroad of butter decreased by -0.4% to X tons for the first time since 2017, thus ending a four-year rising trend. The total import volume increased at an average annual rate of +2.8% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2014 with an increase of 9.9%. Global imports peaked at X tons in 2021, and then declined slightly in the following year.

In value terms, butter imports surged to $X in 2022. Overall, total imports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +6.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +41.6% against 2020 indices. The most prominent rate of growth was recorded in 2017 with an increase of 40% against the previous year. Global imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, France (X tons), the Netherlands (X tons), Germany (X tons), Russia (X tons), China (X tons) and Belgium (X tons) was the largest importer of butter in the world, mixing up 51% of total import. The following importers - the United States (X tons), the UK (X tons), Saudi Arabia (X tons), Italy (X tons), Australia (X tons), Spain (X tons) and Indonesia (X tons) - together made up 17% of total imports.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +19.6%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest butter importing markets worldwide were France ($X), the Netherlands ($X) and Germany ($X), together comprising 31% of global imports. China, Belgium, Russia, the United States, the UK, Italy, Indonesia, Australia, Saudi Arabia and Spain lagged somewhat behind, together comprising a further 36%.

In terms of the main importing countries, the United States, with a CAGR of +27.3%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average butter import price amounted to $X per ton, picking up by 26% against the previous year. In general, import price indicated a temperate increase from 2012 to 2022: its price increased at an average annual rate of +4.0% 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 +40.0% against 2020 indices. The pace of growth was the most pronounced in 2017 an increase of 43%. Global import price 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 the United States ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+6.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :