Butter And Dairy Spreads Market

The article provides a comprehensive analysis of the global butter and dairy spreads market, highlighting trends in consumption, production, imports, and exports from 2012 to 2022. It includes detailed data on market performance, volume, and value projections up to 2030, with insights on key consuming and exporting countries. The analysis also covers trends in average import and export prices, as well as the dominance of butter in both imports and exports. Overall, the article offers valuable information for stakeholders in the butter and dairy spreads market.

Market Forecast

Driven by increasing demand for butter and dairy spreads worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +3.1% for the period from 2022 to 2030, which is projected to bring the market volume to 1.6M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.6% for the period from 2022 to 2030, which is projected to bring the market value to $10.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Butter And Dairy Spreads

In 2022, consumption of butter and dairy spreads decreased by -7.5% to 1.3M tons for the first time since 2017, thus ending a four-year rising trend. Over the period under review, consumption, however, saw a relatively flat trend pattern. Over the period under review, global consumption attained the maximum volume at 1.4M tons in 2021, and then reduced in the following year.

The global butter and dairy spreads market value reached $6.9B in 2022, growing by 6.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +3.2% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked in 2022 and is likely to continue growth in the immediate term.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were France (126K tons), New Zealand (100K tons) and China (100K tons), together accounting for 26% of global consumption. The United States, Ireland, Australia, Saudi Arabia, Germany, South Korea, Canada, Russia, Bahrain and Italy lagged somewhat behind, together comprising a further 31%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Canada (with a CAGR of +17.5%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, France ($753M), China ($565M) and the United States ($529M) constituted the countries with the highest levels of market value in 2022, with a combined 27% share of the global market. New Zealand, Ireland, Australia, South Korea, Germany, Canada, Saudi Arabia, Italy, Bahrain and Russia lagged somewhat behind, together comprising a further 31%.

Canada, with a CAGR of +22.8%, saw the highest rates of growth with regard to market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of butter and dairy spreads per capita consumption in 2022 were New Zealand (19 kg per person), Ireland (13 kg per person) and Bahrain (13 kg per person).

From 2012 to 2022, the biggest increases were recorded for Canada (with a CAGR of +16.3%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Butter And Dairy Spreads

For the seventh year in a row, the global market recorded growth in production of butter and dairy spreads, which increased by 0.5% to 1.3M tons in 2022. Overall, production showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the production volume increased by 2.4%. Global production peaked in 2022 and is expected to retain growth in the immediate term. The general positive trend in terms output was largely conditioned by a relatively flat trend pattern of the number of producing animals and a relatively flat trend pattern in yield figures.

In value terms, butter and dairy spreads production fell slightly to $5.7B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2017 when the production volume increased by 27% against the previous year. Over the period under review, global production reached the maximum level at $6.5B in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were New Zealand (360K tons), Ireland (291K tons) and the Netherlands (109K tons), with a combined 56% share of global production.

From 2012 to 2022, the biggest increases were recorded for New Zealand (with a CAGR of +1.6%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Butter And Dairy Spreads

In 2022, after four years of growth, there was significant decline in overseas purchases of butter and dairy spreads, when their volume decreased by -6.8% to 1.5M tons. The total import volume increased at an average annual rate of +1.7% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The pace of growth was the most pronounced in 2014 with an increase of 7.5%. Global imports peaked at 1.6M tons in 2021, and then fell in the following year.

In value terms, butter and dairy spreads imports skyrocketed to $9.5B in 2022. Overall, total imports indicated a prominent expansion 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, imports increased by +37.2% against 2020 indices. The pace of growth was the most pronounced in 2017 when imports increased by 37%. Global imports peaked in 2022 and are likely to see gradual growth in the immediate term.

Imports By Country

France (209K tons), the Netherlands (156K tons), Germany (152K tons), China (101K tons) and Belgium (92K tons) represented roughly 47% of total imports in 2022. The following importers - the United States (52K tons), the UK (46K tons), Saudi Arabia (38K tons), Italy (33K tons), Australia (31K tons), South Korea (29K tons), Canada (27K tons) and Spain (27K tons) - together made up 19% of total imports.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +19.1%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest butter and dairy spreads importing markets worldwide were France ($1.4B), Germany ($922M) and the Netherlands ($851M), together comprising 33% of global imports. China, Belgium, the United States, the UK, Italy, South Korea, Australia, Saudi Arabia, Spain and Canada lagged somewhat behind, together accounting for a further 33%.

Among the main importing countries, the United States, with a CAGR of +26.6%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

Butter dominates imports structure, finishing at 1.4M tons, which was approx. 97% of total imports in 2022. Dairy spreads (41K tons) followed a long way behind the leaders.

Butter was also the fastest-growing in terms of imports, with a CAGR of +1.6% from 2012 to 2022. dairy spreads (-9.3%) illustrated a downward trend over the same period. From 2012 to 2022, the share of butter increased by +5.5 percentage points.

In value terms, butter ($8.9B) constitutes the largest type of butter and dairy spreads imported worldwide, comprising 98% of global imports. The second position in the ranking was held by dairy spreads ($213M), with a 2.3% share of global imports.

From 2012 to 2022, the average annual rate of growth in terms of the value of butter imports amounted to +6.1%.

Import Prices By Type

In 2022, the average butter and dairy spreads import price amounted to $6,235 per ton, surging by 29% against the previous year. Overall, import price indicated pronounced 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, butter and dairy spreads import price increased by +43.7% against 2020 indices. The pace of growth was the most pronounced in 2017 when the average import price increased by 41% against the previous year. Over the period under review, average import prices reached the maximum in 2022 and is likely to see gradual growth in years to come.

Average prices varied noticeably amongst the major imported products. In 2022, the product with the highest price was butter ($6,349 per ton), while the price for dairy spreads amounted to $5,235 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by butter (+4.4%).

Import Prices By Country

In 2022, the average butter and dairy spreads import price amounted to $6,235 per ton, increasing by 29% against the previous year. Over the period under review, import price indicated a moderate increase 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, butter and dairy spreads import price increased by +43.7% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the average import price increased by 41% against the previous year. Global import price peaked in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United States ($8,265 per ton), while Saudi Arabia ($4,555 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.

Exports

World Exports of Butter And Dairy Spreads

In 2022, the amount of butter and dairy spreads exported worldwide dropped to 1.6M tons, almost unchanged from the year before. The total export volume increased at an average annual rate of +2.0% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when exports increased by 4.9% against the previous year. Over the period under review, the global exports hit record highs at 1.6M tons in 2021, and then contracted in the following year.

In value terms, butter and dairy spreads exports skyrocketed to $10.1B in 2022. Over the period under review, total exports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +7.1% 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 +52.3% against 2020 indices. The pace of growth appeared the most rapid in 2017 when exports increased by 45%. The global exports peaked in 2022 and are likely to see gradual growth in the immediate term.

Exports By Country

The shipments of the three major exporters of butter and dairy spreads, namely New Zealand, the Netherlands and Ireland, represented more than third of total export. Belgium (125K tons) ranks next in terms of the total exports with a 7.7% share, followed by Germany (7.5%), Belarus (5.2%) and France (5.1%). Poland (72K tons), the United States (66K tons), Denmark (54K tons), the UK (36K tons) and Finland (30K tons) took a little share of total exports.

From 2012 to 2022, the biggest increases were recorded for Poland (with a CAGR of +9.2%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest butter and dairy spreads supplying countries worldwide were the Netherlands ($1.6B), New Zealand ($1.6B) and Ireland ($1.6B), together comprising 47% of global exports. Belgium, Germany, France, Belarus, Poland, Denmark, the United States, the UK and Finland lagged somewhat behind, together accounting for a further 42%.

Poland, with a CAGR of +15.6%, saw the highest growth rate of 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.

Exports By Type

Butter dominates exports structure, reaching 1.6M tons, which was near 98% of total exports in 2022. Dairy spreads (35K tons) followed a long way behind the leaders.

Butter was also the fastest-growing in terms of exports, with a CAGR of +2.4% from 2012 to 2022. dairy spreads (-8.5%) illustrated a downward trend over the same period. Butter (+4.3 p.p.) significantly strengthened its position in terms of the global exports, while dairy spreads saw its share reduced by -4.3% from 2012 to 2022, respectively.

In value terms, butter ($9.9B) remains the largest type of butter and dairy spreads supplied worldwide, comprising 98% of global exports. The second position in the ranking was held by dairy spreads ($197M), with a 2% share of global exports.

From 2012 to 2022, the average annual growth rate of the value of butter exports stood at +7.5%.

Export Prices By Type

In 2022, the average butter and dairy spreads export price amounted to $6,272 per ton, rising by 29% against the previous year. Overall, export price indicated a strong 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 and dairy spreads export price increased by +47.3% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the average export price increased by 48%. Over the period under review, the average export prices reached the peak figure in 2022 and is expected to retain growth in the near future.

Average prices varied noticeably amongst the major exported products. In 2022, the product with the highest price was butter ($6,266 per ton), while the average price for exports of dairy spreads totaled $5,570 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by butter (+4.9%).

Export Prices By Country

The average butter and dairy spreads export price stood at $6,272 per ton in 2022, surging by 29% against the previous year. Overall, export price indicated a strong increase 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 and dairy spreads export price increased by +47.3% against 2020 indices. The pace of growth appeared the most rapid in 2017 an increase of 48% against the previous year. The global export price peaked in 2022 and is expected to retain growth in the immediate term.

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 France ($7,478 per ton), while the United States ($3,668 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+6.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform