Price for Butter and Other Fats and Oils Derived from Milk in the Philippines - 2023
Contents:
- Price for Butter and Other Fats and Oils Derived from Milk in the Philippines (CIF) - 2023
- Price for Butter and Other Fats and Oils Derived from Milk in the Philippines (FOB) - 2023
- Imports of Butter and Other Fats and Oils Derived from Milk in the Philippines
- Exports of Butter and Other Fats and Oils Derived from Milk in the Philippines
Price for Butter and Other Fats and Oils Derived from Milk in the Philippines (CIF) - 2023
The average import price for butter and other fats and oils derived from milk stood at $6,814 per ton in September 2023, flattening at the previous month. Over the period under review, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in May 2023 an increase of 2.3% against the previous month. As a result, import price reached the peak level of $7,307 per ton. From June 2023 to September 2023, the average import prices remained at a somewhat lower figure.
Average prices varied noticeably amongst the major supplying countries. In September 2023, the countries with the highest prices were Malaysia ($6,983 per ton) and France ($6,924 per ton), while the price for Thailand ($6,239 per ton) and Denmark ($6,239 per ton) were amongst the lowest.
From November 2022 to September 2023, the most notable rate of growth in terms of prices was attained by France (+0.3%), while the prices for the other major suppliers experienced a decline.
Price for Butter and Other Fats and Oils Derived from Milk in the Philippines (FOB) - 2023
The average export price for butter and other fats and oils derived from milk stood at $6,409 per ton in September 2023, leveling off at the previous month. Over the period under review, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in February 2023 an increase of 14% month-to-month. As a result, the export price reached the peak level of $6,991 per ton. From March 2023 to September 2023, the the average export prices remained at a lower figure.
Average prices varied noticeably for the major external markets. In September 2023, the countries with the highest prices were Australia ($6,550 per ton) and South Korea ($6,550 per ton), while the average price for exports to Saudi Arabia ($6,326 per ton) and Malaysia ($6,326 per ton) were amongst the lowest.
From November 2022 to September 2023, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+1.3%), while the prices for the other major destinations experienced more modest paces of growth.
Imports of Butter and Other Fats and Oils Derived from Milk in the Philippines
Imports of butter and other fats and oils derived from milk into the Philippines contracted significantly to 24K tons in 2022, waning by -17.2% on 2021 figures. In general, imports faced a abrupt contraction. The most prominent rate of growth was recorded in 2021 when imports increased by 3.6%.
In value terms, imports of butter and other fats and oils derived from milk rose notably to $174M in 2022. Over the period under review, imports saw a pronounced setback. The most prominent rate of growth was recorded in 2021 when imports increased by 12%.
| Import of Butter and Other Fats and Oils Derived from Milk in the Philippines (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| New Zealand | 169 | 123 | 141 | 155 | -2.8% |
| China | 5.0 | 1.2 | 3.6 | 5.6 | 3.8% |
| Others | 17.1 | 21.0 | 16.9 | 13.7 | -7.1% |
| Total | 191 | 145 | 162 | 174 | -3.1% |
Top Suppliers of Butter and Other Fats and Oils Derived from Milk to the Philippines in 2022:
- New Zealand (21.3K tons)
- China (0.8K tons)
Exports of Butter and Other Fats and Oils Derived from Milk in the Philippines
Exports of butter and other fats and oils derived from milk from the Philippines rose modestly to 436 tons in 2022, picking up by 2.6% compared with the year before. Overall, total exports indicated prominent growth from 2019 to 2022: its volume increased at an average annual rate of +6.8% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +51.4% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 47%. The exports peaked in 2022 and are likely to see steady growth in the immediate term.
In value terms, exports of butter and other fats and oils derived from milk soared to $3M in 2022. In general, exports enjoyed a prominent increase. The most prominent rate of growth was recorded in 2021 when exports increased by 78%. The exports peaked in 2022 and are likely to see steady growth in years to come.
| Export of Butter and Other Fats and Oils Derived from Milk in the Philippines (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Indonesia | 504 | N/A | 582 | 1,821 | 53.4% |
| Malaysia | 250 | 550 | 722 | 533 | 28.7% |
| United Arab Emirates | 75.8 | 395 | 63.9 | 184 | 34.4% |
| United States | 676 | 74.9 | 87.4 | 174 | -36.4% |
| Australia | 44.6 | 38.7 | 18.0 | 105 | 33.0% |
| South Korea | N/A | 47.2 | 84.3 | 99.4 | 45.1% |
| Canada | 81.5 | 51.5 | N/A | 52.5 | -13.6% |
| Kuwait | 45.2 | 50.3 | N/A | 38.9 | -4.9% |
| Singapore | N/A | N/A | 669 | N/A | 0% |
| Others | 84.8 | 88.1 | 74.0 | 24.9 | -33.5% |
| Total | 1,761 | 1,295 | 2,300 | 3,032 | 19.9% |
Top Export Markets for Butter and Other Fats and Oils Derived from Milk from the Philippines in 2022:
- Indonesia (241.5 tons)
- Malaysia (91.2 tons)
- United Arab Emirates (28.9 tons)
- United States (24.6 tons)
- Australia (16.2 tons)
- South Korea (14.2 tons)
- Canada (9.0 tons)
- Kuwait (6.7 tons)
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This report provides an in-depth analysis of the butter and ghee market in the Philippines.
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This report provides an in-depth analysis of the ghee market in the Philippines.
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This report provides an in-depth analysis of the butter market in the Philippines.
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This report provides an in-depth analysis of the dairy produce market in the Philippines.
592
This report provides an in-depth analysis of the market for butter and dairy spreads in the Philippines.
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This report provides an in-depth analysis of the dairy spread market in the Philippines.
2155
This report provides an in-depth analysis of the global butter and ghee market.
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This report provides an in-depth analysis of the global ghee market.
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This report provides an in-depth analysis of the global butter market.
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This report provides an in-depth analysis of the global dairy produce market.
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Global butter and ghee consumption amounted to X thousand tons in 2015, remaining constant against the previous year level.
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Global butter and ghee exports amounted to X thousand tons in 2015, coming down by -X% against the previous year level.
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Global butter and ghee imports amounted to X thousand tons in 2015, descending by -X% against the previous year level.
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In 2015, the countries with the highest levels of butter and ghee production were Turkey (X thousand tons), Iran (X thousand tons), Syria (X thousand tons), together accounting for X% of total output.
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The global butter and ghee market fluctuated wildly, finally rising from X billion USD in 2007 to X billion USD in 2015.
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The market of butter and ghee fluctuated wildly, finally rising from X billion USD in 2007 to X billion USD in 2015. Over the last year, the market dropped by X% in value terms.
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New Zealand seized control of the butter and ghee market. In 2014, New Zealand exported X thousand tons of butter and ghee totaling X USD, X% over the previous year. Its primary trading partner was China, where it supplied X% of its total but
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New Zealand continued its dominance in the global ghee trade. In 2014, New Zealand exported X thousand tons of ghee totaling X million USD, X% over the previous year. Its primary trading partner was China, where it supplied X% of its total ghee
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The butter market is projected to experience steady growth over the next seven years, driven by increasing demand worldwide. Market performance is expected to see a CAGR of +1.8% in volume and +3.5% in value from 2023 to 2030.
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This year global butter production is anticipated to keep up with ha last year, amounting to 5.6M tons. The EU is forecast to decrease butter exports due to a slight drop in production amid an increase in demand. Butter exports from New Zealand are not forecast to grow due to increased competition with UHT cream for food service being increasingly in demand.
