Price for Butter and Other Fats and Oils Derived from Milk in the United States - 2023
Contents:
- Price for Butter and Other Fats and Oils Derived from Milk in the United States (CIF) - 2023
- Price for Butter and Other Fats and Oils Derived from Milk in the United States (FOB) - 2023
- Imports of Butter and Other Fats and Oils Derived from Milk in the United States
- Exports of Butter and Other Fats and Oils Derived from Milk in the United States
Price for Butter and Other Fats and Oils Derived from Milk in the United States (CIF) - 2023
In December 2023, the average import price for butter and other fats and oils derived from milk amounted to $6,781 per ton, therefore, remained relatively stable against the previous month. Overall, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in February 2023 when the average import price increased by 15% m-o-m. The import price peaked at $8,159 per ton in March 2023; however, from April 2023 to December 2023, import prices failed to regain momentum.
Prices varied noticeably by the country of origin: the country with the highest price was France ($9,154 per ton), while the price for India ($2,730 per ton) was amongst the lowest.
From December 2022 to December 2023, the most notable rate of growth in terms of prices was attained by India (+1.7%), while the prices for the other major suppliers experienced mixed trend patterns.
Price for Butter and Other Fats and Oils Derived from Milk in the United States (FOB) - 2023
In December 2023, the average export price for butter and other fats and oils derived from milk amounted to $5,369 per ton, falling by -2.3% against the previous month. In general, export price indicated a resilient expansion from December 2022 to December 2023: its price increased at an average monthly rate of +5.6% over the last twelve-month period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on December 2023 figures, export price for butter and other fats and oils derived from milk decreased by -11.7% against October 2023 indices. The growth pace was the most rapid in April 2023 an increase of 41% against the previous month. Over the period under review, the average export prices reached the peak figure at $6,083 per ton in October 2023; however, from November 2023 to December 2023, the export prices failed to regain momentum.
There were significant differences in the average prices for the major overseas markets. In December 2023, the country with the highest price was Saudi Arabia ($7,224 per ton), while the average price for exports to Guyana ($1,803 per ton) was amongst the lowest.
From December 2022 to December 2023, the most notable rate of growth in terms of prices was recorded for supplies to Saudi Arabia (+10.2%), 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 United States
In 2022, supplies from abroad of butter and other fats and oils derived from milk was finally on the rise to reach 73K tons for the first time since 2019, thus ending a two-year declining trend. The total import volume increased at an average annual rate of +2.4% over the period from 2019 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.
In value terms, imports of butter and other fats and oils derived from milk skyrocketed to $500M in 2022. The total import value increased at an average annual rate of +7.3% from 2019 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.
| Import of Butter and Other Fats and Oils Derived from Milk in the United States (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Ireland | 221 | 217 | 269 | 334 | 14.8% |
| New Zealand | 50.8 | 33.4 | 48.5 | 87.4 | 19.8% |
| France | 14.6 | 13.0 | 18.1 | 22.3 | 15.2% |
| Mexico | 57.6 | 36.1 | 7.9 | 14.5 | -36.9% |
| India | 6.7 | 13.0 | 7.4 | 12.8 | 24.1% |
| Germany | 5.8 | 2.6 | 1.3 | 6.0 | 1.1% |
| United Kingdom | 9.3 | 6.2 | 7.5 | 2.4 | -36.3% |
| Australia | 10.8 | 4.6 | 2.4 | 2.2 | -41.2% |
| Others | 28.6 | 30.9 | 16.1 | 18.9 | -12.9% |
| Total | 405 | 356 | 378 | 500 | 7.3% |
Top Suppliers of Butter and Other Fats and Oils Derived from Milk to the United States in 2022:
- Ireland (38.5K tons)
- New Zealand (14.4K tons)
- India (8.9K tons)
- France (3.2K tons)
- Mexico (2.1K tons)
- Germany (1.1K tons)
- Australia (0.5K tons)
- United Kingdom (0.5K tons)
Exports of Butter and Other Fats and Oils Derived from Milk in the United States
In 2022, approx. 82K tons of butter and other fats and oils derived from milk were exported from the United States; growing by 42% against 2021. Overall, exports posted a significant increase. The pace of growth appeared the most rapid in 2021 with an increase of 108% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.
In value terms, exports of butter and other fats and oils derived from milk surged to $272M in 2022. Over the period under review, exports showed significant growth. The pace of growth appeared the most rapid in 2021 with an increase of 113%. The exports peaked in 2022 and are expected to retain growth in the immediate term.
| Export of Butter and Other Fats and Oils Derived from Milk in the United States (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Canada | 67.8 | 40.7 | 70.8 | 121 | 21.3% |
| Bahrain | 1.5 | 6.7 | 21.5 | 42.8 | 205.6% |
| Mexico | 11.6 | 11.0 | 12.7 | 29.4 | 36.3% |
| South Korea | 8.9 | 7.1 | 13.6 | 28.8 | 47.9% |
| Saudi Arabia | 7.6 | 14.8 | 20.2 | 9.8 | 8.8% |
| Egypt | N/A | 0.1 | 10.7 | 7.6 | 771.8% |
| Dominican Republic | 0.8 | 0.7 | 5.6 | 3.2 | 58.7% |
| Others | 25.4 | 19.5 | 59.5 | 29.6 | 5.2% |
| Total | 124 | 101 | 215 | 272 | 29.9% |
Top Export Markets for Butter and Other Fats and Oils Derived from Milk from the United States in 2022:
- Canada (35.3K tons)
- Mexico (14.6K tons)
- Bahrain (9.0K tons)
- South Korea (8.8K tons)
- Saudi Arabia (2.0K tons)
- Egypt (1.4K tons)
- Dominican Republic (1.4K tons)
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In February 2023, the price of butter and ghee per ton (CIF, US) was $7,599, a 15% increase from the previous month.
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In July 2022, the butter price per ton amounted to $8,535 per ton, which is down by less than 0.1% against the previous month.
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In May 2022, the butter price per ton amounted to $6,839 per ton, surging by 9.6% against the previous month.
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The average price for Grade AA butter in the U.S. amounted to $2.02 per pound on December 11, 2021, increasing by 40% from the same period last year. Reducing milk cow herd, labour shortage, and the rising packaging materials costs constrain production growth, leading to insufficient supply in the market that results in the butter price surge. Demand for butter typically picks in Q4, when Americans consume more holiday cookies and other traditional dishes. In December, butter prices picked up 3.7% compared to the figures a month earlier.
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In value terms, dairy produce exports surged to $511M in March 2023.
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In terms of value, imports of Dairy Spread decreased to $2M in May 2023.
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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.
