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Ex-dairy butter prices in India rose over 54% between October 2023 and October 2026, against 18% for skimmed milk powder. Buffalo milk, richer in fat, now provides about 45% of national output, down from 60% three decades ago.
Demand for ghee, paneer and butter has grown faster than fat supply.
A structural shortage of milk fat keeps butter and ghee prices elevated relative to skim products, supporting dairy fat values and widening the price gap between fat and solids.
econiti.orgEcoNiti Editorial TeamNov 12, 2026Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
