Groundnuts Market

The global groundnut (in-shell) market is expected to continue growing with an anticipated CAGR of +2.2% in market volume and +4.2% in market value from 2022 to 2030. Consumption peaked in 2021 at 55M tons but decreased slightly in 2022 to 54M tons. China, India, and Nigeria were the top consuming countries in 2022. Production reached 54M tons in 2022 with a consistent growth pattern. China led in groundnut imports and exports, showing significant growth in both categories.

Market Forecast

Driven by increasing demand for ground-nut (in-shell) worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.2% for the period from 2022 to 2030, which is projected to bring the market volume to 64M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.2% for the period from 2022 to 2030, which is projected to bring the market value to $83.8B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Ground-Nut

After two years of growth, consumption of ground-nut (in-shell) decreased by -0.5% to 54M tons in 2022. The total consumption volume increased at an average annual rate of +2.4% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. Over the period under review, global consumption reached the peak volume at 55M tons in 2021, and then declined modestly in the following year.

The global groundnuts market value declined to $60.1B in 2022, falling by -4.1% 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). In general, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the global market hit record highs at $62.6B in 2021, and then dropped in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (18M tons), India (10M tons) and Nigeria (4.3M tons), together comprising 60% of global consumption. Sudan, the United States, Myanmar, Senegal, Argentina, Guinea, Brazil and Chad lagged somewhat behind, together comprising a further 22%.

From 2012 to 2022, the biggest increases were recorded for Guinea (with a CAGR of +11.1%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($23.5B) led the market, alone. The second position in the ranking was held by India ($8.6B). It was followed by Nigeria.

In China, the groundnuts market remained relatively stable over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of market growth: India (+6.3% per year) and Nigeria (-0.2% per year).

The countries with the highest levels of groundnuts per capita consumption in 2022 were Senegal (85 kg per person), Guinea (74 kg per person) and Sudan (54 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Brazil (with a CAGR of +8.9%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Ground-Nut

In 2022, approx. 54M tons of ground-nut (in-shell) were produced worldwide; flattening at the previous year. The total output volume increased at an average annual rate of +2.5% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The pace of growth was the most pronounced in 2013 when the production volume increased by 11%. Global production peaked at 54M tons in 2020; however, from 2021 to 2022, production failed to regain momentum. The general positive trend in terms output was largely conditioned by perceptible growth of the harvested area and a relatively flat trend pattern in yield figures.

In value terms, groundnuts production dropped to $57B in 2022 estimated in export price. In general, production recorded a pronounced decrease. The most prominent rate of growth was recorded in 2021 when the production volume increased by 12% against the previous year. Over the period under review, global production attained the maximum level at $73.9B in 2012; however, from 2013 to 2022, production failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2022 were China (18M tons), India (10M tons) and Nigeria (4.3M tons), together comprising 60% of global production. The United States, Sudan, Myanmar, Senegal, Argentina, Guinea, Brazil and Chad lagged somewhat behind, together accounting for a further 23%.

From 2012 to 2022, the biggest increases were recorded for Guinea (with a CAGR of +11.1%), while production for the other global leaders experienced more modest paces of growth.

Yield

The global average groundnuts yield expanded markedly to 1.8 tons per ha in 2022, growing by 6.6% compared with the year before. Overall, the yield recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 with an increase of 8.1% against the previous year. As a result, the yield attained the peak level of 1.8 tons per ha; afterwards, it flattened through to 2022.

Harvested Area

In 2022, the total area harvested in terms of ground-nut (in-shell) production worldwide shrank to 31M ha, declining by -6.5% on the year before. The harvested area increased at an average annual rate of +1.8% 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 2021 with an increase of 8.5% against the previous year. As a result, the harvested area attained the peak level of 33M ha, and then contracted in the following year.

Imports

World Imports of Ground-Nut

In 2022, approx. 249K tons of ground-nut (in-shell) were imported worldwide; dropping by -28.6% against the previous year. Over the period under review, imports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when imports increased by 83%. Over the period under review, global imports reached the maximum at 534K tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, groundnuts imports contracted remarkably to $318M in 2022. Overall, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2020 when imports increased by 48%. Global imports peaked at $453M in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

Imports By Country

China represented the key importer of ground-nut (in-shell) in the world, with the volume of imports finishing at 88K tons, which was approx. 35% of total imports in 2022. It was distantly followed by Germany (24K tons), Italy (19K tons) and Spain (14K tons), together committing a 22% share of total imports. Thailand (9.1K tons), Canada (8.4K tons), Malaysia (7.5K tons), Nepal (5.6K tons), Afghanistan (5.4K tons), France (4.7K tons) and Trinidad and Tobago (4K tons) held a minor share of total imports.

China was also the fastest-growing in terms of the ground-nut (in-shell) imports, with a CAGR of +34.7% from 2012 to 2022. At the same time, Trinidad and Tobago (+12.0%), Canada (+9.8%), Afghanistan (+8.2%), Nepal (+7.1%), Germany (+7.0%), France (+3.5%), Malaysia (+2.7%), Spain (+2.0%) and Thailand (+1.4%) displayed positive paces of growth. Italy experienced a relatively flat trend pattern. From 2012 to 2022, the share of China, Germany and Canada increased by +33, +4.8 and +2.1 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($57M), Germany ($46M) and Italy ($42M) constituted the countries with the highest levels of imports in 2022, together comprising 45% of global imports.

China, with a CAGR of +37.4%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average groundnuts import price stood at $1,276 per ton in 2022, growing by 16% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the average import price increased by 27%. Over the period under review, average import prices hit record highs at $1,340 per ton in 2013; afterwards, it flattened through to 2022.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Italy ($2,219 per ton), while China ($651 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nepal (+5.4%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Ground-Nut

In 2022, overseas shipments of ground-nut (in-shell) decreased by -2.9% to 252K tons, falling for the second year in a row after two years of growth. Overall, exports, however, enjoyed a noticeable expansion. The pace of growth was the most pronounced in 2020 when exports increased by 87%. As a result, the exports attained the peak of 444K tons. From 2021 to 2022, the growth of the global exports remained at a lower figure.

In value terms, groundnuts exports expanded markedly to $300M in 2022. In general, total exports indicated modest growth from 2012 to 2022: its value increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -20.9% against 2020 indices. The pace of growth was the most pronounced in 2020 with an increase of 62%. As a result, the exports reached the peak of $379M. From 2021 to 2022, the growth of the global exports failed to regain momentum.

Exports By Country

The United States prevails in exports structure, recording 143K tons, which was approx. 57% of total exports in 2022. Egypt (25K tons) held the second position in the ranking, followed by India (17K tons) and China (15K tons). All these countries together took near 23% share of total exports. The following exporters - Uzbekistan (6.2K tons), Israel (6K tons), Nigeria (4.2K tons) and Lao People's Democratic Republic (4.1K tons) - each resulted at an 8.1% share of total exports.

Exports from the United States increased at an average annual rate of +11.9% from 2012 to 2022. At the same time, Nigeria (+45.4%), India (+8.5%), Israel (+2.4%) and Egypt (+1.2%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in the world, with a CAGR of +45.4% from 2012-2022. By contrast, Uzbekistan (-1.6%), Lao People's Democratic Republic (-2.5%) and China (-10.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United States, India, Uzbekistan and Nigeria increased by +31, +2.6, +2.5 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($157M) remains the largest groundnuts supplier worldwide, comprising 52% of global exports. The second position in the ranking was held by Egypt ($34M), with an 11% share of global exports. It was followed by China, with a 7.1% share.

In the United States, groundnuts exports expanded at an average annual rate of +8.4% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Egypt (+0.6% per year) and China (-10.9% per year).

Export Prices By Country

In 2022, the average groundnuts export price amounted to $1,190 per ton, surging by 12% against the previous year. Over the period under review, the export price, however, continues to indicate a pronounced shrinkage. The pace of growth appeared the most rapid in 2021 when the average export price increased by 24%. The global export price peaked at $1,497 per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

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 Israel ($3,265 per ton), while Nigeria ($295 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uzbekistan (+7.8%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform