Africa: Groundnut Oil Market 2023

Groundnut Oil Market Size in Africa

The African groundnut oil market reduced to $X in 2021, declining by -8.2% against the previous year. In general, consumption, however, showed a relatively flat trend pattern. As a result, consumption reached the peak level of $X, and then dropped in the following year.

Groundnut Oil Production in Africa

In value terms, groundnut oil production declined to $X in 2021 estimated in export price. Overall, production saw a slight decrease. The growth pace was the most rapid in 2020 with an increase of 26%. The level of production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Groundnut Oil Exports

Exports in Africa

In 2021, approx. X tons of groundnut oil were exported in Africa; jumping by 6,023% compared with 2020 figures. Overall, exports showed a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, groundnut oil exports surged to $X in 2021. In general, exports showed a significant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

South Africa dominates exports structure, amounting to X tons, which was near 98% of total exports in 2021. Senegal (X tons) took a minor share of total exports.

South Africa was also the fastest-growing in terms of the groundnut oil exports, with a CAGR of +150.7% from 2012 to 2021. Senegal experienced a relatively flat trend pattern. South Africa (+97 p.p.) significantly strengthened its position in terms of the total exports, while Senegal saw its share reduced by -60.2% from 2012 to 2021, respectively.

In value terms, South Africa ($X) emerged as the largest groundnut oil supplier in Africa, comprising 91% of total exports. The second position in the ranking was taken by Senegal ($X), with a 6.6% share of total exports.

In South Africa, groundnut oil exports expanded at an average annual rate of +110.2% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in Africa amounted to $X per ton, declining by -67.8% against the previous year. Overall, the export price faced a deep downturn. The most prominent rate of growth was recorded in 2020 an increase of 28%. The level of export peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Senegal ($X per ton), while South Africa amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (-0.1%).

Groundnut Oil Imports

Imports in Africa

In 2021, the amount of groundnut oil imported in Africa was estimated at X tons, stabilizing at 2020 figures. Over the period under review, imports continue to indicate a slight increase. The growth pace was the most rapid in 2017 when imports increased by 124%. As a result, imports attained the peak of X tons. From 2018 to 2021, the growth of imports remained at a lower figure.

In value terms, groundnut oil imports contracted slightly to $X in 2021. Overall, imports, however, saw a noticeable contraction. The pace of growth was the most pronounced in 2017 when imports increased by 99%. Over the period under review, imports attained the peak figure at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

Benin was the key importing country with an import of about X tons, which amounted to 76% of total imports. It was distantly followed by Mauritania (X tons), making up a 12% share of total imports. Swaziland (X tons) and Zambia (X tons) followed a long way behind the leaders.

Imports into Benin increased at an average annual rate of +3.4% from 2012 to 2021. At the same time, Zambia (+32.9%), Swaziland (+19.4%) and Mauritania (+17.3%) displayed positive paces of growth. Moreover, Zambia emerged as the fastest-growing importer imported in Africa, with a CAGR of +32.9% from 2012-2021. While the share of Benin (+10 p.p.), Mauritania (+8.5 p.p.), Swaziland (+2 p.p.) and Zambia (+1.9 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Benin ($X) constitutes the largest market for imported groundnut oil in Africa, comprising 43% of total imports. The second position in the ranking was taken by Mauritania ($X), with a 15% share of total imports. It was followed by Swaziland, with a 6.6% share.

From 2012 to 2021, the average annual growth rate of value in Benin stood at -8.1%. The remaining importing countries recorded the following average annual rates of imports growth: Mauritania (+22.1% per year) and Swaziland (+18.7% per year).

Import Prices by Country

In 2021, the import price in Africa amounted to $X per ton, falling by -2.7% against the previous year. Overall, the import price showed a abrupt shrinkage. The pace of growth appeared the most rapid in 2013 when the import price increased by 28%. As a result, import price attained the peak level of $X per ton. From 2014 to 2021, the import prices remained at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Swaziland ($X per ton), while Benin ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mauritania (+4.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Market Intelligence Platform

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