ASEAN: Refined Groundnut Oil Market 2024

Refined Groundnut Oil Market Size in ASEAN

In 2022, the ASEAN refined groundnut oil market increased by X% to $X, rising for the second year in a row after three years of decline. Over the period under review, consumption, however, continues to indicate strong growth. Over the period under review, the market reached the peak level at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Refined Groundnut Oil Production in ASEAN

In value terms, refined groundnut oil production stood at $X in 2022 estimated in export price. Overall, production, however, saw a prominent expansion. The most prominent rate of growth was recorded in 2016 when the production volume increased by X%. Over the period under review, production attained the peak level at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Refined Groundnut Oil Exports

Exports in ASEAN

In 2022, shipments abroad of refined groundnut oil decreased by X% to X tons, falling for the third year in a row after two years of growth. Over the period under review, exports saw a deep setback. The most prominent rate of growth was recorded in 2013 when exports increased by X%. Over the period under review, the exports attained the maximum at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, refined groundnut oil exports dropped rapidly to $X in 2022. In general, exports showed a deep reduction. The most prominent rate of growth was recorded in 2013 with an increase of X%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Malaysia prevails in exports structure, recording X tons, which was near X% of total exports in 2022. It was distantly followed by Indonesia (X tons), comprising a X% share of total exports. Thailand (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to refined groundnut oil exports from Malaysia stood at X%. At the same time, Thailand (X%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of X% from 2012-2022. By contrast, Indonesia (X%) illustrated a downward trend over the same period. While the share of Malaysia (X p.p.) and Thailand (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Indonesia (X p.p.) displayed negative dynamics.

In value terms, Malaysia ($X) remains the largest refined groundnut oil supplier in ASEAN, comprising X% of total exports. The second position in the ranking was taken by Indonesia ($X), with a X% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Malaysia totaled X%. In the other countries, the average annual rates were as follows: Indonesia (X% per year) and Thailand (X% per year).

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2022, with an increase of X% against the previous year. Export price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined groundnut oil export price increased by X% against 2019 indices. The pace of growth appeared the most rapid in 2021 when the export price increased by X%. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

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

Refined Groundnut Oil Imports

Imports in ASEAN

Refined groundnut oil imports amounted to X tons in 2022, surging by X% compared with the year before. Over the period under review, imports, however, saw a noticeable decrease. The pace of growth was the most pronounced in 2014 with an increase of X%. As a result, imports attained the peak of X tons. From 2015 to 2022, the growth of imports failed to regain momentum.

In value terms, refined groundnut oil imports totaled $X in 2022. Overall, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of X%. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Malaysia represented the major importer of refined groundnut oil in ASEAN, with the volume of imports recording X tons, which was near X% of total imports in 2022. It was distantly followed by Singapore (X tons) and Vietnam (X tons), together achieving a X% share of total imports.

Imports into Malaysia decreased at an average annual rate of X% from 2012 to 2022. At the same time, Vietnam (X%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in ASEAN, with a CAGR of X% from 2012-2022. By contrast, Singapore (X%) illustrated a downward trend over the same period. While the share of Vietnam (X p.p.) and Singapore (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Malaysia (X p.p.) displayed negative dynamics.

In value terms, Malaysia ($X) constitutes the largest market for imported refined groundnut oil in ASEAN, comprising X% of total imports. The second position in the ranking was held by Singapore ($X), with a X% share of total imports.

From 2012 to 2022, the average annual growth rate of value in Malaysia amounted to X%. In the other countries, the average annual rates were as follows: Singapore (X% per year) and Vietnam (X% per year).

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2022, reducing by X% against the previous year. Import price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined groundnut oil import price increased by X% against 2016 indices. The most prominent rate of growth was recorded in 2013 when the import price increased by X%. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Singapore ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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