Asia: Refined Groundnut Oil Market 2024

Refined Groundnut Oil Market Size in Asia

In 2022, the Asian refined groundnut oil market increased by X% to $X, rising for the third year in a row after two years of decline. In general, consumption posted a resilient increase. The level of consumption peaked at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Refined Groundnut Oil Production in Asia

In value terms, refined groundnut oil production reached $X in 2022 estimated in export price. The total production indicated a resilient expansion from 2012 to 2022: its value 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, production decreased by X% against 2019 indices. The pace of growth was the most pronounced in 2016 when the production volume increased by X%. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

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Refined Groundnut Oil Exports

Exports in Asia

In 2022, approx. X tons of refined groundnut oil were exported in Asia; declining by X% compared with the previous year. Overall, exports showed a deep downturn. The most prominent rate of growth was recorded in 2020 when exports increased by X% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, refined groundnut oil exports shrank rapidly to $X in 2022. Over the period under review, exports recorded a abrupt decrease. The pace of growth was the most pronounced in 2020 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China represented the main exporter of refined groundnut oil in Asia, with the volume of exports resulting at X tons, which was near X% of total exports in 2022. It was distantly followed by India (X tons) and Hong Kong SAR (X tons), together generating a X% share of total exports. Malaysia (X tons) held a minor share of total exports.

From 2012 to 2022, average annual rates of growth with regard to refined groundnut oil exports from China stood at X%. At the same time, Malaysia (X%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing exporter exported in Asia, with a CAGR of X% from 2012-2022. By contrast, Hong Kong SAR (X%) and India (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China, Hong Kong SAR and Malaysia increased by X, X and X percentage points, respectively.

In value terms, China ($X) remains the largest refined groundnut oil supplier in Asia, comprising X% of total exports. The second position in the ranking was held by India ($X), with a X% share of total exports. It was followed by Hong Kong SAR, with a X% share.

In China, refined groundnut oil exports remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (X% per year) and Hong Kong SAR (X% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2022, surging by X% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the export price increased by X% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

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 Hong Kong SAR ($X per ton), while India ($X per ton) was amongst the lowest.

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

Refined Groundnut Oil Imports

Imports in Asia

In 2022, approx. X tons of refined groundnut oil were imported in Asia; surging by X% against the year before. Over the period under review, imports showed a strong increase. The pace of growth was the most pronounced in 2014 when imports increased by X%. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, refined groundnut oil imports expanded remarkably to $X in 2022. Overall, imports saw a remarkable increase. The growth pace was the most rapid in 2020 with an increase of X%. Over the period under review, imports reached the maximum in 2022 and are likely to see steady growth in the near future.

Imports by Country

In 2022, Hong Kong SAR (X tons) represented the key importer of refined groundnut oil, committing X% of total imports. It was distantly followed by Afghanistan (X tons), Malaysia (X tons) and Macao SAR (X tons), together mixing up a X% share of total imports. The following importers - Yemen (X tons), Singapore (X tons), Vietnam (X tons) and the United Arab Emirates (X tons) - each recorded an X% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to refined groundnut oil imports into Hong Kong SAR stood at X%. At the same time, Vietnam (X%), Afghanistan (X%), Yemen (X%) and the United Arab Emirates (X%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in Asia, with a CAGR of X% from 2012-2022. Macao SAR experienced a relatively flat trend pattern. By contrast, Singapore (X%) and Malaysia (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Afghanistan, Macao SAR, Yemen and Vietnam increased by X, X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Hong Kong SAR ($X), Afghanistan ($X) and Malaysia ($X) constituted the countries with the highest levels of imports in 2022, with a combined X% share of total imports. Macao SAR, Singapore, Vietnam, the United Arab Emirates and Yemen lagged somewhat behind, together accounting for a further X%.

Among the main importing countries, Vietnam, with a CAGR of X%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Asia amounted to $X per ton, almost unchanged from the previous year. Overall, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the import price increased by X% against the previous year. The level of import peaked at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Afghanistan ($X per ton), while Yemen ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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