Australia and Oceania: Crude Groundnut Oil Market 2023

Crude Groundnut Oil Market Size in Australia and Oceania

In 2021, the crude groundnut oil market in Australia and Oceania increased by 0.5% to $X, rising for the third consecutive year after two years of decline. In general, consumption posted a slight expansion. Over the period under review, the market attained the maximum level in 2021 and is expected to retain growth in the immediate term.

Crude Groundnut Oil Production in Australia and Oceania

In value terms, crude groundnut oil production contracted remarkably to $X in 2021 estimated in export price. Overall, production, however, recorded a deep slump. The most prominent rate of growth was recorded in 2020 with an increase of 254%. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Crude Groundnut Oil Exports

Exports in Australia and Oceania

In 2021, shipments abroad of crude groundnut oil decreased by -50.3% to X tons, falling for the second year in a row after two years of growth. Over the period under review, exports recorded a sharp setback. The pace of growth was the most pronounced in 2013 when exports increased by 146% against the previous year. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, crude groundnut oil exports contracted dramatically to $X in 2021. Overall, exports continue to indicate a sharp setback. The pace of growth appeared the most rapid in 2013 when exports increased by 61% against the previous year. The level of export peaked at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, Australia (X tons) was the largest exporter of crude groundnut oil, making up 83% of total exports. It was distantly followed by New Zealand (X tons), making up a 17% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to crude groundnut oil exports from Australia stood at -31.2%. At the same time, New Zealand (+6.8%) displayed positive paces of growth. Moreover, New Zealand emerged as the fastest-growing exporter exported in Australia and Oceania, with a CAGR of +6.8% from 2012-2021. While the share of New Zealand (+17 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Australia (-16.7 p.p.) displayed negative dynamics.

In value terms, Australia ($X) remains the largest crude groundnut oil supplier in Australia and Oceania, comprising 80% of total exports. The second position in the ranking was taken by New Zealand ($X), with a 20% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Australia totaled -26.8%.

Export Prices by Country

In 2021, the export price in Australia and Oceania amounted to $X per ton, rising by 3.3% against the previous year. In general, the export price showed a resilient expansion. The pace of growth appeared the most rapid in 2020 when the export price increased by 375%. The level of export peaked in 2021 and is likely to see steady growth in the near future.

Average prices varied noticeably amongst the major exporting countries. In 2021, the country with the highest price was New Zealand ($X per ton), while Australia amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by New Zealand (+18.4%).

Crude Groundnut Oil Imports

Imports in Australia and Oceania

In 2021, overseas purchases of crude groundnut oil increased by 15% to X tons, rising for the third year in a row after two years of decline. Over the period under review, imports continue to indicate significant growth. The most prominent rate of growth was recorded in 2019 with an increase of 317%. The volume of import peaked in 2021 and is expected to retain growth in the immediate term.

In value terms, crude groundnut oil imports surged to $X in 2021. In general, imports continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2019 with an increase of 221%. Over the period under review, imports attained the peak figure in 2021 and are likely to continue growth in years to come.

Imports by Country

Australia dominates imports structure, finishing at X tons, which was near 96% of total imports in 2021. French Polynesia (X tons) took a minor share of total imports.

From 2012 to 2021, average annual rates of growth with regard to crude groundnut oil imports into Australia stood at +26.4%. At the same time, French Polynesia (+74.1%) displayed positive paces of growth. Moreover, French Polynesia emerged as the fastest-growing importer imported in Australia and Oceania, with a CAGR of +74.1% from 2012-2021. From 2012 to 2021, the share of Australia and French Polynesia increased by +26 and +1.8 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Australia ($X) constitutes the largest market for imported crude groundnut oil in Australia and Oceania, comprising 97% of total imports. The second position in the ranking was held by French Polynesia ($X), with a 1.1% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value in Australia amounted to +25.2%.

Import Prices by Country

In 2021, the import price in Australia and Oceania amounted to $X per ton, increasing by 14% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 an increase of 24%. Over the period under review, import prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Australia ($X per ton), while French Polynesia totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Australia (-1.0%).

Source: IndexBox Market Intelligence Platform

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