Central Asia: Groundnut Oil Market 2023

Groundnut Oil Market Size in Central Asia

The Central Asian groundnut oil market was estimated at $X in 2021, growing by 8.4% against the previous year. Overall, consumption, however, continues to indicate a noticeable downturn. As a result, consumption reached the peak level of $X. From 2017 to 2021, the growth of the market failed to regain momentum.

Groundnut Oil Production in Central Asia

In value terms, groundnut oil production dropped to $X in 2021 estimated in export price. Over the period under review, production showed a noticeable contraction. The pace of growth was the most pronounced in 2016 when the production volume increased by 91% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2021, production growth remained at a somewhat lower figure.

Groundnut Oil Exports

Exports in Central Asia

After two years of growth, shipments abroad of groundnut oil decreased by -91.9% to X kg in 2021. Over the period under review, exports saw a precipitous decrease. The most prominent rate of growth was recorded in 2020 with an increase of 756%. The volume of export peaked at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, groundnut oil exports contracted dramatically to $X in 2021. In general, exports continue to indicate a precipitous shrinkage. The pace of growth was the most pronounced in 2020 when exports increased by 1,571%. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

Uzbekistan (X kg) represented roughly 100% of total exports in 2021.

Uzbekistan was also the fastest-growing in terms of the groundnut oil exports, with a CAGR of -32.8% from 2013 to 2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Uzbekistan ($X) also remains the largest groundnut oil supplier in Central Asia.

From 2013 to 2021, the average annual growth rate of value in Uzbekistan amounted to -40.0%.

Export Prices by Country

The export price in Central Asia stood at $X per ton in 2021, approximately reflecting the previous year. In general, the export price, however, recorded a abrupt downturn. The pace of growth appeared the most rapid in 2020 an increase of 95%. Over the period under review, the export prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Uzbekistan.

From 2013 to 2021, the rate of growth in terms of prices for Uzbekistan amounted to -10.7% per year.

Groundnut Oil Imports

Imports in Central Asia

In 2021, after two years of decline, there was significant growth in overseas purchases of groundnut oil, when their volume increased by 48% to X tons. Overall, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 148%. Over the period under review, imports reached the maximum in 2021 and are likely to see gradual growth in the immediate term.

In value terms, groundnut oil imports skyrocketed to $X in 2021. In general, imports showed a modest expansion. The growth pace was the most rapid in 2016 when imports increased by 246%. Over the period under review, imports attained the peak figure in 2021 and are likely to see steady growth in the near future.

Imports by Country

Mongolia (X kg) and Kazakhstan (X kg) prevails in imports structure, together mixing up 91% of total imports. It was distantly followed by Tajikistan (X kg), comprising an 8.8% share of total imports.

From 2012 to 2021, the biggest increases were in Mongolia (with a CAGR of +17.4%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, the largest groundnut oil importing markets in Central Asia were Mongolia ($X), Kazakhstan ($X) and Tajikistan ($X).

Among the main importing countries, Tajikistan, with a CAGR of +26.4%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

In 2021, the import price in Central Asia amounted to $X per ton, with an increase of 9.5% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 97% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2017; however, from 2018 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, the country with the highest price was Tajikistan ($X per ton), while Kazakhstan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Tajikistan (+11.2%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Market Intelligence Platform

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