CIS: Crude Groundnut Oil Market 2023

Crude Groundnut Oil Market Size in CIS

The CIS crude groundnut oil market shrank slightly to $X in 2021, with a decrease of -2.2% against the previous year. In general, consumption, however, continues to indicate a significant expansion. As a result, consumption attained the peak level of $X. From 2020 to 2021, the growth of the market remained at a lower figure.

Crude Groundnut Oil Production in CIS

In value terms, crude groundnut oil production reduced to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a significant increase. The most prominent rate of growth was recorded in 2019 when the production volume increased by 260%. Over the period under review, production hit record highs at $X in 2020, and then declined modestly in the following year.

Crude Groundnut Oil Exports

Exports in CIS

In 2021, overseas shipments of crude groundnut oil increased by 24% to X kg, rising for the second consecutive year after two years of decline. In general, exports posted a remarkable increase. The pace of growth was the most pronounced in 2017 when exports increased by 13,317% against the previous year. As a result, the exports reached the peak of X tons. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, crude groundnut oil exports skyrocketed to $X in 2021. Over the period under review, exports showed a buoyant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 8,029% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

The shipments of the one major exporters of crude groundnut oil, namely Russia, represented more than two-thirds of total export.

Russia was also the fastest-growing in terms of the crude groundnut oil exports, with a CAGR of +15.4% from 2012 to 2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Russia ($X) also remains the largest crude groundnut oil supplier in the CIS.

From 2012 to 2021, the average annual growth rate of value in Russia totaled +9.4%.

Export Prices by Country

The export price in the CIS stood at $X per ton in 2021, growing by 3.4% against the previous year. In general, the export price, however, showed a abrupt curtailment. The pace of growth was the most pronounced in 2018 an increase of 77% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 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 Russia.

From 2012 to 2021, the rate of growth in terms of prices for Russia amounted to -5.2% per year.

Crude Groundnut Oil Imports

Imports in CIS

In 2021, crude groundnut oil imports in the CIS surged to X tons, rising by 21% on 2020 figures. In general, imports, however, showed a slight decline. The most prominent rate of growth was recorded in 2019 with an increase of 222%. The volume of import peaked at X tons in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, crude groundnut oil imports soared to $X in 2021. Overall, imports, however, continue to indicate a pronounced slump. The most prominent rate of growth was recorded in 2019 with an increase of 212%. Over the period under review, imports reached the peak figure at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Russia (X tons) and Belarus (X tons) dominates imports structure, together mixing up 92% of total imports. It was distantly followed by Kazakhstan (X kg), mixing up a 5.9% share of total imports. Tajikistan (X kg) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were in Belarus (with a CAGR of +34.9%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, the largest crude groundnut oil importing markets in the CIS were Russia ($X), Belarus ($X) and Kazakhstan ($X), together comprising 97% of total imports.

In terms of the main importing countries, Belarus, with a CAGR of +37.8%, 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

The import price in the CIS stood at $X per ton in 2021, rising by 33% against the previous year. In general, the import price, however, saw a pronounced shrinkage. Over the period under review, import prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Tajikistan ($X per ton) and Belarus ($X per ton), while Kazakhstan ($X per ton) and Russia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Tajikistan (+21.2%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Market Intelligence Platform

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