Latin America and the Caribbean: Groundnut Oil Market 2023

Groundnut Oil Market Size in Latin America and the Caribbean

The Latin American groundnut oil market surged to $X in 2021, growing by 16% against the previous year. Overall, consumption enjoyed a buoyant expansion. The level of consumption peaked in 2021 and is expected to retain growth in the immediate term.

Groundnut Oil Production in Latin America and the Caribbean

In value terms, groundnut oil production dropped to $X in 2021 estimated in export price. Overall, production continues to indicate a mild expansion. The pace of growth appeared the most rapid in 2020 when the production volume increased by 38%. As a result, production attained the peak level of $X, and then shrank in the following year.

Groundnut Oil Exports

Exports in Latin America and the Caribbean

In 2021, groundnut oil exports in Latin America and the Caribbean shrank to X tons, which is down by -10.9% on the previous year's figure. In general, exports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 with an increase of 18% against the previous year. As a result, the exports attained the peak of X tons. From 2020 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, groundnut oil exports stood at $X in 2021. Overall, exports recorded a mild contraction. The growth pace was the most rapid in 2020 with an increase of 22%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Brazil was the main exporting country with an export of around X tons, which finished at 68% of total exports. Argentina (X tons) held a 16% share (based on physical terms) of total exports, which put it in second place, followed by Nicaragua (15%).

Brazil was also the fastest-growing in terms of the groundnut oil exports, with a CAGR of +9.4% from 2012 to 2021. Nicaragua experienced a relatively flat trend pattern. Argentina (-11.4%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Brazil increased by +36 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) remains the largest groundnut oil supplier in Latin America and the Caribbean, comprising 67% of total exports. The second position in the ranking was taken by Argentina ($X), with a 16% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Brazil stood at +6.6%. In the other countries, the average annual rates were as follows: Argentina (-12.4% per year) and Nicaragua (-0.8% per year).

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, with an increase of 17% against the previous year. Over the period under review, the export price, however, recorded a slight downturn. The pace of growth appeared the most rapid in 2020 when the export price increased by 40% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2021, the country with the highest price was Argentina ($X per ton), while Brazil ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nicaragua (-0.6%), while the other leaders experienced a decline in the export price figures.

Groundnut Oil Imports

Imports in Latin America and the Caribbean

Groundnut oil imports skyrocketed to X tons in 2021, rising by 37% on the previous year. In general, imports showed a temperate expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 73%. Over the period under review, imports reached the peak figure in 2021 and are likely to continue growth in the near future.

In value terms, groundnut oil imports soared to $X in 2021. Overall, imports recorded buoyant growth. The pace of growth was the most pronounced in 2018 with an increase of 73%. Over the period under review, imports attained the maximum in 2021 and are likely to see steady growth in years to come.

Imports by Country

In 2021, Mexico (X tons) and Brazil (X tons) were the main importers of groundnut oil in Latin America and the Caribbean, together reaching approx. 56% of total imports. Colombia (X tons) held the next position in the ranking, followed by Antigua and Barbuda (X tons). All these countries together took approx. 15% share of total imports. Peru (X tons), Guatemala (X tons), Argentina (X tons), Panama (X tons), Trinidad and Tobago (X tons) and Honduras (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Panama (with a CAGR of +32.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X) constitutes the largest market for imported groundnut oil in Latin America and the Caribbean, comprising 49% of total imports. The second position in the ranking was held by Mexico ($X), with a 19% share of total imports. It was followed by Colombia, with a 5.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Brazil totaled +20.9%. The remaining importing countries recorded the following average annual rates of imports growth: Mexico (+11.7% per year) and Colombia (+16.9% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2021, jumping by 23% against the previous year. Import price indicated prominent growth from 2012 to 2021: its price increased at an average annual rate of +7.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, groundnut oil import price decreased by -1.0% against 2019 indices. The pace of growth appeared the most rapid in 2014 when the import price increased by 89%. The level of import peaked at $X per ton in 2016; however, from 2017 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Brazil ($X per ton), while Guatemala ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Argentina (+4.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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