Northern America: Groundnut Oil Market 2023

Groundnut Oil Market Size in Northern America

The North American groundnut oil market was finally on the rise to reach $X in 2021, after two years of decline. The total consumption indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +5.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -23.8% against 2016 indices. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2021, consumption failed to regain momentum.

Groundnut Oil Production in Northern America

In value terms, groundnut oil production expanded remarkably to $X in 2021 estimated in export price. The total production indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +5.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -9.3% against 2019 indices. The pace of growth was the most pronounced in 2013 with an increase of 74% against the previous year. The level of production peaked at $X in 2016; however, from 2017 to 2021, production stood at a somewhat lower figure.

Groundnut Oil Exports

Exports in Northern America

In 2021, approx. X tons of groundnut oil were exported in Northern America; waning by -2.9% on the year before. Overall, exports, however, enjoyed a remarkable increase. The growth pace was the most rapid in 2020 with an increase of 200% against the previous year. As a result, the exports attained the peak of X tons, and then fell in the following year.

In value terms, groundnut oil exports expanded modestly to $X in 2021. In general, exports, however, recorded a strong expansion. The most prominent rate of growth was recorded in 2020 when exports increased by 138%. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in the immediate term.

Exports by Country

The United States (X tons) represented roughly 99% of total exports in 2021.

The United States was also the fastest-growing in terms of the groundnut oil exports, with a CAGR of +5.9% from 2012 to 2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, the United States ($X) also remains the largest groundnut oil supplier in Northern America.

In the United States, groundnut oil exports increased at an average annual rate of +6.7% over the period from 2012-2021.

Export Prices by Country

The export price in Northern America stood at $X per ton in 2021, growing by 7.3% against the previous year. Overall, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the export price increased by 47% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 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 the United States.

From 2012 to 2021, the rate of growth in terms of prices for the United States amounted to +0.8% per year.

Groundnut Oil Imports

Imports in Northern America

In 2021, purchases abroad of groundnut oil was finally on the rise to reach X tons after two years of decline. Overall, imports saw strong growth. The volume of import peaked at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, groundnut oil imports surged to $X in 2021. Over the period under review, imports enjoyed a resilient increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, the United States (X tons) represented the largest importer of groundnut oil, committing 86% of total imports. It was distantly followed by Canada (X tons), committing a 14% share of total imports.

The United States was also the fastest-growing in terms of the groundnut oil imports, with a CAGR of +13.4% from 2012 to 2021. At the same time, Canada (+8.6%) displayed positive paces of growth. While the share of the United States (+5.2 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Canada (-5.2 p.p.) displayed negative dynamics.

In value terms, the United States ($X) constitutes the largest market for imported groundnut oil in Northern America, comprising 87% of total imports. The second position in the ranking was held by Canada ($X), with a 13% share of total imports.

In the United States, groundnut oil imports expanded at an average annual rate of +14.1% over the period from 2012-2021.

Import Prices by Country

In 2021, the import price in Northern America amounted to $X per ton, with an increase of 6% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 an increase of 41%. The level of import peaked at $X per ton in 2012; afterwards, it flattened through to 2021.

Average prices varied noticeably amongst the major importing countries. In 2021, the country with the highest price was the United States ($X per ton), while Canada amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+0.6%).

Source: IndexBox Market Intelligence Platform

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