South Africa: Crude Groundnut Oil Market 2023

Crude Groundnut Oil Market Size in South Africa

In 2021, after six years of growth, there was significant decline in the South African crude groundnut oil market, when its value decreased by -48.3% to $X. Over the period under review, consumption saw a drastic downturn. The most prominent rate of growth was recorded in 2020 when the market value increased by 1.7%. Crude groundnut oil consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Crude Groundnut Oil Production in South Africa

In value terms, crude groundnut oil production declined notably to $X in 2021 estimated in export price. Overall, production showed a precipitous curtailment. The pace of growth was the most pronounced in 2020 when the production volume increased by 137%. Crude groundnut oil production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Crude Groundnut Oil Exports

Exports from South Africa

After two years of decline, shipments abroad of crude groundnut oil increased by 2,055,144% to X tons in 2021. Overall, exports saw a significant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, crude groundnut oil exports soared to $X in 2021. In general, exports recorded significant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China (X tons) was the main destination for crude groundnut oil exports from South Africa, accounting for a 96% share of total exports. Moreover, crude groundnut oil exports to China exceeded the volume sent to the second major destination, Switzerland (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to China amounted to +216.5%.

In value terms, China ($X) remains the key foreign market for crude groundnut oil exports from South Africa, comprising 96% of total exports. The second position in the ranking was held by Switzerland ($X), with a 3.6% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to China totaled +178.1%.

Export Prices by Country

In 2021, the average crude groundnut oil export price amounted to $X per ton, falling by -47% against the previous year. In general, the export price faced a deep reduction. The pace of growth was the most pronounced in 2017 an increase of 15%. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Average prices varied noticeably for the major external markets. In 2021, the country with the highest price was China ($X per ton), while the average price for exports to Switzerland totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (-12.1%).

Crude Groundnut Oil Imports

Imports into South Africa

In 2021, after six years of growth, there was significant decline in overseas purchases of crude groundnut oil, when their volume decreased by -65.7% to X tons. In general, imports, however, saw a significant expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 1,528%. As a result, imports reached the peak of X tons, and then declined dramatically in the following year.

In value terms, crude groundnut oil imports surged to $X in 2021. Over the period under review, imports, however, saw a significant increase. The pace of growth was the most pronounced in 2015 with an increase of 277%. Over the period under review, imports hit record highs in 2021 and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Brazil (X tons) was the main supplier of crude groundnut oil to South Africa, with a 100% share of total imports. It was followed by Hong Kong SAR (X kg), with less than 0.1% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from Brazil was relatively modest.

In value terms, Brazil ($X) constituted the largest supplier of crude groundnut oil to South Africa, comprising 100% of total imports. The second position in the ranking was taken by Hong Kong SAR ($X), with less than 0.1% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Brazil was relatively modest.

Import Prices by Country

The average crude groundnut oil import price stood at $X per ton in 2021, rising by 481% against the previous year. Over the period under review, the import price showed buoyant growth. Over the period under review, average import prices hit record highs at $X per ton in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Brazil ($X per ton), while the price for Hong Kong SAR totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (-7.0%).

Source: IndexBox Market Intelligence Platform

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