U.S.: Groundnut Oil Market 2024

Groundnut Oil Market Size in the U.S.

In 2022, the U.S. groundnut oil market increased by X% to $X, rising for the second year in a row after two years of decline. Over the period under review, the total consumption indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by X% against 2020 indices. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Groundnut Oil Production in the U.S.

In value terms, groundnut oil production dropped modestly to $X in 2022. In general, the total production indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by X% against 2020 indices. The pace of growth was the most pronounced in 2013 with an increase of X%. Over the period under review, production reached the maximum level at $X in 2016; however, from 2017 to 2022, production remained at a lower figure.

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Groundnut Oil Exports

Exports from the U.S.

Groundnut oil exports from the United States contracted significantly to X tons in 2022, with a decrease of X% on the previous year's figure. Overall, exports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, groundnut oil exports fell dramatically to $X in 2022. In general, exports, however, enjoyed perceptible growth. The most prominent rate of growth was recorded in 2020 when exports increased by X% against the previous year. Over the period under review, the exports attained the maximum at $X in 2021, and then plummeted in the following year.

Exports by Country

Canada (X tons) was the main destination for groundnut oil exports from the United States, accounting for a X% share of total exports. Moreover, groundnut oil exports to Canada exceeded the volume sent to the second major destination, Hong Kong SAR (X tons), threefold. China (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Canada was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (X% per year) and China (X% per year).

In value terms, Canada ($X), Hong Kong SAR ($X) and China ($X) appeared to be the largest markets for groundnut oil exported from the United States worldwide, together accounting for X% of total exports.

China, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average groundnut oil export price amounted to $X per ton, with an increase of X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The growth pace was the most rapid in 2013 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Brazil ($X per ton), while the average price for exports to Japan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Italy (X%), while the prices for the other major destinations experienced more modest paces of growth.

Groundnut Oil Imports

Imports into the U.S.

In 2022, purchases abroad of groundnut oil increased by X% to X tons, rising for the second consecutive year after two years of decline. In general, imports saw a buoyant expansion. The growth pace was the most rapid in 2021 when imports increased by X%. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, groundnut oil imports reached $X in 2022. Overall, imports posted a prominent expansion. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in years to come.

Imports by Country

Argentina (X tons), Nicaragua (X tons) and India (X tons) were the main suppliers of groundnut oil imports to the United States, with a combined X% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Argentina ($X), Nicaragua ($X) and India ($X) appeared to be the largest groundnut oil suppliers to the United States, together accounting for X% of total imports.

India, with a CAGR of X%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average groundnut oil import price stood at $X per ton in 2022, picking up by X% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the average import price increased by X%. Over the period under review, average import prices reached the maximum in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Hong Kong SAR ($X per ton), while the price for Argentina ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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