Global Groundnut Oil Market 2023

Groundnut Oil Market Size

The global groundnut oil market contracted modestly to $X in 2021, which is down by -2% against the previous year. In general, consumption continues to indicate a perceptible setback. Over the period under review, the global market attained the maximum level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Groundnut Oil Production

In value terms, groundnut oil production reduced to $X in 2021 estimated in export price. In general, production continues to indicate a deep downturn. The most prominent rate of growth was recorded in 2020 with an increase of 17% against the previous year. Over the period under review, global production hit record highs at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Groundnut Oil Exports

Exports

In 2021, global exports of groundnut oil skyrocketed to X tons, picking up by 86% against the previous year's figure. Overall, exports saw a strong expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, groundnut oil exports soared to $X in 2021. In general, exports enjoyed a buoyant increase. The pace of growth appeared the most rapid in 2020 with an increase of 62%. Over the period under review, the global exports reached the maximum in 2021 and are likely to see steady growth in the near future.

Exports by Country

In 2021, South Africa (X tons) was the key exporter of groundnut oil, making up 55% of total exports. India (X tons) took the second position in the ranking, followed by Brazil (X tons). All these countries together took approx. 28% share of total exports. The following exporters - Iraq (X tons), Argentina (X tons), Nicaragua (X tons) and the United States (X tons) - together made up 11% of total exports.

South Africa was also the fastest-growing in terms of the groundnut oil exports, with a CAGR of +131.5% from 2012 to 2021. At the same time, Iraq (+124.3%), India (+21.1%), Brazil (+9.4%), the United States (+5.9%) and Nicaragua (+1.9%) displayed positive paces of growth. By contrast, Argentina (-11.4%) illustrated a downward trend over the same period. From 2012 to 2021, the share of South Africa, India and Iraq increased by +54, +6.2 and +3.2 percentage points, respectively.

In value terms, the largest groundnut oil supplying countries worldwide were South Africa ($X), India ($X) and Brazil ($X), with a combined 76% share of global exports.

South Africa, with a CAGR of +110.2%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average groundnut oil export price amounted to $X per ton, dropping by -22.1% against the previous year. Overall, the export price recorded a deep downturn. The pace of growth appeared the most rapid in 2020 when the average export price increased by 38%. The global export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was India ($X per ton), while Iraq ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+0.7%), while the other global leaders experienced a decline in the export price figures.

Groundnut Oil Imports

Imports

For the fifth year in a row, the global market recorded growth in overseas purchases of groundnut oil, which increased by 14% to X tons in 2021. Overall, imports saw a resilient increase. The pace of growth appeared the most rapid in 2014 with an increase of 17%. Over the period under review, global imports hit record highs in 2021 and are expected to retain growth in years to come.

In value terms, groundnut oil imports soared to $X in 2021. Over the period under review, imports recorded prominent growth. The growth pace was the most rapid in 2020 with an increase of 50% against the previous year. Global imports peaked in 2021 and are expected to retain growth in the near future.

Imports by Country

China dominates imports structure, recording X tons, which was near 66% of total imports in 2021. Italy (X tons) took the second position in the ranking, followed by the United States (X tons). All these countries together took near 14% share of total imports. The Netherlands (X tons), Hong Kong SAR (X tons), Afghanistan (X tons), France (X tons), Benin (X tons) and Switzerland (X tons) took a little share of total imports.

Imports into China increased at an average annual rate of +19.1% from 2012 to 2021. At the same time, Afghanistan (+115.4%), the United States (+13.4%), the Netherlands (+11.3%), Switzerland (+6.7%), Hong Kong SAR (+4.6%) and Italy (+1.9%) displayed positive paces of growth. Moreover, Afghanistan emerged as the fastest-growing importer imported in the world, with a CAGR of +115.4% from 2012-2021. Benin experienced a relatively flat trend pattern. By contrast, France (-9.3%) illustrated a downward trend over the same period. China (+34 p.p.) and Afghanistan (+2.3 p.p.) significantly strengthened its position in terms of the global imports, while Hong Kong SAR, Benin, Italy and France saw its share reduced by -1.6%, -2.2%, -8.2% and -10.6% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported groundnut oil worldwide, comprising 64% of global imports. The second position in the ranking was taken by Italy ($X), with an 8.7% share of global imports. It was followed by the United States, with a 6.1% share.

In China, groundnut oil imports increased at an average annual rate of +15.9% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Italy (+0.2% per year) and the United States (+14.1% per year).

Import Prices by Country

The average groundnut oil import price stood at $X per ton in 2021, growing by 13% against the previous year. Over the period under review, the import price, however, recorded a pronounced shrinkage. The growth pace was the most rapid in 2020 when the average import price increased by 34%. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Hong Kong SAR ($X per ton), while Benin ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+0.6%), while the other global leaders experienced a decline in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :