Crude Groundnut Oil Market

The article analyzes the trends in global crude groundnut oil market, highlighting the expected growth in consumption, production, exports, and import prices. It provides insights on the key players in the market, major importing and exporting countries, as well as the factors influencing the market dynamics.

Market Forecast

Driven by rising demand for crude groundnut oil worldwide, the market is expected to start an upward consumption trend over the next eight years. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +1.5% for the period from 2022 to 2030, which is projected to bring the market volume to 6.3M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.8% for the period from 2022 to 2030, which is projected to bring the market value to $11.8B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Crude Groundnut Oil

Global crude groundnut oil consumption soared to 5.6M tons in 2022, increasing by 16% compared with the year before. Overall, consumption, however, continues to indicate a mild setback. Global consumption peaked at 6.3M tons in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

The global crude groundnut oil market revenue stood at $8.7B in 2022, picking up by 3.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, saw a noticeable decrease. Over the period under review, the global market reached the maximum level at $12.9B in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

China (2.1M tons) constituted the country with the largest volume of crude groundnut oil consumption, accounting for 38% of total volume. Moreover, crude groundnut oil consumption in China exceeded the figures recorded by the second-largest consumer, South Africa (965K tons), twofold. The third position in this ranking was taken by India (420K tons), with a 7.4% share.

In China, crude groundnut oil consumption remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: South Africa (+1.0% per year) and India (-12.5% per year).

In value terms, China ($4.5B) led the market, alone. The second position in the ranking was held by India ($705M). It was followed by Nigeria.

In China, the crude groundnut oil market plunged by an average annual rate of -3.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (-14.3% per year) and Nigeria (-0.3% per year).

The countries with the highest levels of crude groundnut oil per capita consumption in 2022 were South Africa (16 kg per person), Guinea (9.6 kg per person) and Senegal (7.8 kg per person).

From 2012 to 2022, the biggest increases were recorded for Guinea (with a CAGR of +4.0%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Crude Groundnut Oil

In 2022, approx. 5.6M tons of crude groundnut oil were produced worldwide; picking up by 2% against the year before. Over the period under review, production, however, saw a mild contraction. The most prominent rate of growth was recorded in 2016 when the production volume increased by 4.9% against the previous year. Over the period under review, global production attained the peak volume at 6.3M tons in 2012; however, from 2013 to 2022, production remained at a lower figure.

In value terms, crude groundnut oil production amounted to $8.5B in 2022 estimated in export price. Overall, production, however, showed a deep slump. The growth pace was the most rapid in 2020 with an increase of 34%. Over the period under review, global production reached the maximum level at $15.1B in 2012; however, from 2013 to 2022, production remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (1.9M tons), South Africa (965K tons) and India (495K tons), with a combined 59% share of global production. Nigeria, Myanmar, Sudan, Senegal, Brazil, Guinea, the United States and Argentina lagged somewhat behind, together comprising a further 24%.

From 2012 to 2022, the biggest increases were recorded for Brazil (with a CAGR of +12.9%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Crude Groundnut Oil

After four years of growth, supplies from abroad of crude groundnut oil decreased by -11% to 341K tons in 2022. Over the period under review, imports, however, showed buoyant growth. The most prominent rate of growth was recorded in 2014 with an increase of 20% against the previous year. Over the period under review, global imports reached the maximum at 383K tons in 2021, and then reduced in the following year.

In value terms, crude groundnut oil imports reduced to $658M in 2022. In general, imports, however, posted a strong expansion. The pace of growth appeared the most rapid in 2020 when imports increased by 61%. Global imports peaked at $749M in 2021, and then declined in the following year.

Imports By Country

China was the largest importing country with an import of about 231K tons, which amounted to 68% of total imports. Italy (36K tons) held the second position in the ranking, followed by the United States (26K tons). All these countries together took approx. 18% share of total imports. The Netherlands (14K tons), Belgium (12K tons) and France (8.2K tons) took a relatively small share of total imports.

Imports into China increased at an average annual rate of +14.0% from 2012 to 2022. At the same time, the Netherlands (+60.2%), the United States (+14.0%) and Italy (+2.2%) displayed positive paces of growth. Moreover, the Netherlands emerged as the fastest-growing importer imported in the world, with a CAGR of +60.2% from 2012-2022. Belgium experienced a relatively flat trend pattern. By contrast, France (-9.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China, the Netherlands and the United States increased by +25, +4.1 and +2.8 percentage points, respectively.

In value terms, China ($441M) constitutes the largest market for imported crude groundnut oil worldwide, comprising 67% of global imports. The second position in the ranking was held by Italy ($69M), with a 10% share of global imports. It was followed by the United States, with a 7.7% share.

In China, crude groundnut oil imports expanded at an average annual rate of +11.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Italy (+0.3% per year) and the United States (+13.0% per year).

Import Prices By Country

In 2022, the average crude groundnut oil import price amounted to $1,928 per ton, approximately reflecting the previous year. Overall, the import price continues to indicate a mild curtailment. The most prominent rate of growth was recorded in 2020 an increase of 36%. Over the period under review, average import prices attained the peak figure at $2,298 per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major importing countries. In 2022, major importing countries recorded the following prices: in France ($2,003 per ton) and the Netherlands ($1,980 per ton), while Italy ($1,890 per ton) and China ($1,911 per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (-0.9%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Crude Groundnut Oil

In 2022, after four years of growth, there was significant decline in overseas shipments of crude groundnut oil, when their volume decreased by -68.7% to 328K tons. In general, exports, however, recorded a strong increase. The pace of growth appeared the most rapid in 2021 with an increase of 241% against the previous year. As a result, the exports attained the peak of 1M tons, and then fell markedly in the following year.

In value terms, crude groundnut oil exports reduced rapidly to $570M in 2022. Overall, exports, however, showed a buoyant increase. The pace of growth was the most pronounced in 2020 when exports increased by 79% against the previous year. Over the period under review, the global exports reached the peak figure at $803M in 2021, and then dropped significantly in the following year.

Exports By Country

In 2022, Brazil (136K tons) was the major exporter of crude groundnut oil, making up 42% of total exports. India (74K tons) took the second position in the ranking, distantly followed by Argentina (43K tons), Iraq (28K tons) and Nicaragua (22K tons). All these countries together held approx. 51% share of total exports. Senegal (14K tons) held a minor share of total exports.

From 2012 to 2022, the biggest increases were recorded for Iraq (with a CAGR of +111.2%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest crude groundnut oil supplying countries worldwide were Brazil ($247M), India ($147M) and Argentina ($79M), with a combined 83% share of global exports. Nicaragua, Senegal and Iraq lagged somewhat behind, together comprising a further 13%.

Among the main exporting countries, Iraq, with a CAGR of +75.4%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average crude groundnut oil export price amounted to $1,737 per ton, surging by 127% against the previous year. Over the period under review, the export price, however, showed a slight decline. The global export price peaked at $2,105 per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was India ($1,979 per ton), while Iraq ($255 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (-0.6%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform