Argentina: Refined Groundnut Oil Market 2024

Refined Groundnut Oil Market Size in Argentina

In 2021, the Argentinian refined groundnut oil market increased by 5.4% to $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption continues to indicate buoyant growth. Refined groundnut oil consumption peaked at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Refined Groundnut Oil Production in Argentina

In value terms, refined groundnut oil production expanded notably to $X in 2021 estimated in export price. Overall, production saw a resilient increase. The pace of growth appeared the most rapid in 2016 when the production volume increased by 53%. Refined groundnut oil production peaked at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Refined Groundnut Oil Exports

Exports from Argentina

Refined groundnut oil exports from Argentina fell markedly to X tons in 2021, which is down by -60.9% against the previous year's figure. Over the period under review, exports showed a sharp slump. The pace of growth was the most pronounced in 2018 when exports increased by 785%. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, refined groundnut oil exports fell sharply to $X in 2021. Overall, exports faced a abrupt decrease. The pace of growth was the most pronounced in 2018 when exports increased by 951% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

French Polynesia (X tons) was the main destination for refined groundnut oil exports from Argentina, accounting for a 74% share of total exports. Moreover, refined groundnut oil exports to French Polynesia exceeded the volume sent to the second major destination, Germany (X tons), fivefold. The third position in this ranking was taken by Canada (X tons), with a 6.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to French Polynesia totaled -12.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+60.2% per year) and Canada (-26.1% per year).

In value terms, French Polynesia ($X), Germany ($X) and Canada ($X) constituted the largest markets for refined groundnut oil exported from Argentina worldwide, together comprising 93% of total exports.

Among the main countries of destination, Germany, with a CAGR of +61.6%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2021, the average refined groundnut oil export price amounted to $X per ton, shrinking by -3.1% against the previous year. Over the period under review, the export price, however, continues to indicate a moderate expansion. The growth pace was the most rapid in 2017 when the average export price increased by 35% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Australia ($X per ton), while the average price for exports to French Polynesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+33.5%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Groundnut Oil Imports

Imports into Argentina

In 2021, imports of refined groundnut oil into Argentina surged to X tons, jumping by 145% against the previous year. Over the period under review, imports continue to indicate a significant expansion. The pace of growth was the most pronounced in 2015 when imports increased by 222%. As a result, imports reached the peak of X tons. From 2016 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, refined groundnut oil imports surged to $X in 2021. In general, imports recorded a significant increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Germany (X tons) constituted the largest supplier of refined groundnut oil to Argentina, accounting for a 68% share of total imports. Moreover, refined groundnut oil imports from Germany exceeded the figures recorded by the second-largest supplier, Paraguay (X tons), fourfold. The third position in this ranking was held by the UK (X tons), with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Germany amounted to +26.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Paraguay (+11.1% per year) and the UK (+15.3% per year).

In value terms, the largest refined groundnut oil suppliers to Argentina were Germany ($X), the UK ($X) and Paraguay ($X), together comprising 94% of total imports.

Germany, with a CAGR of +32.8%, saw the highest rates of growth with regard to 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

In 2021, the average refined groundnut oil import price amounted to $X per ton, increasing by 36% against the previous year. In general, the import price continues to indicate prominent growth. The most prominent rate of growth was recorded in 2016 an increase of 72%. The import price peaked in 2021 and is expected to retain growth in years to come.

Prices varied noticeably country of origin: the country with the highest price was the UK ($X per ton), while the price for Paraguay ($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 UK (+12.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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