ASEAN: Refined Groundnut Oil Market 2024

Refined Groundnut Oil Market Size in ASEAN

In 2021, the ASEAN refined groundnut oil market increased by 3.4% to $X for the first time since 2017, thus ending a three-year declining trend. Overall, consumption continues to indicate a strong expansion. The level of consumption peaked at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Refined Groundnut Oil Production in ASEAN

In value terms, refined groundnut oil production totaled $X in 2021 estimated in export price. Over the period under review, production posted a buoyant expansion. The most prominent rate of growth was recorded in 2016 with an increase of 61% against the previous year. The level of production peaked at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Refined Groundnut Oil Exports

Exports in ASEAN

In 2021, shipments abroad of refined groundnut oil decreased by -27% to X tons, falling for the second consecutive year after two years of growth. In general, exports saw a noticeable decline. The most prominent rate of growth was recorded in 2013 when exports increased by 83%. The volume of export peaked at X tons in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

In value terms, refined groundnut oil exports shrank slightly to $X in 2021. Over the period under review, exports recorded a mild decrease. The pace of growth appeared the most rapid in 2013 with an increase of 64%. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Malaysia represented the major exporting country with an export of about X tons, which accounted for 53% of total exports. Singapore (X tons) held a 31% share (based on physical terms) of total exports, which put it in second place, followed by Indonesia (8.7%) and Vietnam (6.6%).

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Malaysia (with a CAGR of +56.5%), while the other leaders experienced a decline in the exports figures.

In value terms, Malaysia ($X) remains the largest refined groundnut oil supplier in ASEAN, comprising 61% of total exports. The second position in the ranking was held by Singapore ($X), with a 29% share of total exports. It was followed by Vietnam, with a 6% share.

From 2012 to 2021, the average annual growth rate of value in Malaysia totaled +60.6%. The remaining exporting countries recorded the following average annual rates of exports growth: Singapore (-11.9% per year) and Vietnam (-1.4% per year).

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per ton, increasing by 33% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.0%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+6.9%), while the other leaders experienced mixed trends in the export price figures.

Refined Groundnut Oil Imports

Imports in ASEAN

In 2021, refined groundnut oil imports in ASEAN soared to X tons, with an increase of 30% compared with 2020. Over the period under review, imports, however, continue to indicate a mild contraction. The most prominent rate of growth was recorded in 2014 when imports increased by 98%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, refined groundnut oil imports surged to $X in 2021. In general, imports showed a relatively flat trend pattern. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Malaysia (X tons) and Singapore (X tons) represented the largest importers of refined groundnut oil in 2021, reaching approx. 42% and 38% of total imports, respectively. It was distantly followed by Vietnam (X tons), generating a 17% share of total imports. Thailand (X tons) took a minor share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Vietnam (with a CAGR of +45.5%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, the largest refined groundnut oil importing markets in ASEAN were Singapore ($X), Malaysia ($X) and Vietnam ($X), with a combined 95% share of total imports.

Vietnam, with a CAGR of +48.1%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2021, picking up by 16% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.1%. The growth pace was the most rapid in 2013 an increase of 31%. As a result, import price attained the peak level of $X per ton. From 2014 to 2021, the import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Thailand ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+3.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform