Asia-Pacific: Refined Groundnut Oil Market 2024

Refined Groundnut Oil Market Size in Asia-Pacific

The Asia-Pacific refined groundnut oil market declined to $X in 2021, almost unchanged from the previous year. Overall, consumption continues to indicate buoyant growth. The level of consumption peaked at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Refined Groundnut Oil Production in Asia-Pacific

In value terms, refined groundnut oil production fell modestly to $X in 2021 estimated in export price. The total production indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +6.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -14.4% against 2017 indices. The growth pace was the most rapid in 2016 when the production volume increased by 47%. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2021, production failed to regain momentum.

Refined Groundnut Oil Exports

Exports in Asia-Pacific

In 2021, overseas shipments of refined groundnut oil decreased by -38.7% to X tons for the first time since 2015, thus ending a five-year rising trend. In general, exports saw a pronounced decline. The growth pace was the most rapid in 2020 with an increase of 78%. As a result, the exports attained the peak of X tons, and then fell rapidly in the following year.

In value terms, refined groundnut oil exports contracted notably to $X in 2021. Overall, exports showed a noticeable slump. The pace of growth appeared the most rapid in 2020 when exports increased by 94%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

India (X tons) and China (X tons) prevails in exports structure, together creating 86% of total exports. It was distantly followed by Hong Kong SAR (X tons), generating an 8.1% share of total exports. Malaysia (X tons) and Singapore (X tons) held a minor share of total exports.

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

In value terms, China ($X), India ($X) and Hong Kong SAR ($X) were the countries with the highest levels of exports in 2021, with a combined 93% share of total exports. Malaysia and Singapore lagged somewhat behind, together accounting for a further 5.2%.

Malaysia, with a CAGR of +60.6%, recorded 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 leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2021, growing by 22% against the previous year. In general, the export price, however, continues to indicate a mild shrinkage. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+2.6%), while the other leaders experienced a decline in the export price figures.

Refined Groundnut Oil Imports

Imports in Asia-Pacific

In 2021, refined groundnut oil imports in Asia-Pacific skyrocketed to X tons, rising by 18% against 2020 figures. In general, imports recorded a buoyant expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 56% against the previous year. The volume of import peaked at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, refined groundnut oil imports expanded significantly to $X in 2021. Over the period under review, imports recorded resilient growth. The pace of growth appeared the most rapid in 2018 with an increase of 27% against the previous year. The level of import peaked in 2021 and is expected to retain growth in the near future.

Imports by Country

Afghanistan (X tons) and Hong Kong SAR (X tons) dominates imports structure, together achieving 81% of total imports. Macao SAR (X tons), Malaysia (X tons), Singapore (X tons) and Vietnam (X tons) held a minor share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Afghanistan (with a CAGR of +115.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($X), Afghanistan ($X) and Macao SAR ($X) appeared to be the countries with the highest levels of imports in 2021, together comprising 83% of total imports.

Afghanistan, with a CAGR of +102.7%, recorded the highest rates of growth with regard to the value of imports, in terms of 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

In 2021, the import price in Asia-Pacific amounted to $X per ton, which is down by -9.9% against the previous year. Overall, the import price saw a perceptible contraction. The most prominent rate of growth was recorded in 2020 when the import price increased by 71%. The level of import peaked at $X per ton in 2013; however, from 2014 to 2021, 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 Singapore ($X per ton), while Afghanistan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+2.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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