Australia: Crude Groundnut Oil Market 2024

Crude Groundnut Oil Market Size in Australia

In 2022, the Australian crude groundnut oil market decreased by -15.1% to $X, falling for the second year in a row after two years of growth. Over the period under review, consumption, however, saw a relatively flat trend pattern. Crude groundnut oil consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Crude Groundnut Oil Production in Australia

In value terms, crude groundnut oil production soared to $X in 2022 estimated in export price. In general, production recorded a abrupt descent. The growth pace was the most rapid in 2020 with an increase of 191% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Crude Groundnut Oil Exports

Exports from Australia

In 2022, overseas shipments of crude groundnut oil were finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Overall, exports, however, continue to indicate a drastic downturn. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, crude groundnut oil exports skyrocketed to $X in 2022. In general, exports, however, faced a deep reduction. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Fiji (X tons), South Korea (X tons) and Cambodia (X tons) were the main destinations of crude groundnut oil exports from Australia, together accounting for 85% of total exports. New Zealand, Hong Kong SAR, China and Papua New Guinea lagged somewhat behind, together accounting for a further 11%.

From 2012 to 2022, the biggest increases were recorded for Papua New Guinea (with a CAGR of +11.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Fiji ($X), South Korea ($X) and Cambodia ($X) were the largest markets for crude groundnut oil exported from Australia worldwide, together comprising 91% of total exports. New Zealand, Papua New Guinea, Hong Kong SAR and China lagged somewhat behind, together accounting for a further 5.1%.

New Zealand, with a CAGR of +1.6%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average crude groundnut oil export price stood at $X per ton in 2022, rising by 17% against the previous year. In general, the export price posted a resilient increase. The most prominent rate of growth was recorded in 2020 an increase of 195%. The export price peaked in 2022 and is likely to continue growth in the near future.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to New Zealand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+0.9%), while the prices for the other major destinations experienced mixed trend patterns.

Crude Groundnut Oil Imports

Imports into Australia

In 2022, after three years of growth, there was significant decline in purchases abroad of crude groundnut oil, when their volume decreased by -52.1% to X tons. In general, imports, however, saw a strong expansion. The growth pace was the most rapid in 2019 with an increase of 362%. Imports peaked at X tons in 2021, and then declined rapidly in the following year.

In value terms, crude groundnut oil imports contracted significantly to $X in 2022. Overall, imports, however, enjoyed a buoyant expansion. The growth pace was the most rapid in 2019 when imports increased by 251%. Over the period under review, imports hit record highs at $X in 2021, and then fell markedly in the following year.

Imports by Country

In 2022, Hong Kong SAR (X tons) constituted the largest crude groundnut oil supplier to Australia, with a 79% share of total imports. Moreover, crude groundnut oil imports from Hong Kong SAR exceeded the figures recorded by the second-largest supplier, Brazil (X tons), fourfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Hong Kong SAR totaled +78.9%.

In value terms, Hong Kong SAR ($X) constituted the largest supplier of crude groundnut oil to Australia, comprising 91% of total imports. The second position in the ranking was taken by Brazil ($X), with a 9.3% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Hong Kong SAR amounted to +97.0%.

Import Prices by Country

The average crude groundnut oil import price stood at $X per ton in 2022, with an increase of 57% against the previous year. In general, import price indicated tangible growth from 2012 to 2022: its price increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude groundnut oil import price increased by +78.1% against 2020 indices. As a result, import 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 supplying countries. In 2022, amid the top importers, the country with the highest price was Hong Kong SAR ($X per ton), while the price for Brazil totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+10.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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