Australia: Groundnut Oil Market 2024

Groundnut Oil Market Size in Australia

The Australian groundnut oil market reduced to $X in 2021, which is down by -5.4% against the previous year. Overall, consumption, however, recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2017 to 2021, the growth of the market remained at a somewhat lower figure.

Groundnut Oil Production in Australia

In value terms, groundnut oil production contracted dramatically to $X in 2021 estimated in export price. In general, production recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2020 when the production volume increased by 238% against the previous year. Groundnut oil production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Groundnut Oil Exports

Exports from Australia

Groundnut oil exports from Australia reduced dramatically to X tons in 2021, with a decrease of -33.2% against 2020 figures. Over the period under review, exports faced a dramatic decline. The pace of growth appeared the most rapid in 2013 with an increase of 81% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

In value terms, groundnut oil exports shrank to $X in 2021. Overall, exports showed a deep slump. The pace of growth was the most pronounced in 2014 when exports increased by 52% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

South Korea (X tons), New Zealand (X tons) and Taiwan (Chinese) (X tons) were the main destinations of groundnut oil exports from Australia, with a combined 52% share of total exports. These countries were followed by New Caledonia, Japan, Hong Kong SAR, the Philippines and China, which together accounted for a further 37%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by New Caledonia (with a CAGR of +37.8%), while the other leaders experienced more modest paces of growth.

In value terms, Taiwan (Chinese) ($X) emerged as the key foreign market for groundnut oil exports from Australia, comprising 36% of total exports. The second position in the ranking was taken by South Korea ($X), with a 15% share of total exports. It was followed by Japan, with a 15% share.

From 2012 to 2021, the average annual growth rate of value to Taiwan (Chinese) totaled +20.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (-10.7% per year) and Japan (+27.5% per year).

Export Prices by Country

The average groundnut oil export price stood at $X per ton in 2021, growing by 38% against the previous year. In general, the export price saw a prominent increase. The pace of growth was the most pronounced in 2020 an increase of 240%. The export price peaked in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to New Caledonia ($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 (+27.3%), while the prices for the other major destinations experienced more modest paces of growth.

Groundnut Oil Imports

Imports into Australia

After four years of decline, overseas purchases of groundnut oil increased by 16% to X tons in 2021. Overall, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 with an increase of 82% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, groundnut oil imports soared to $X in 2021. In general, imports saw a pronounced increase. The growth pace was the most rapid in 2013 with an increase of 105%. Imports peaked at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

Brazil (X tons), Hong Kong SAR (X tons) and India (X tons) were the main suppliers of groundnut oil imports to Australia, together accounting for 87% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Brazil (with a CAGR of +126.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest groundnut oil suppliers to Australia were Hong Kong SAR ($X), Brazil ($X) and India ($X), together comprising 84% of total imports.

Brazil, with a CAGR of +152.4%, recorded 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

The average groundnut oil import price stood at $X per ton in 2021, surging by 13% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.0%. The pace of growth appeared the most rapid in 2015 when the average import price increased by 19%. The import price peaked in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Argentina ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Argentina (+23.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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