Australia: Refined Groundnut Oil Market 2024

Refined Groundnut Oil Market Size in Australia

The Australian refined groundnut oil market reduced remarkably to $X in 2021, with a decrease of -24.6% against the previous year. In general, consumption, however, posted strong growth. 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.

Refined Groundnut Oil Production in Australia

In value terms, refined groundnut oil production shrank significantly to $X in 2021 estimated in export price. Overall, production, however, recorded a buoyant increase. The growth pace was the most rapid in 2016 with an increase of 541% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2021, production growth failed to regain momentum.

Refined Groundnut Oil Exports

Exports from Australia

In 2021, shipments abroad of refined groundnut oil was finally on the rise to reach X tons after three years of decline. Over the period under review, exports, however, showed a drastic downturn. The most prominent rate of growth was recorded in 2014 with an increase of 254% against the previous year. The exports peaked at X tons in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, refined groundnut oil exports stood at $X in 2021. Overall, exports, however, faced a abrupt curtailment. The most prominent rate of growth was recorded in 2014 when exports increased by 150% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Taiwan (Chinese) (X tons), New Zealand (X tons) and New Caledonia (X tons) were the main destinations of refined groundnut oil exports from Australia, together comprising 57% of total exports. Japan, Singapore, Hong Kong SAR and the United States lagged somewhat behind, together comprising a further 33%.

From 2012 to 2021, the biggest increases were in Hong Kong SAR (with a CAGR of +34.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Taiwan (Chinese) ($X) remains the key foreign market for refined groundnut oil exports from Australia, comprising 39% of total exports. The second position in the ranking was taken by Japan ($X), with a 16% share of total exports. It was followed by New Zealand, with an 11% share.

From 2012 to 2021, the average annual growth rate of value to Taiwan (Chinese) amounted to +18.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+25.9% per year) and New Zealand (-23.0% per year).

Export Prices by Country

The average refined groundnut oil export price stood at $X per ton in 2021, dropping by -18.1% against the previous year. In general, the export price, however, showed moderate growth. The pace of growth appeared the most rapid in 2016 when the average export price increased by 65%. The export price peaked at $X per ton in 2020, and then shrank dramatically in the following year.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to New Caledonia ($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 (+0.9%), while the prices for the other major destinations experienced mixed trend patterns.

Refined Groundnut Oil Imports

Imports into Australia

In 2021, after four years of decline, there was significant growth in overseas purchases of refined groundnut oil, when their volume increased by 11% to X tons. Overall, imports, however, saw a abrupt curtailment. The most prominent rate of growth was recorded in 2013 when imports increased by 75%. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, refined groundnut oil imports soared to $X in 2021. In general, imports, however, showed a noticeable descent. The growth pace was the most rapid in 2013 with an increase of 97%. Imports peaked at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

India (X tons), Hong Kong SAR (X tons) and China (X tons) were the main suppliers of refined groundnut oil imports to Australia, with a combined 83% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +84.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest refined groundnut oil suppliers to Australia were Hong Kong SAR ($X), India ($X) and China ($X), with a combined 85% share of total imports.

Among the main suppliers, India, with a CAGR of +61.8%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average refined groundnut oil import price stood at $X per ton in 2021, increasing by 12% against the previous year. In general, import price indicated a remarkable increase from 2012 to 2021: its price increased at an average annual rate of +6.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, refined groundnut oil import price increased by +80.6% against 2012 indices. The pace of growth was the most pronounced in 2015 an increase of 23% against the previous year. The import price peaked in 2021 and is likely to see gradual growth in the near future.

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