Belgium: Refined Groundnut Oil Market 2024

Refined Groundnut Oil Market Size in Belgium

The Belgian refined groundnut oil market was finally on the rise to reach $X in 2021, after three years of decline. In general, consumption showed a measured expansion. Refined groundnut oil consumption peaked at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Refined Groundnut Oil Production in Belgium

In value terms, refined groundnut oil production totaled $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the production volume increased by 49% against the previous year. Refined groundnut oil production peaked at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Refined Groundnut Oil Exports

Exports from Belgium

In 2021, after two years of decline, there was growth in overseas shipments of refined groundnut oil, when their volume increased by 2% to X tons. In general, exports, however, showed a perceptible decline. The most prominent rate of growth was recorded in 2016 when exports increased by 22%. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, refined groundnut oil exports skyrocketed to $X in 2021. Over the period under review, exports, however, recorded a pronounced setback. The most prominent rate of growth was recorded in 2016 when exports increased by 32% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

The UK (X tons), the Netherlands (X tons) and Germany (X tons) were the main destinations of refined groundnut oil exports from Belgium, with a combined 73% share of total exports. These countries were followed by France, Spain, the United Arab Emirates, Luxembourg and Austria, which together accounted for a further 24%.

From 2012 to 2021, the biggest increases were in the United Arab Emirates (with a CAGR of +145.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the UK ($X), the Netherlands ($X) and Germany ($X) constituted the largest markets for refined groundnut oil exported from Belgium worldwide, with a combined 72% share of total exports. These countries were followed by France, Spain, Luxembourg, the United Arab Emirates and Austria, which together accounted for a further 24%.

Among the main countries of destination, the United Arab Emirates, with a CAGR of +122.5%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average refined groundnut oil export price stood at $X per ton in 2021, rising by 23% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Luxembourg ($X per ton), while the average price for exports to France ($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 Luxembourg (+4.4%), while the prices for the other major destinations experienced mixed trend patterns.

Refined Groundnut Oil Imports

Imports into Belgium

In 2021, the amount of refined groundnut oil imported into Belgium declined remarkably to X tons, with a decrease of -28% compared with the previous year. Overall, imports showed a deep slump. The pace of growth was the most pronounced in 2013 with an increase of 27%. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports remained at a lower figure.

In value terms, refined groundnut oil imports declined markedly to $X in 2021. Over the period under review, imports saw a precipitous setback. The pace of growth appeared the most rapid in 2013 when imports increased by 20% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

France (X tons) and the Netherlands (X tons) were the main suppliers of refined groundnut oil imports to Belgium.

From 2012 to 2021, the biggest increases were in France (with a CAGR of -15.9%).

In value terms, the largest refined groundnut oil suppliers to Belgium were France ($X) and the Netherlands ($X).

The Netherlands, with a CAGR of -19.3%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review.

Import Prices by Country

The average refined groundnut oil import price stood at $X per ton in 2021, which is down by -13.5% against the previous year. In general, the import price recorded a perceptible downturn. The most prominent rate of growth was recorded in 2017 an increase of 16%. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, the country with the highest price was France ($X per ton), while the price for the Netherlands stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (-3.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :