Benelux: Refined Groundnut Oil Market 2024

Refined Groundnut Oil Market Size in Benelux

After three years of decline, the Benelux refined groundnut oil market increased by 23% to $X in 2021. Overall, consumption recorded strong growth. Over the period under review, the market attained the maximum level at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Refined Groundnut Oil Production in Benelux

In value terms, refined groundnut oil production surged to $X in 2021 estimated in export price. Overall, production saw a measured expansion. The pace of growth was the most pronounced in 2016 with an increase of 58% against the previous year. Over the period under review, production attained the peak level at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Refined Groundnut Oil Exports

Exports in Benelux

In 2021, shipments abroad of refined groundnut oil was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports, however, saw a pronounced shrinkage. The pace of growth was the most pronounced in 2018 with an increase of 34%. As a result, the exports reached the peak of X tons. From 2019 to 2021, the growth of the exports remained at a lower figure.

In value terms, refined groundnut oil exports soared to $X in 2021. Overall, exports, however, saw a noticeable shrinkage. The most prominent rate of growth was recorded in 2018 when exports increased by 32%. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Belgium (X tons) was the largest exporter of refined groundnut oil, making up 83% of total exports. It was distantly followed by the Netherlands (X tons), creating a 17% share of total exports.

Exports from Belgium decreased at an average annual rate of -3.9% from 2012 to 2021. The Netherlands (-2.6%) illustrated a downward trend over the same period. The Netherlands (+1.7 p.p.) significantly strengthened its position in terms of the total exports, while Belgium saw its share reduced by -1.6% from 2012 to 2021, respectively.

In value terms, Belgium ($X) remains the largest refined groundnut oil supplier in Benelux, comprising 82% of total exports. The second position in the ranking was held by the Netherlands ($X), with an 18% share of total exports.

In Belgium, refined groundnut oil exports decreased by an average annual rate of -4.4% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in Benelux amounted to $X per ton, rising by 24% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The level of export peaked at $X per ton in 2012; afterwards, it flattened through to 2021.

Average prices varied noticeably amongst the major exporting countries. In 2021, the country with the highest price was the Netherlands ($X per ton), while Belgium totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (+3.1%).

Refined Groundnut Oil Imports

Imports in Benelux

In 2021, refined groundnut oil imports in Benelux stood at X tons, picking up by 3.9% against 2020. Over the period under review, imports, however, showed a abrupt downturn. The most prominent rate of growth was recorded in 2019 when imports increased by 29% against the previous year. Over the period under review, imports reached the maximum at X tons in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, refined groundnut oil imports surged to $X in 2021. Overall, imports, however, continue to indicate a abrupt downturn. The pace of growth appeared the most rapid in 2016 with an increase of 16%. The level of import peaked at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

The Netherlands represented the key importer of refined groundnut oil in Benelux, with the volume of imports amounting to X tons, which was approx. 76% of total imports in 2021. Belgium (X tons) took a 16% share (based on physical terms) of total imports, which put it in second place, followed by Luxembourg (7.2%).

Imports into the Netherlands decreased at an average annual rate of -6.0% from 2012 to 2021. Luxembourg (-2.1%) and Belgium (-16.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of the Netherlands and Luxembourg increased by +18 and +3.4 percentage points, respectively.

In value terms, the Netherlands ($X) constitutes the largest market for imported refined groundnut oil in Benelux, comprising 82% of total imports. The second position in the ranking was taken by Belgium ($X), with an 11% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value in the Netherlands amounted to -4.3%. The remaining importing countries recorded the following average annual rates of imports growth: Belgium (-20.3% per year) and Luxembourg (-4.3% per year).

Import Prices by Country

The import price in Benelux stood at $X per ton in 2021, increasing by 11% against the previous year. Overall, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the import price increased by 22% against the previous year. The level of import peaked in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was the Netherlands ($X per ton), while Belgium ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (+1.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform