Canada: Groundnut Oil Market 2024

Groundnut Oil Market Size in Canada

The Canadian groundnut oil market skyrocketed to $X in 2021, jumping by 25% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +5.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +94.0% against 2014 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Groundnut Oil Exports

Exports from Canada

In 2021, groundnut oil exports from Canada surged to X tons, picking up by 55% compared with the previous year's figure. Overall, exports recorded a significant increase. The pace of growth was the most pronounced in 2013 with an increase of 329%. The exports peaked in 2021 and are expected to retain growth in the near future.

In value terms, groundnut oil exports skyrocketed to $X in 2021. In general, exports posted a significant expansion. The growth pace was the most rapid in 2013 when exports increased by 231%. The exports peaked in 2021 and are likely to see gradual growth in the immediate term.

Exports by Country

Hong Kong SAR (X tons), France (X tons) and Taiwan (Chinese) (X tons) were the main destinations of groundnut oil exports from Canada, together comprising 73% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by France (with a CAGR of +79.6%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for groundnut oil exported from Canada were France ($X), the United States ($X) and Hong Kong SAR ($X), with a combined 73% share of total exports.

Among the main countries of destination, France, with a CAGR of +75.3%, saw the highest growth rate of 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

In 2021, the average groundnut oil export price amounted to $X per ton, which is down by -7% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average export price increased by 54%. As a result, the export price reached the peak level of $X per ton. From 2019 to 2021, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Taiwan (Chinese) ($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 South Korea (+21.3%), while the prices for the other major destinations experienced mixed trend patterns.

Groundnut Oil Imports

Imports into Canada

In 2021, approx. X tons of groundnut oil were imported into Canada; picking up by 18% on the previous year's figure. Overall, imports showed resilient growth. The most prominent rate of growth was recorded in 2016 with an increase of 26%. Imports peaked in 2021 and are expected to retain growth in the near future.

In value terms, groundnut oil imports skyrocketed to $X in 2021. In general, total imports indicated a perceptible expansion from 2012 to 2021: its value increased at an average annual rate of +4.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +38.8% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, the United States (X tons) constituted the largest groundnut oil supplier to Canada, with a 78% share of total imports. Moreover, groundnut oil imports from the United States exceeded the figures recorded by the second-largest supplier, Argentina (X tons), sevenfold. The third position in this ranking was held by Hong Kong SAR (X tons), with a 5.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States stood at +8.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (+9.6% per year) and Hong Kong SAR (+5.0% per year).

In value terms, the United States ($X) constituted the largest supplier of groundnut oil to Canada, comprising 74% of total imports. The second position in the ranking was held by Hong Kong SAR ($X), with an 8.4% share of total imports. It was followed by China, with a 7.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States totaled +3.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+8.6% per year) and China (+24.2% per year).

Import Prices by Country

The average groundnut oil import price stood at $X per ton in 2021, increasing by 9% against the previous year. In general, the import price, however, saw a noticeable downturn. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($X per ton), while the price for Argentina ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+3.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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