Central Asia: Refined Groundnut Oil Market 2024

Refined Groundnut Oil Market Size in Central Asia

The Central Asian refined groundnut oil market declined slightly to $X in 2021, reducing by -2.4% against the previous year. In general, consumption continues to indicate a resilient expansion. The level of consumption peaked at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Refined Groundnut Oil Production in Central Asia

In value terms, refined groundnut oil production reduced to $X in 2021 estimated in export price. In general, production saw a remarkable increase. The most prominent rate of growth was recorded in 2016 when the production volume increased by 65%. The level of production peaked at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Refined Groundnut Oil Exports

Exports in Central Asia

In 2021, after two years of growth, there was significant decline in overseas shipments of refined groundnut oil, when their volume decreased by -91.9% to X kg. Over the period under review, exports saw a precipitous shrinkage. The most prominent rate of growth was recorded in 2020 when exports increased by 756%. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, refined groundnut oil exports reduced notably to $X in 2021. In general, exports continue to indicate a precipitous slump. The pace of growth appeared the most rapid in 2020 with an increase of 1,566% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, Uzbekistan (X kg) was the main exporter of refined groundnut oil in Central Asia, making up 100% of total export.

Uzbekistan was also the fastest-growing in terms of the refined groundnut oil exports, with a CAGR of -32.8% from 2013 to 2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Uzbekistan ($X) also remains the largest refined groundnut oil supplier in Central Asia.

From 2013 to 2021, the average annual growth rate of value in Uzbekistan amounted to -40.0%.

Export Prices by Country

The export price in Central Asia stood at $X per ton in 2021, remaining constant against the previous year. Over the period under review, the export price, however, continues to indicate a deep slump. The most prominent rate of growth was recorded in 2020 an increase of 95%. Over the period under review, the export prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Uzbekistan.

From 2013 to 2021, the rate of growth in terms of prices for Uzbekistan amounted to -10.7% per year.

Refined Groundnut Oil Imports

Imports in Central Asia

In 2021, imports of refined groundnut oil in Central Asia soared to X tons, with an increase of 18% compared with 2020 figures. Over the period under review, imports, however, recorded a pronounced setback. The pace of growth appeared the most rapid in 2018 when imports increased by 305% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, refined groundnut oil imports soared to $X in 2021. Overall, imports, however, saw a pronounced downturn. The most prominent rate of growth was recorded in 2018 with an increase of 184% against the previous year. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Mongolia (X kg) represented the major importer of refined groundnut oil, achieving 68% of total imports. It was distantly followed by Kazakhstan (X kg), constituting a 29% share of total imports. Tajikistan (X kg) followed a long way behind the leaders.

Mongolia was also the fastest-growing in terms of the refined groundnut oil imports, with a CAGR of +17.4% from 2012 to 2021. Tajikistan (-3.4%) and Kazakhstan (-13.6%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Mongolia increased by +55 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mongolia ($X) constitutes the largest market for imported refined groundnut oil in Central Asia, comprising 75% of total imports. The second position in the ranking was held by Kazakhstan ($X), with a 22% share of total imports.

In Mongolia, refined groundnut oil imports increased at an average annual rate of +21.4% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Kazakhstan (-15.9% per year) and Tajikistan (+1.2% per year).

Import Prices by Country

The import price in Central Asia stood at $X per ton in 2021, increasing by 13% against the previous year. In general, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the import price increased by 115%. As a result, import price attained the peak level of $X per ton. From 2020 to 2021, the import prices remained at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, the country with the highest price was Mongolia ($X per ton), while Kazakhstan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Tajikistan (+4.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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