China: Crude Groundnut Oil Market 2024

Crude Groundnut Oil Market Size in China

The Chinese crude groundnut oil market amounted to $X in 2022, rising by 1.6% against the previous year. Over the period under review, consumption recorded a perceptible decrease. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Crude Groundnut Oil Production in China

In value terms, crude groundnut oil production stood at $X in 2022 estimated in export price. Overall, production, however, recorded a deep slump. The pace of growth appeared the most rapid in 2017 with an increase of 56%. Crude groundnut oil production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Crude Groundnut Oil Exports

Exports from China

In 2022, after three years of growth, there was significant decline in shipments abroad of crude groundnut oil, when their volume decreased by -79.9% to X tons. In general, exports continue to indicate a noticeable setback. The growth pace was the most rapid in 2013 when exports increased by 178%. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, crude groundnut oil exports declined remarkably to $X in 2022. Overall, exports continue to indicate a mild reduction. The pace of growth appeared the most rapid in 2013 when exports increased by 169% against the previous year. The exports peaked at $X in 2021, and then declined remarkably in the following year.

Exports by Country

Canada (X tons), the United States (X tons) and South Korea (X tons) were the main destinations of crude groundnut oil exports from China, together comprising 62% of total exports.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +159.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Canada ($X), the United States ($X) and South Korea ($X) were the largest markets for crude groundnut oil exported from China worldwide, with a combined 76% share of total exports.

South Korea, with a CAGR of +273.8%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average crude groundnut oil export price stood at $X per ton in 2022, picking up by 45% against the previous year. Overall, the export price enjoyed mild growth. The pace of growth appeared the most rapid in 2017 an increase of 51%. Over the period under review, the average export prices attained the maximum in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was New Zealand ($X per ton), while the average price for exports to Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+44.1%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Groundnut Oil Imports

Imports into China

In 2022, supplies from abroad of crude groundnut oil decreased by -17.8% to X tons for the first time since 2016, thus ending a five-year rising trend. Over the period under review, imports, however, continue to indicate a buoyant expansion. The growth pace was the most rapid in 2014 with an increase of 54%. Imports peaked at X tons in 2021, and then declined notably in the following year.

In value terms, crude groundnut oil imports plummeted to $X in 2022. In general, imports, however, posted a buoyant increase. The growth pace was the most rapid in 2020 with an increase of 92%. Imports peaked at $X in 2021, and then dropped rapidly in the following year.

Imports by Country

In 2022, Brazil (X tons) constituted the largest supplier of crude groundnut oil to China, accounting for a 53% share of total imports. Moreover, crude groundnut oil imports from Brazil exceeded the figures recorded by the second-largest supplier, India (X tons), twofold. Argentina (X tons) ranked third in terms of total imports with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Brazil totaled +29.2%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+10.7% per year) and Argentina (+3.2% per year).

In value terms, the largest crude groundnut oil suppliers to China were Brazil ($X), India ($X) and Argentina ($X), together accounting for 92% of total imports. Sudan, Nicaragua and Senegal lagged somewhat behind, together comprising a further 6.4%.

Sudan, with a CAGR of +42.1%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average crude groundnut oil import price stood at $X per ton in 2022, dropping by -2.3% against the previous year. In general, the import price recorded a pronounced slump. The pace of growth appeared the most rapid in 2020 when the average import price increased by 39% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Sudan ($X per ton) and India ($X per ton), while the price for Senegal ($X per ton) and Nicaragua ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nicaragua (+4.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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