CIS: Crude Groundnut Oil Market 2024

Crude Groundnut Oil Market Size in CIS

In 2022, the CIS crude groundnut oil market increased by 2.4% to $X for the first time since 2019, thus ending a two-year declining trend. Over the period under review, consumption posted a significant expansion. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market remained at a lower figure.

Crude Groundnut Oil Production in CIS

In value terms, crude groundnut oil production reached $X in 2022 estimated in export price. Overall, production continues to indicate a significant expansion. The pace of growth was the most pronounced in 2016 when the production volume increased by 370% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Crude Groundnut Oil Exports

Exports in CIS

In 2021, shipments abroad of crude groundnut oil increased by 23% to X kg, rising for the second consecutive year after two years of decline. In general, exports saw significant growth. The most prominent rate of growth was recorded in 2017 when exports increased by 12,285%. As a result, the exports reached the peak of X tons. From 2018 to 2021, the growth of the exports failed to regain momentum.

In value terms, crude groundnut oil exports soared to $X in 2021. Overall, exports saw a significant increase. The most prominent rate of growth was recorded in 2017 when exports increased by 8,029% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

In 2021, Russia (X kg) was the largest exporter of crude groundnut oil in the CIS, mixing up 100% of total export.

Russia was also the fastest-growing in terms of the crude groundnut oil exports, with a CAGR of +27.4% from 2013 to 2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Russia ($X) also remains the largest crude groundnut oil supplier in the CIS.

In Russia, crude groundnut oil exports expanded at an average annual rate of +31.3% over the period from 2013-2021.

Export Prices by Country

In 2021, the export price in the CIS amounted to $X per ton, with an increase of 4.1% against the previous year. Export price indicated a notable increase from 2013 to 2021: its price increased at an average annual rate of +3.1% over the last eight years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, crude groundnut oil export price increased by +93.3% against 2017 indices. The pace of growth was the most pronounced in 2018 when the export price increased by 74% against the previous year. The level of export peaked in 2021 and is expected to retain growth in the immediate term.

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

From 2013 to 2021, the rate of growth in terms of prices for Russia amounted to +3.1% per year.

Crude Groundnut Oil Imports

Imports in CIS

In 2022, imports of crude groundnut oil in the CIS soared to X tons, picking up by 30% against the year before. In general, imports enjoyed a mild expansion. The growth pace was the most rapid in 2019 with an increase of 220% against the previous year. Over the period under review, imports attained the maximum at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, crude groundnut oil imports declined significantly to $X in 2022. Overall, imports, however, continue to indicate a abrupt decline. The pace of growth appeared the most rapid in 2019 when imports increased by 212% against the previous year. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Russia (X tons) was the major importer of crude groundnut oil, achieving 60% of total imports. Belarus (X tons) held a 26% share (based on physical terms) of total imports, which put it in second place, followed by Kyrgyzstan (15%).

Imports into Russia decreased at an average annual rate of -2.7% from 2012 to 2022. At the same time, Kyrgyzstan (+92.1%) and Belarus (+28.4%) displayed positive paces of growth. Moreover, Kyrgyzstan emerged as the fastest-growing importer imported in the CIS, with a CAGR of +92.1% from 2012-2022. Belarus (+24 p.p.) and Kyrgyzstan (+15 p.p.) significantly strengthened its position in terms of the total imports, while Russia saw its share reduced by -28.7% from 2012 to 2022, respectively.

In value terms, the largest crude groundnut oil importing markets in the CIS were Russia ($X), Belarus ($X) and Kyrgyzstan ($X), together accounting for 99.9% of total imports.

Belarus, with a CAGR of +30.1%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in the CIS stood at $X per ton in 2022, dropping by -40.2% against the previous year. In general, the import price saw a abrupt downturn. The most prominent rate of growth was recorded in 2021 when the import price increased by 33% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Belarus ($X per ton), while Kyrgyzstan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belarus (+1.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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