Czech Republic: Groundnut Oil Market 2024

Groundnut Oil Market Size in the Czech Republic

The Czech groundnut oil market contracted modestly to $X in 2021, falling by -2.1% against the previous year. The market value increased at an average annual rate of +3.4% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. Groundnut oil consumption peaked at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Groundnut Oil Production in the Czech Republic

In value terms, groundnut oil production declined to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +6.0% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 with an increase of 39%. Over the period under review, production attained the maximum level at $X in 2020, and then reduced in the following year.

Groundnut Oil Exports

Exports from the Czech Republic

In 2021, overseas shipments of groundnut oil were finally on the rise to reach X tons after seven years of decline. Over the period under review, exports continue to indicate a modest increase. The most prominent rate of growth was recorded in 2013 when exports increased by 2,612% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, groundnut oil exports soared to $X in 2021. Overall, exports posted a buoyant expansion. The pace of growth was the most pronounced in 2013 with an increase of 3,583% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Denmark (X kg) was the main destination for groundnut oil exports from the Czech Republic, with a 57% share of total exports. Moreover, groundnut oil exports to Denmark exceeded the volume sent to the second major destination, Slovakia (X kg), twofold.

From 2012 to 2021, the average annual growth rate of volume to Denmark was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Slovakia (-13.2% per year) and the Netherlands (-46.4% per year).

In value terms, Denmark ($X) emerged as the key foreign market for groundnut oil exports from the Czech Republic, comprising 56% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a 28% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Denmark was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (-34.9% per year) and Slovakia (-6.8% per year).

Export Prices by Country

The average groundnut oil export price stood at $X per ton in 2021, surging by 118% against the previous year. Overall, the export price enjoyed strong growth. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Slovakia ($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 the Netherlands (+21.5%), while the prices for the other major destinations experienced mixed trend patterns.

Groundnut Oil Imports

Imports into the Czech Republic

In 2021, the amount of groundnut oil imported into the Czech Republic totaled X tons, with an increase of 2.3% against the previous year's figure. Over the period under review, total imports indicated strong growth from 2012 to 2021: its volume increased at an average annual rate of +6.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +101.1% against 2017 indices. The growth pace was the most rapid in 2018 when imports increased by 60% against the previous year. Imports peaked in 2021 and are likely to continue growth in the immediate term.

In value terms, groundnut oil imports soared to $X in 2021. Overall, imports enjoyed a remarkable increase. The growth pace was the most rapid in 2020 when imports increased by 56% against the previous year. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the immediate term.

Imports by Country

Germany (X tons), Italy (X tons) and the Netherlands (X tons) were the main suppliers of groundnut oil imports to the Czech Republic, with a combined 99% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Germany (with a CAGR of +23.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) constituted the largest supplier of groundnut oil to the Czech Republic, comprising 61% of total imports. The second position in the ranking was held by Italy ($X), with a 30% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Germany stood at +25.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+3.4% per year) and the Netherlands (+26.5% per year).

Import Prices by Country

In 2021, the average groundnut oil import price amounted to $X per ton, increasing by 18% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (+18.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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