Czech Republic: Refined Groundnut Oil Market 2024

Refined Groundnut Oil Market Size in the Czech Republic

The Czech refined groundnut oil market reduced to $X in 2021, declining by -10.2% against the previous year. Over the period under review, consumption, however, posted buoyant growth. Refined groundnut oil consumption peaked at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Refined Groundnut Oil Production in the Czech Republic

In value terms, refined groundnut oil production shrank to $X in 2021 estimated in export price. In general, production enjoyed noticeable growth. The growth pace was the most rapid in 2016 with an increase of 65% against the previous year. Refined groundnut oil production peaked at $X in 2017; however, from 2018 to 2021, production remained at a lower figure.

Refined Groundnut Oil Exports

Exports from the Czech Republic

In 2021, overseas shipments of refined groundnut oil were finally on the rise to reach X tons for the first time since 2013, thus ending a seven-year declining trend. Overall, exports recorded a strong increase. The pace of growth appeared the most rapid in 2013 when exports increased by 17,017% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports failed to regain momentum.

In value terms, refined groundnut oil exports skyrocketed to $X in 2021. In general, exports enjoyed a remarkable increase. The growth pace was the most rapid in 2013 when exports increased by 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 remained at a somewhat lower figure.

Exports by Country

Denmark (X kg) was the main destination for refined groundnut oil exports from the Czech Republic, accounting for a 58% share of total exports. Moreover, refined 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 rate of growth in terms of volume to Denmark was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Slovakia (-7.6% per year) and the Netherlands (-54.1% per year).

In value terms, Denmark ($X) emerged as the key foreign market for refined groundnut oil exports from the Czech Republic, comprising 57% of total exports. The second position in the ranking was taken by the Netherlands ($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 (-8.2% per year).

Export Prices by Country

In 2021, the average refined groundnut oil export price amounted to $X per ton, jumping by 127% against the previous year. Over the period under review, the export price saw a strong expansion. The pace of growth appeared the most rapid in 2014 an increase of 337%. Over the period under review, the average export prices attained the peak figure in 2021 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2021, 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 (+41.7%), while the prices for the other major destinations experienced a decline.

Refined Groundnut Oil Imports

Imports into the Czech Republic

In 2021, refined groundnut oil imports into the Czech Republic contracted to X tons, reducing by -5.9% against the previous year's figure. In general, total imports indicated a strong increase from 2012 to 2021: its volume increased at an average annual rate of +5.8% 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 +84.4% against 2017 indices. The pace of growth appeared the most rapid in 2018 with an increase of 60%. Imports peaked at X tons in 2020, and then contracted in the following year.

In value terms, refined groundnut oil imports surged to $X in 2021. Over the period under review, imports, however, saw resilient growth. The most prominent rate of growth was recorded in 2020 when imports increased by 59%. Over the period under review, imports attained the peak figure in 2021 and are likely to continue growth in the near future.

Imports by Country

In 2021, Germany (X tons) constituted the largest refined groundnut oil supplier to the Czech Republic, accounting for a 65% share of total imports. Moreover, refined groundnut oil imports from Germany exceeded the figures recorded by the second-largest supplier, Italy (X tons), twofold.

From 2012 to 2021, the average annual rate of growth in terms of volume from Germany stood at +25.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+3.0% per year) and the Netherlands (+21.9% per year).

In value terms, Germany ($X) constituted the largest supplier of refined groundnut oil to the Czech Republic, comprising 64% of total imports. The second position in the ranking was held by Italy ($X), with a 28% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Germany amounted to +29.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+3.7% per year) and the Netherlands (+25.2% per year).

Import Prices by Country

In 2021, the average refined groundnut oil import price amounted to $X per ton, jumping by 24% against the previous year. In general, the import price recorded a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2021, the country with the highest price was the Netherlands ($X per ton), while the price for Germany ($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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