Eastern Asia: Refined Groundnut Oil Market 2024

Refined Groundnut Oil Market Size in Eastern Asia

The East Asian refined groundnut oil market contracted modestly to $X in 2021, waning by -2.1% against the previous year. The total consumption indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +6.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +3.0% against 2019 indices. 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 Eastern Asia

In value terms, refined groundnut oil production declined slightly to $X in 2021 estimated in export price. The total production indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +5.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +2.7% against 2019 indices. The pace of growth was the most pronounced in 2017 when the production volume increased by 31% against the previous year. As a result, production reached the peak level of $X. From 2018 to 2021, production growth failed to regain momentum.

Refined Groundnut Oil Exports

Exports in Eastern Asia

In 2021, shipments abroad of refined groundnut oil decreased by -24% to X tons for the first time since 2017, thus ending a three-year rising trend. Total exports indicated a slight increase from 2012 to 2021: its volume increased at an average annual rate of +1.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when exports increased by 40% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2020, and then fell markedly in the following year.

In value terms, refined groundnut oil exports fell to $X in 2021. In general, exports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of 33%. As a result, the exports attained the peak of $X, and then shrank in the following year.

Exports by Country

China was the largest exporter of refined groundnut oil in Eastern Asia, with the volume of exports finishing at X tons, which was near 83% of total exports in 2021. It was distantly followed by Hong Kong SAR (X tons), mixing up a 17% share of total exports.

China was also the fastest-growing in terms of the refined groundnut oil exports, with a CAGR of +1.6% from 2012 to 2021. At the same time, Hong Kong SAR (+1.2%) displayed positive paces of growth. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest refined groundnut oil supplier in Eastern Asia, comprising 79% of total exports. The second position in the ranking was held by Hong Kong SAR ($X), with a 20% share of total exports.

From 2012 to 2021, the average annual growth rate of value in China stood at -1.1%.

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per ton, surging by 21% against the previous year. Over the period under review, the export price, however, recorded a noticeable setback. Over the period under review, the export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2021, the country with the highest price was Hong Kong SAR ($X per ton), while China amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (-0.4%).

Refined Groundnut Oil Imports

Imports in Eastern Asia

In 2021, the amount of refined groundnut oil imported in Eastern Asia dropped sharply to X tons, with a decrease of -19.4% against the previous year. Over the period under review, imports, however, showed buoyant growth. The pace of growth appeared the most rapid in 2014 with an increase of 49%. Over the period under review, imports attained the peak figure at X tons in 2020, and then dropped significantly in the following year.

In value terms, refined groundnut oil imports contracted to $X in 2021. Total imports indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +5.5% 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 +36.8% against 2017 indices. The most prominent rate of growth was recorded in 2020 with an increase of 40%. As a result, imports attained the peak of $X, and then dropped in the following year.

Imports by Country

Hong Kong SAR dominates imports structure, finishing at X tons, which was approx. 85% of total imports in 2021. It was distantly followed by Macao SAR (X tons), mixing up a 9.9% share of total imports. China (X tons) and Japan (X tons) held a little share of total imports.

Hong Kong SAR was also the fastest-growing in terms of the refined groundnut oil imports, with a CAGR of +8.1% from 2012 to 2021. At the same time, China (+2.8%) and Macao SAR (+1.5%) displayed positive paces of growth. By contrast, Japan (-5.5%) illustrated a downward trend over the same period. Macao SAR (+9.9 p.p.) significantly strengthened its position in terms of the total imports, while China, Hong Kong SAR and Japan saw its share reduced by -1.6%, -1.6% and -5.9% from 2012 to 2021, respectively.

In value terms, Hong Kong SAR ($X) constitutes the largest market for imported refined groundnut oil in Eastern Asia, comprising 83% of total imports. The second position in the ranking was held by Macao SAR ($X), with an 11% share of total imports. It was followed by Japan, with a 3.7% share.

In Hong Kong SAR, refined groundnut oil imports increased at an average annual rate of +5.1% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Macao SAR (+2.9% per year) and Japan (-5.4% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2021, rising by 14% against the previous year. Over the period under review, the import price, however, saw a noticeable decline. The most prominent rate of growth was recorded in 2016 an increase of 17%. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Japan ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Macao SAR (+1.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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