Eastern Europe: Crude Groundnut Oil Market 2024

Crude Groundnut Oil Market Size in Eastern Europe

The East European crude groundnut oil market rose modestly to $X in 2022, with an increase of 2.8% against the previous year. Overall, consumption, however, posted buoyant growth. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market remained at a lower figure.

Crude Groundnut Oil Production in Eastern Europe

In value terms, crude groundnut oil production surged to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a significant expansion. The pace of growth was the most pronounced in 2018 when the production volume increased by 1,183% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Crude Groundnut Oil Exports

Exports in Eastern Europe

In 2022, exports of crude groundnut oil in Eastern Europe soared to X tons, with an increase of 129% against the year before. Overall, exports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2021 when exports increased by 795% against the previous year. The volume of export peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, crude groundnut oil exports surged to $X in 2022. In general, exports posted significant growth. The most prominent rate of growth was recorded in 2021 with an increase of 1,082% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Bulgaria prevails in exports structure, resulting at X tons, which was approx. 98% of total exports in 2022. Latvia (X tons) followed a long way behind the leaders.

Bulgaria was also the fastest-growing in terms of the crude groundnut oil exports, with a CAGR of +125.4% from 2012 to 2022. At the same time, Latvia (+124.6%) displayed positive paces of growth. From 2012 to 2022, the share of Bulgaria increased by +97 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Bulgaria ($X) remains the largest crude groundnut oil supplier in Eastern Europe, comprising 97% of total exports. The second position in the ranking was taken by Latvia ($X), with a 1.4% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Bulgaria amounted to +113.3%.

Export Prices by Country

The export price in Eastern Europe stood at $X per ton in 2022, reducing by -9.8% against the previous year. Over the period under review, the export price saw a abrupt slump. The most prominent rate of growth was recorded in 2021 when the export price increased by 32% against the previous year. The level of export peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Bulgaria ($X per ton), while Latvia amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Latvia (-4.2%).

Crude Groundnut Oil Imports

Imports in Eastern Europe

Crude groundnut oil imports contracted markedly to X tons in 2022, falling by -21.3% on the previous year. In general, imports, however, continue to indicate a notable expansion. The most prominent rate of growth was recorded in 2016 with an increase of 638% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, crude groundnut oil imports dropped to $X in 2022. Over the period under review, imports, however, continue to indicate a strong increase. The most prominent rate of growth was recorded in 2016 with an increase of 750%. Over the period under review, imports reached the maximum at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the Czech Republic (X tons), Bulgaria (X tons), Romania (X tons) and Slovakia (X tons) was the key importer of crude groundnut oil in Eastern Europe, generating 77% of total import. Hungary (X tons) took the next position in the ranking, followed by Russia (X tons). All these countries together took approx. 16% share of total imports. Belarus (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Bulgaria (with a CAGR of +78.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the Czech Republic ($X), Bulgaria ($X) and Romania ($X) were the countries with the highest levels of imports in 2022, with a combined 65% share of total imports.

Among the main importing countries, Bulgaria, with a CAGR of +83.3%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Eastern Europe stood at $X per ton in 2022, growing by 17% against the previous year. In general, the import price recorded prominent growth. The growth pace was the most rapid in 2014 when the import price increased by 180%. As a result, import price reached the peak level of $X per ton. From 2015 to 2022, the import prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Romania (+7.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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