Eastern Europe: Refined Groundnut Oil Market 2024

Refined Groundnut Oil Market Size in Eastern Europe

In 2021, after three years of decline, there was significant growth in the East European refined groundnut oil market, when its value increased by 8.9% to $X. In general, consumption enjoyed a resilient expansion. The level of consumption peaked at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Refined Groundnut Oil Production in Eastern Europe

In value terms, refined groundnut oil production rose significantly to $X in 2021 estimated in export price. Over the period under review, production showed a buoyant increase. The most prominent rate of growth was recorded in 2016 with an increase of 110% against the previous year. The level of production peaked at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Refined Groundnut Oil Exports

Exports in Eastern Europe

In 2021, overseas shipments of refined groundnut oil decreased by -92% to X tons, falling for the second consecutive year after two years of growth. Overall, exports recorded a deep contraction. The growth pace was the most rapid in 2018 when exports increased by 485% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, refined groundnut oil exports dropped remarkably to $X in 2021. In general, exports recorded a pronounced slump. The growth pace was the most rapid in 2013 with an increase of 65% against the previous year. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

Bulgaria represented the key exporter of refined groundnut oil in Eastern Europe, with the volume of exports accounting for X tons, which was near 61% of total exports in 2021. Ukraine (X tons) took the second position in the ranking, followed by the Czech Republic (X tons), Lithuania (X tons) and Poland (X tons). All these countries together took near 35% share of total exports. Romania (X kg) followed a long way behind the leaders.

Bulgaria was also the fastest-growing in terms of the refined groundnut oil exports, with a CAGR of +40.6% from 2012 to 2021. At the same time, Poland (+9.2%) and the Czech Republic (+8.4%) displayed positive paces of growth. By contrast, Lithuania (-4.1%), Romania (-7.1%) and Ukraine (-8.1%) illustrated a downward trend over the same period. Bulgaria (+59 p.p.), Lithuania (+7.2 p.p.), the Czech Republic (+6.1 p.p.), Poland (+5.5 p.p.) and Ukraine (+2.7 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Bulgaria ($X) remains the largest refined groundnut oil supplier in Eastern Europe, comprising 63% of total exports. The second position in the ranking was held by the Czech Republic ($X), with an 11% share of total exports. It was followed by Lithuania, with a 7.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Bulgaria amounted to +42.2%. In the other countries, the average annual rates were as follows: the Czech Republic (+16.5% per year) and Lithuania (-2.7% per year).

Export Prices by Country

In 2021, the export price in Eastern Europe amounted to $X per ton, increasing by 292% against the previous year. Overall, the export price continues to indicate a resilient expansion. Over the period under review, the export prices reached the peak figure at $X per ton in 2017; however, from 2018 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Romania ($X per ton), while Ukraine ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Czech Republic (+7.5%), while the other leaders experienced more modest paces of growth.

Refined Groundnut Oil Imports

Imports in Eastern Europe

In 2021, the amount of refined groundnut oil imported in Eastern Europe amounted to X tons, rising by 10% on the previous year's figure. The total import volume increased at an average annual rate of +1.1% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2013 with an increase of 17%. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, refined groundnut oil imports skyrocketed to $X in 2021. Total imports indicated mild growth from 2012 to 2021: its value 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. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Poland represented the major importer of refined groundnut oil in Eastern Europe, with the volume of imports accounting for X tons, which was near 43% of total imports in 2021. The Czech Republic (X tons) took a 27% share (based on physical terms) of total imports, which put it in second place, followed by Hungary (9.9%) and Romania (7.8%). Lithuania (X tons), Russia (X tons) and Ukraine (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were in Ukraine (with a CAGR of +11.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Poland ($X), the Czech Republic ($X) and Hungary ($X) constituted the countries with the highest levels of imports in 2021, together accounting for 80% of total imports. These countries were followed by Romania, Lithuania, Ukraine and Russia, which together accounted for a further 15%.

Among the main importing countries, Ukraine, with a CAGR of +17.3%, 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

In 2021, the import price in Eastern Europe amounted to $X per ton, growing by 36% against the previous year. Overall, the import price showed 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 somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Poland ($X per ton) and Lithuania ($X per ton), while Russia ($X per ton) and Hungary ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ukraine (+5.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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