Ecuador: Groundnuts Market 2024

Groundnuts Market Size in Ecuador

The Ecuadorian groundnuts market declined to $X in 2022, remaining relatively unchanged against the previous year. In general, the total consumption indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +1.0% against 2020 indices. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market failed to regain momentum.

Groundnuts Production in Ecuador

In value terms, groundnuts production declined slightly to $X in 2022 estimated in export price. Overall, production continues to indicate strong growth. The pace of growth was the most pronounced in 2015 with an increase of 86% against the previous year. Groundnuts production peaked at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

In 2022, the average yield of ground-nut (in-shell) in Ecuador amounted to X tons per ha, approximately equating the previous year's figure. In general, the yield showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the yield increased by 5.1%. Over the period under review, the average groundnuts yield attained the peak level at X tons per ha in 2015; afterwards, it flattened through to 2022. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The groundnuts harvested area in Ecuador reduced to X ha in 2022, standing approx. at 2021 figures. The harvested area increased at an average annual rate of +1.2% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 when the harvested area increased by 5%. Over the period under review, the harvested area dedicated to groundnuts production attained the maximum at X ha in 2019; however, from 2020 to 2022, the harvested area stood at a somewhat lower figure.

Groundnuts Exports

Exports from Ecuador

Groundnuts exports from Ecuador stood at X tons in 2022, leveling off at the previous year's figure. Over the period under review, exports recorded a temperate expansion. The pace of growth was the most pronounced in 2019 when exports increased by 1,707% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the near future.

In value terms, groundnuts exports amounted to $X in 2022. Overall, exports saw a buoyant expansion. The growth pace was the most rapid in 2016 when exports increased by 1,120%. Over the period under review, the exports reached the peak figure in 2022 and are likely to see steady growth in the near future.

Exports by Country

France (X tons), the United States (X tons) and Italy (X tons) were the main destinations of groundnuts exports from Ecuador.

From 2012 to 2022, the biggest increases were recorded for France (with a CAGR of +54.0%), while shipments for the other leaders experienced a decline.

In value terms, the largest markets for groundnuts exported from Ecuador were France ($X), the United States ($X) and Italy ($X).

France, with a CAGR of +65.6%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average groundnuts export price stood at $X per ton in 2022, standing approx. at the previous year. Over the period under review, the export price posted prominent growth. The most prominent rate of growth was recorded in 2017 when the average export price increased by 56%. Over the period under review, the average export prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Italy ($X per ton), while the average price for exports to France ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+19.4%), while the prices for the other major destinations experienced more modest paces of growth.

Groundnuts Imports

Imports into Ecuador

In 2022, the amount of ground-nut (in-shell) imported into Ecuador dropped to X tons, reducing by -9.4% against the year before. In general, imports continue to indicate a abrupt descent. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, groundnuts imports dropped to $X in 2022. Overall, imports showed a abrupt shrinkage. The smallest decline of -0.6% was in 2019. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Peru (X tons) was the main supplier of groundnuts to Ecuador, with a approx. 100% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from Peru stood at -14.2%.

In value terms, Peru ($X) constituted the largest supplier of ground-nut (in-shell) to Ecuador.

From 2012 to 2022, the average annual growth rate of value from Peru amounted to -14.9%.

Import Prices by Country

The average groundnuts import price stood at $X per ton in 2022, leveling off at the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

As there is only one major supplying country, the average price level is determined by prices for Peru.

From 2012 to 2022, the rate of growth in terms of prices for Peru amounted to -0.8% per year.

Source: IndexBox Platform

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