EU: Crude Groundnut Oil Market 2024

Crude Groundnut Oil Market Size in the EU

The EU crude groundnut oil market rose remarkably to $X in 2022, increasing by 8.4% against the previous year. The market value increased at an average annual rate of +2.4% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked in 2022 and is likely to see steady growth in the near future.

Crude Groundnut Oil Production in the EU

In value terms, crude groundnut oil production skyrocketed to $X in 2022 estimated in export price. Overall, production recorded perceptible growth. The pace of growth appeared the most rapid in 2018 when the production volume increased by 245%. 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 the EU

In 2022, exports of crude groundnut oil in the European Union contracted dramatically to X tons, which is down by -50.9% compared with 2021. In general, exports, however, continue to indicate pronounced growth. The most prominent rate of growth was recorded in 2014 with an increase of 344%. Over the period under review, the exports reached the maximum at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, crude groundnut oil exports reduced sharply to $X in 2022. Overall, exports, however, saw a prominent expansion. The most prominent rate of growth was recorded in 2014 when exports increased by 214%. Over the period under review, the exports hit record highs at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, France (X tons), the Netherlands (X tons), Germany (X tons), Spain (X tons) and Bulgaria (X tons) represented the key exporter of crude groundnut oil in the European Union, generating 84% of total export. It was distantly followed by Italy (X tons), creating a 6.8% share of total exports. Denmark (X tons) and Austria (X tons) held a relatively small share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Bulgaria (with a CAGR of +125.4%), while the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) emerged as the largest crude groundnut oil supplier in the European Union, comprising 33% of total exports. The second position in the ranking was held by France ($X), with a 14% share of total exports. It was followed by Bulgaria, with a 13% share.

In Germany, crude groundnut oil exports increased at an average annual rate of +13.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: France (+3.7% per year) and Bulgaria (+113.3% per year).

Export Prices by Country

In 2022, the export price in the European Union amounted to $X per ton, surging by 24% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the export price increased by 46%. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Denmark ($X per ton), while the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Denmark (+13.7%), while the other leaders experienced more modest paces of growth.

Crude Groundnut Oil Imports

Imports in the EU

In 2022, overseas purchases of crude groundnut oil were finally on the rise to reach X tons for the first time since 2018, thus ending a three-year declining trend. The total import volume increased at an average annual rate of +1.3% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. Over the period under review, imports reached the maximum at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, crude groundnut oil imports expanded sharply to $X in 2022. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when imports increased by 16%. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Italy (X tons) represented the key importer of crude groundnut oil, committing 51% of total imports. The Netherlands (X tons) took the second position in the ranking, followed by Belgium (X tons) and France (X tons). All these countries together took near 48% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to crude groundnut oil imports into Italy stood at +2.3%. At the same time, the Netherlands (+59.8%) displayed positive paces of growth. Moreover, the Netherlands emerged as the fastest-growing importer imported in the European Union, with a CAGR of +59.8% from 2012-2022. Belgium experienced a relatively flat trend pattern. By contrast, France (-9.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the Netherlands and Italy increased by +19 and +4.5 percentage points, respectively.

In value terms, Italy ($X) constitutes the largest market for imported crude groundnut oil in the European Union, comprising 49% of total imports. The second position in the ranking was held by the Netherlands ($X), with a 20% share of total imports. It was followed by Belgium, with an 18% share.

In Italy, crude groundnut oil imports remained relatively stable over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: the Netherlands (+56.3% per year) and Belgium (-1.5% per year).

Import Prices by Country

In 2022, the import price in the European Union amounted to $X per ton, declining by -3.1% against the previous year. Over the period under review, the import price recorded a slight slump. The growth pace was the most rapid in 2020 an increase of 33% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major importing countries. In 2022, major importing countries recorded the following prices: in France ($X per ton) and Belgium ($X per ton), while Italy ($X per ton) and the Netherlands ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (-1.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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