EU: Groundnut Oil Market 2024

Groundnut Oil Market Size in the EU

The EU groundnut oil market shrank modestly to $X in 2021, waning by -2% against the previous year. In general, consumption saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 9.6% against the previous year. Over the period under review, the market attained the peak level at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

Groundnut Oil Production in the EU

In value terms, groundnut oil production reached $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.8% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of 33% against the previous year. Over the period under review, production attained the maximum level at $X in 2013; however, from 2014 to 2021, production remained at a lower figure.

Groundnut Oil Exports

Exports in the EU

After two years of decline, shipments abroad of groundnut oil increased by 19% to X tons in 2021. Overall, exports, however, saw a perceptible shrinkage. The pace of growth appeared the most rapid in 2014 when exports increased by 25%. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, groundnut oil exports skyrocketed to $X in 2021. In general, exports, however, saw a perceptible slump. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Belgium (X tons) was the key exporter of groundnut oil, making up 41% of total exports. Italy (X tons) ranks second in terms of the total exports with a 23% share, followed by France (14%), the Netherlands (10%) and Germany (7.1%). Spain (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Italy (with a CAGR of +17.2%), while the other leaders experienced more modest paces of growth.

In value terms, Belgium ($X), Italy ($X) and France ($X) were the countries with the highest levels of exports in 2021, together comprising 73% of total exports.

Among the main exporting countries, Italy, with a CAGR of +13.2%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in the European Union amounted to $X per ton, with an increase of 21% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Germany ($X per ton), while Italy ($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 Netherlands (+3.6%), while the other leaders experienced mixed trends in the export price figures.

Groundnut Oil Imports

Imports in the EU

For the third year in a row, the European Union recorded decline in supplies from abroad of groundnut oil, which decreased by -2.1% to X tons in 2021. Over the period under review, imports showed a slight decrease. The most prominent rate of growth was recorded in 2014 with an increase of 10%. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, groundnut oil imports skyrocketed to $X in 2021. Overall, imports showed a perceptible downturn. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Italy was the major importing country with an import of around X tons, which finished at 52% of total imports. The Netherlands (X tons) held a 20% share (based on physical terms) of total imports, which put it in second place, followed by France (14%) and Belgium (6%). Germany (X tons) and Austria (X tons) followed a long way behind the leaders.

Imports into Italy increased at an average annual rate of +1.9% from 2012 to 2021. At the same time, the Netherlands (+11.3%) and Austria (+10.7%) displayed positive paces of growth. Moreover, the Netherlands emerged as the fastest-growing importer imported in the European Union, with a CAGR of +11.3% from 2012-2021. By contrast, Germany (-3.9%), France (-9.3%) and Belgium (-13.5%) illustrated a downward trend over the same period. Italy (+14 p.p.) and the Netherlands (+13 p.p.) significantly strengthened its position in terms of the total imports, while Belgium and France saw its share reduced by -13% and -15.2% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Italy ($X) constitutes the largest market for imported groundnut oil in the European Union, comprising 49% of total imports. The second position in the ranking was taken by the Netherlands ($X), with a 20% share of total imports. It was followed by France, with a 14% share.

From 2012 to 2021, the average annual growth rate of value in Italy was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: the Netherlands (+11.1% per year) and France (-10.6% per year).

Import Prices by Country

The import price in the European Union stood at $X per ton in 2021, growing by 21% against the previous year. Overall, the import price, however, showed a mild descent. The pace of growth appeared the most rapid in 2020 an increase of 29%. Over the period under review, import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Austria ($X per ton), while Belgium ($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 Netherlands (-0.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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