Iran: Groundnut Oil Market 2024

Groundnut Oil Market Size in Iran

The Iranian groundnut oil market rose rapidly to $X in 2021, surging by 14% against the previous year. Over the period under review, consumption saw tangible growth. Over the period under review, the market hit record highs in 2021 and is expected to retain growth in the immediate term.

Groundnut Oil Production in Iran

In value terms, groundnut oil production rose rapidly to $X in 2021 estimated in export price. Overall, the total production indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +3.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -6.0% against 2019 indices. The pace of growth appeared the most rapid in 2019 when the production volume increased by 46% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2021, production growth remained at a somewhat lower figure.

Groundnut Oil Exports

Exports from Iran

In 2021, shipments abroad of groundnut oil decreased by -99.5% to X tons, falling for the third consecutive year after two years of growth. In general, exports showed a deep downturn. The most prominent rate of growth was recorded in 2018 with an increase of 266%. As a result, the exports attained the peak of X tons. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, groundnut oil exports declined rapidly to $X in 2021. Over the period under review, exports saw a sharp setback. The pace of growth appeared the most rapid in 2018 when exports increased by 510% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Azerbaijan (X tons) and Kuwait (X tons) were the main destinations of groundnut oil exports from Iran.

From 2014 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Kuwait (with a CAGR of +70.0%).

In value terms, Azerbaijan ($X) emerged as the key foreign market for groundnut oil exports from Iran, comprising 75% of total exports. The second position in the ranking was taken by Kuwait ($X), with a 25% share of total exports.

From 2014 to 2021, the average annual rate of growth in terms of value to Azerbaijan was relatively modest.

Export Prices by Country

The average groundnut oil export price stood at $X per ton in 2021, falling by -58.7% against the previous year. Over the period under review, the export price continues to indicate a slight descent. The growth pace was the most rapid in 2019 when the average export price increased by 646%. As a result, the export price attained the peak level of $X per ton. From 2020 to 2021, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Azerbaijan ($X per ton), while the average price for exports to Kuwait amounted to $X per ton.

From 2014 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+70.6%), while the prices for the other major destinations experienced mixed trend patterns.

Groundnut Oil Imports

Imports into Iran

In 2021, supplies from abroad of groundnut oil increased by 52% to X tons, rising for the second consecutive year after two years of decline. In general, imports continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2017 when imports increased by 801% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, groundnut oil imports soared to $X in 2021. Overall, imports enjoyed pronounced growth. The most prominent rate of growth was recorded in 2017 when imports increased by 473% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2021, the growth of imports failed to regain momentum.

Imports by Country

The United Arab Emirates (X tons), Germany (X tons) and Azerbaijan (X tons) were the main suppliers of groundnut oil imports to Iran, together comprising 100% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United Arab Emirates (with a CAGR of +103.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest groundnut oil suppliers to Iran were Germany ($X), the United Arab Emirates ($X) and Azerbaijan ($X), together accounting for 97% of total imports.

In terms of the main suppliers, the United Arab Emirates, with a CAGR of +93.9%, recorded the highest growth rate of 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 average groundnut oil import price amounted to $X per ton, shrinking by -24% against the previous year. Overall, the import price saw a deep downturn. The pace of growth was the most pronounced in 2016 when the average import price increased by 44% against the previous year. As a result, import price reached the peak level of $X per ton. From 2017 to 2021, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Azerbaijan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (-3.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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