Italy: Refined Groundnut Oil Market 2024

Refined Groundnut Oil Market Size in Italy

In 2021, the Italian refined groundnut oil market increased by 1.8% to $X, rising for the third consecutive year after two years of decline. Over the period under review, consumption, however, recorded slight growth. As a result, consumption reached the peak level of $X. From 2017 to 2021, the growth of the market remained at a lower figure.

Refined Groundnut Oil Production in Italy

In value terms, refined groundnut oil production skyrocketed to $X in 2021 estimated in export price. Overall, production, however, saw a noticeable increase. The pace of growth appeared the most rapid in 2016 with an increase of 101% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2021, production growth remained at a lower figure.

Refined Groundnut Oil Exports

Exports from Italy

Refined groundnut oil exports from Italy soared to X tons in 2021, jumping by 128% against 2020 figures. Overall, exports recorded a strong increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, refined groundnut oil exports skyrocketed to $X in 2021. Over the period under review, exports continue to indicate a strong increase. The growth pace was the most rapid in 2020 when exports increased by 113%. The exports peaked in 2021 and are likely to see gradual growth in the near future.

Exports by Country

Spain (X tons), the Netherlands (X tons) and Germany (X tons) were the main destinations of refined groundnut oil exports from Italy, with a combined 59% share of total exports. France, the UK, Austria, Belgium, Slovenia and Switzerland lagged somewhat behind, together comprising a further 35%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Austria (with a CAGR of +75.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for refined groundnut oil exported from Italy were the Netherlands ($X), Germany ($X) and Spain ($X), together accounting for 56% of total exports. These countries were followed by France, the UK, Austria, Belgium, Slovenia and Switzerland, which together accounted for a further 35%.

In terms of the main countries of destination, Austria, with a CAGR of +68.9%, recorded the highest growth rate of 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

The average refined groundnut oil export price stood at $X per ton in 2021, with a decrease of -11.1% against the previous year. Over the period under review, the export price showed a pronounced reduction. The growth pace was the most rapid in 2020 an increase of 36%. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Switzerland ($X per ton), while the average price for exports to Spain ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Switzerland (-0.6%), while the prices for the other major destinations experienced a decline.

Refined Groundnut Oil Imports

Imports into Italy

Refined groundnut oil imports into Italy fell markedly to X tons in 2021, reducing by -89.2% on 2020 figures. Overall, imports continue to indicate a precipitous decline. The most prominent rate of growth was recorded in 2014 with an increase of 353% against the previous year. Imports peaked at X tons in 2016; however, from 2017 to 2021, imports remained at a lower figure.

In value terms, refined groundnut oil imports fell significantly to $X in 2021. Over the period under review, imports showed a dramatic slump. The pace of growth appeared the most rapid in 2014 with an increase of 182% against the previous year. Imports peaked at $X in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Nicaragua (X tons) constituted the largest refined groundnut oil supplier to Italy, accounting for a 89% share of total imports. Moreover, refined groundnut oil imports from Nicaragua exceeded the figures recorded by the second-largest supplier, Belgium (X tons), more than tenfold. Bulgaria (X tons) ranked third in terms of total imports with a 3.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Nicaragua amounted to -36.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (-27.3% per year) and Bulgaria (-58.4% per year).

In value terms, Nicaragua ($X) constituted the largest supplier of refined groundnut oil to Italy, comprising 83% of total imports. The second position in the ranking was held by Bulgaria ($X), with an 8% share of total imports. It was followed by Belgium, with a 7.7% share.

From 2012 to 2021, the average annual growth rate of value from Nicaragua stood at -29.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Bulgaria (-51.5% per year) and Belgium (-25.7% per year).

Import Prices by Country

The average refined groundnut oil import price stood at $X per ton in 2021, picking up by 48% against the previous year. Over the period under review, import price indicated a modest expansion from 2012 to 2021: its price 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. Based on 2021 figures, refined groundnut oil import price increased by +92.4% against 2019 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was Bulgaria ($X per ton), while the price for Nicaragua ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bulgaria (+16.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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