Japan: Groundnut Oil Market 2024

Groundnut Oil Market Size in Japan

The Japanese groundnut oil market declined to $X in 2021, falling by -5.7% against the previous year. Over the period under review, consumption recorded a deep reduction. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market remained at a lower figure.

Groundnut Oil Production in Japan

In value terms, groundnut oil production amounted to $X in 2021 estimated in export price. In general, production, however, showed a deep slump. The pace of growth was the most pronounced in 2013 with an increase of 54% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2021, production growth remained at a lower figure.

Groundnut Oil Exports

Exports from Japan

In 2021, groundnut oil exports from Japan fell to X tons, waning by -7.5% compared with the previous year. Over the period under review, exports, however, showed a significant increase. The pace of growth was the most pronounced in 2019 with an increase of 2,139%. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, groundnut oil exports expanded sharply to $X in 2021. In general, exports, however, showed resilient growth. The growth pace was the most rapid in 2019 with an increase of 1,844%. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Hong Kong SAR (X tons) was the main destination for groundnut oil exports from Japan, accounting for a 78% share of total exports. Moreover, groundnut oil exports to Hong Kong SAR exceeded the volume sent to the second major destination, Canada (X tons), eightfold. Guatemala (X tons) ranked third in terms of total exports with a 6.4% share.

From 2012 to 2021, the average annual growth rate of volume to Hong Kong SAR amounted to +6.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (-6.1% per year) and Guatemala (0.0% per year).

In value terms, Hong Kong SAR ($X) remains the key foreign market for groundnut oil exports from Japan, comprising 66% of total exports. The second position in the ranking was held by Canada ($X), with a 13% share of total exports. It was followed by Macao SAR, with a 10% share.

From 2012 to 2021, the average annual growth rate of value to Hong Kong SAR totaled +9.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (-11.3% per year) and Macao SAR (+67.8% per year).

Export Prices by Country

The average groundnut oil export price stood at $X per ton in 2021, growing by 19% against the previous year. Overall, the export price, however, showed a drastic downturn. The pace of growth was the most pronounced in 2013 when the average export price increased by 59% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 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 Macao SAR ($X per ton), while the average price for exports to Guatemala ($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 Macao SAR (+5.9%), while the prices for the other major destinations experienced mixed trend patterns.

Groundnut Oil Imports

Imports into Japan

In 2021, purchases abroad of groundnut oil decreased by -19% to X tons, falling for the second year in a row after two years of growth. Overall, imports continue to indicate a abrupt decrease. The pace of growth was the most pronounced in 2018 when imports increased by 25% against the previous year. Over the period under review, imports hit record highs at X tons in 2016; however, from 2017 to 2021, imports failed to regain momentum.

In value terms, groundnut oil imports shrank markedly to $X in 2021. Over the period under review, imports continue to indicate a abrupt descent. The most prominent rate of growth was recorded in 2013 with an increase of 14%. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Malaysia (X tons), China (X tons) and France (X tons) were the main suppliers of groundnut oil imports to Japan, with a combined 81% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Malaysia (with a CAGR of +27.2%), while imports for the other leaders experienced mixed trend patterns.

In value terms, Malaysia ($X), China ($X) and France ($X) constituted the largest groundnut oil suppliers to Japan, with a combined 75% share of total imports.

In terms of the main suppliers, Malaysia, with a CAGR of +25.1%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average groundnut oil import price stood at $X per ton in 2021, falling by -1.6% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the average import price increased by 39% against the previous year. As a result, import price reached the peak level of $X per ton, and then declined in the following year.

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 France ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+4.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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