Latin America and the Caribbean: Refined Groundnut Oil Market 2024

Refined Groundnut Oil Market Size in Latin America and the Caribbean

In 2021, the Latin American refined groundnut oil market increased by 2.4% to $X for the first time since 2017, thus ending a three-year declining trend. In general, consumption enjoyed a resilient increase. Over the period under review, the market attained the peak level at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Refined Groundnut Oil Production in Latin America and the Caribbean

In value terms, refined groundnut oil production expanded slightly to $X in 2021 estimated in export price. Overall, production saw buoyant growth. The pace of growth was the most pronounced in 2016 with an increase of 55%. Over the period under review, production attained the maximum level at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Refined Groundnut Oil Exports

Exports in Latin America and the Caribbean

In 2021, exports of refined groundnut oil in Latin America and the Caribbean stood at X tons, surging by 10% on 2020. Overall, exports showed a buoyant expansion. The pace of growth appeared the most rapid in 2017 with an increase of 407%. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, refined groundnut oil exports surged to $X in 2021. In general, exports saw strong growth. The growth pace was the most rapid in 2017 when exports increased by 356% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are likely to continue growth in years to come.

Exports by Country

Brazil dominates exports structure, recording X tons, which was approx. 89% of total exports in 2021. It was distantly followed by Nicaragua (X tons), generating an 8.6% share of total exports. Mexico (X tons) held a relatively small share of total exports.

Brazil was also the fastest-growing in terms of the refined groundnut oil exports, with a CAGR of +111.8% from 2012 to 2021. At the same time, Mexico (+6.1%) displayed positive paces of growth. By contrast, Nicaragua (-13.4%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Brazil increased by +89 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) remains the largest refined groundnut oil supplier in Latin America and the Caribbean, comprising 91% of total exports. The second position in the ranking was held by Nicaragua ($X), with a 6.2% share of total exports.

In Brazil, refined groundnut oil exports expanded at an average annual rate of +109.6% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Nicaragua (-13.6% per year) and Mexico (+3.2% per year).

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per ton, increasing by 7.8% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.4%. The most prominent rate of growth was recorded in 2020 when the export price increased by 41% against the previous year. Over the period under review, the export prices hit record highs in 2021 and is likely to continue growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Mexico ($X per ton), while Nicaragua ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nicaragua (-0.2%), while the other leaders experienced a decline in the export price figures.

Refined Groundnut Oil Imports

Imports in Latin America and the Caribbean

In 2021, the amount of refined groundnut oil imported in Latin America and the Caribbean skyrocketed to X tons, with an increase of 27% compared with the previous year. Over the period under review, imports saw a prominent increase. The pace of growth was the most pronounced in 2018 when imports increased by 61%. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, refined groundnut oil imports surged to $X in 2021. In general, imports continue to indicate a buoyant increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Mexico (X tons) and Brazil (X tons) represented the largest importers of refined groundnut oil in Latin America and the Caribbean, together comprising 48% of total imports. Colombia (X tons) ranks next in terms of the total imports with a 13% share, followed by Antigua and Barbuda (9.4%) and Peru (5.6%). Argentina (X tons), Trinidad and Tobago (X tons), Panama (X tons), Bahamas (X tons), Aruba (X tons), Cayman Islands (X tons) and Venezuela (X tons) took a relatively small share of total imports.

From 2012 to 2021, the biggest increases were in Venezuela (with a CAGR of +49.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X) constitutes the largest market for imported refined groundnut oil in Latin America and the Caribbean, comprising 52% of total imports. The second position in the ranking was taken by Mexico ($X), with a 14% share of total imports. It was followed by Colombia, with a 6.4% share.

From 2012 to 2021, the average annual growth rate of value in Brazil stood at +19.9%. In the other countries, the average annual rates were as follows: Mexico (+7.9% per year) and Colombia (+32.1% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2021, rising by 36% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.5%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Brazil ($X per ton), while Aruba ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cayman Islands (+47.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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