Malaysia: Refined Groundnut Oil Market 2024

Refined Groundnut Oil Market Size in Malaysia

In 2021, the Malaysian refined groundnut oil market decreased by -1% to $X, falling for the fourth year in a row after four years of growth. Over the period under review, consumption recorded a remarkable increase. Refined groundnut oil consumption peaked at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Refined Groundnut Oil Production in Malaysia

In value terms, refined groundnut oil production reached $X in 2021 estimated in export price. In general, production posted a prominent increase. The pace of growth was the most pronounced in 2016 with an increase of 54%. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2021, production failed to regain momentum.

Refined Groundnut Oil Exports

Exports from Malaysia

In 2021, exports of refined groundnut oil from Malaysia expanded markedly to X tons, growing by 13% on 2020. In general, exports saw significant growth. The most prominent rate of growth was recorded in 2016 when exports increased by 412%. The exports peaked in 2021 and are likely to see steady growth in years to come.

In value terms, refined groundnut oil exports surged to $X in 2021. Overall, exports recorded a significant increase. The growth pace was the most rapid in 2014 with an increase of 478% against the previous year. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Singapore (X tons) was the main destination for refined groundnut oil exports from Malaysia, with a 84% share of total exports. Moreover, refined groundnut oil exports to Singapore exceeded the volume sent to the second major destination, New Zealand (X tons), tenfold. The third position in this ranking was held by Japan (X tons), with a 6.2% share.

From 2012 to 2021, the average annual growth rate of volume to Singapore amounted to +118.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: New Zealand (-2.6% per year) and Japan (0.0% per year).

In value terms, Singapore ($X) remains the key foreign market for refined groundnut oil exports from Malaysia, comprising 82% of total exports. The second position in the ranking was taken by New Zealand ($X), with an 11% share of total exports. It was followed by Japan, with a 6.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Singapore amounted to +126.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: New Zealand (+7.3% per year) and Japan (0.0% per year).

Export Prices by Country

The average refined groundnut oil export price stood at $X per ton in 2021, surging by 14% against the previous year. Overall, the export price saw a perceptible expansion. The pace of growth was the most pronounced in 2014 when the average export price increased by 105% against the previous year. Over the period under review, the average export prices reached the maximum in 2021 and is expected to retain growth in the near future.

Prices varied noticeably country of destination: the country with the highest price was New Zealand ($X per ton), while the average price for exports to Cambodia ($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 New Zealand (+10.2%), while the prices for the other major destinations experienced mixed trend patterns.

Refined Groundnut Oil Imports

Imports into Malaysia

In 2021, after three years of growth, there was significant decline in purchases abroad of refined groundnut oil, when their volume decreased by -25.1% to X tons. Over the period under review, imports saw a drastic downturn. The pace of growth appeared the most rapid in 2018 with an increase of 47%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, refined groundnut oil imports contracted to $X in 2021. In general, imports recorded a abrupt curtailment. The most prominent rate of growth was recorded in 2020 when imports increased by 35%. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) was the main refined groundnut oil supplier to Malaysia, accounting for a 95% share of total imports. It was followed by Hong Kong SAR (X tons), with a 2% share of total imports. The third position in this ranking was taken by the United States (X tons), with a 0.3% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at -5.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (-17.8% per year) and the United States (-38.1% per year).

In value terms, China ($X) constituted the largest supplier of refined groundnut oil to Malaysia, comprising 94% of total imports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 2.9% share of total imports. It was followed by the United States, with a 0.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled -4.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+4.5% per year) and the United States (-36.0% per year).

Import Prices by Country

The average refined groundnut oil import price stood at $X per ton in 2021, increasing by 14% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.1%. The pace of growth appeared the most rapid in 2013 when the average import price increased by 46% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2021, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Hong Kong SAR ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+27.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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