MERCOSUR: Refined Groundnut Oil Market 2024

Refined Groundnut Oil Market Size in MERCOSUR

The MERCOSUR refined groundnut oil market was finally on the rise to reach $X in 2021, after three years of decline. The total consumption indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +7.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -19.0% against 2017 indices. Over the period under review, the market reached the maximum level at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Refined Groundnut Oil Production in MERCOSUR

In value terms, refined groundnut oil production amounted to $X in 2021 estimated in export price. The total production indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +7.3% 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 -15.7% against 2017 indices. The pace of growth was the most pronounced in 2016 with an increase of 49%. Over the period under review, production attained the peak level at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Refined Groundnut Oil Exports

Exports in MERCOSUR

In 2021, refined groundnut oil exports in MERCOSUR was estimated at X tons, picking up by 5.2% compared with the year before. Over the period under review, exports saw significant growth. The growth pace was the most rapid in 2017 when exports increased by 1,835% against the previous year. The volume of export peaked 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 skyrocketed to $X in 2021. Overall, exports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2017 with an increase of 1,564% against the previous year. The level of export peaked in 2021 and is expected to retain growth in the near future.

Exports by Country

The biggest shipments were from Brazil (X tons), together reaching 99% of total export.

Brazil was also the fastest-growing in terms of the refined groundnut oil exports, with a CAGR of +111.8% from 2012 to 2021. While the share of Brazil (+98 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) also remains the largest refined groundnut oil supplier in MERCOSUR.

From 2012 to 2021, the average annual growth rate of value in Brazil totaled +109.6%.

Export Prices by Country

The export price in MERCOSUR stood at $X per ton in 2021, with an increase of 10% against the previous year. In general, the export price, however, continues to indicate a mild contraction. The most prominent rate of growth was recorded in 2020 an increase of 43% against the previous year. Over the period under review, the export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Brazil.

From 2012 to 2021, the rate of growth in terms of prices for Brazil amounted to -1.1% per year.

Refined Groundnut Oil Imports

Imports in MERCOSUR

In 2021, approx. X tons of refined groundnut oil were imported in MERCOSUR; jumping by 70% against 2020. Over the period under review, imports posted buoyant growth. The most prominent rate of growth was recorded in 2018 when imports increased by 120% against the previous year. The volume of import peaked in 2021 and is likely to continue growth in years to come.

In value terms, refined groundnut oil imports skyrocketed to $X in 2021. In general, imports continue to indicate a resilient increase. The pace of growth was the most pronounced in 2018 when imports increased by 104% against the previous year. Over the period under review, imports attained the maximum in 2021 and are likely to see steady growth in years to come.

Imports by Country

In 2021, Brazil (X tons) represented the largest importer of refined groundnut oil, constituting 45% of total imports. Colombia (X tons) ranks second in terms of the total imports with a 26% share, followed by Peru (11%) and Argentina (7.8%). Venezuela (X tons), Paraguay (X tons) and Ecuador (X tons) followed a long way behind the leaders.

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 ($X) constitutes the largest market for imported refined groundnut oil in MERCOSUR, comprising 73% of total imports. The second position in the ranking was held by Colombia ($X), with a 9% share of total imports. It was followed by Peru, with a 7.3% share.

In Brazil, refined groundnut oil imports expanded at an average annual rate of +19.9% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Colombia (+32.1% per year) and Peru (+3.7% per year).

Import Prices by Country

In 2021, the import price in MERCOSUR amounted to $X per ton, growing by 20% against the previous year. Import price indicated a prominent expansion from 2012 to 2021: its price increased at an average annual rate of +5.0% 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 decreased by -13.7% against 2019 indices. The most prominent rate of growth was recorded in 2019 an increase of 57%. As a result, import price attained the peak level of $X per ton. From 2020 to 2021, the import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+10.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform