Mexico: Crude Groundnut Oil Market 2024

Crude Groundnut Oil Market Size in Mexico

The Mexican crude groundnut oil market was estimated at $X in 2022, surging by 5.4% against the previous year. The market value increased at an average annual rate of +3.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Crude groundnut oil consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Crude Groundnut Oil Production in Mexico

In value terms, crude groundnut oil production expanded remarkably to $X in 2022 estimated in export price. Overall, the total production indicated a slight expansion from 2012 to 2022: its value increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -9.3% against 2020 indices. The most prominent rate of growth was recorded in 2020 with an increase of 59% against the previous year. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Crude Groundnut Oil Exports

Exports from Mexico

In 2014, approx. X tons of crude groundnut oil were exported from Mexico; flattening at the year before. The total export volume increased at an average annual rate of +1.1% over the period from 2013 to 2014; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, crude groundnut oil exports reached $X in 2014. The total export value increased at an average annual rate of +1.1% over the period from 2013 to 2014; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X tons), Germany (X tons) and the UK (X tons) were the main destinations of crude groundnut oil exports from Mexico.

From 2013 to 2014, the biggest increases were recorded for the United States (with a CAGR of +22.0%), while shipments for the other leaders experienced a decline.

In value terms, the United States ($X) remains the key foreign market for crude groundnut oil exports from Mexico, comprising 60% of total exports. The second position in the ranking was held by Germany ($X), with a 22% share of total exports.

From 2013 to 2014, the average annual growth rate of value to the United States totaled +20.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-22.0% per year) and the UK (-14.0% per year).

Export Prices by Country

In 2014, the average crude groundnut oil export price amounted to $X per ton, almost unchanged from the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. Over the period under review, the average export prices reached the maximum at $X per ton in 2013, and then shrank slightly in the following year.

There were significant differences in the average prices for the major export markets. In 2014, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Germany ($X per ton) was amongst the lowest.

From 2013 to 2014, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+2.1%), while the prices for the other major destinations experienced a decline.

Crude Groundnut Oil Imports

Imports into Mexico

In 2022, overseas purchases of crude groundnut oil decreased by -50% to X tons for the first time since 2018, thus ending a three-year declining trend. Overall, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 15% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, crude groundnut oil imports declined dramatically to $X in 2022. In general, imports, however, continue to indicate a measured increase. The pace of growth was the most pronounced in 2013 when imports increased by 17%. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The United States (X tons) and Brazil (X tons) were the main suppliers of crude groundnut oil imports to Mexico.

From 2012 to 2022, the biggest increases were recorded for Brazil (with a CAGR of 0.0%).

In value terms, the United States ($X) and Brazil ($X) constituted the largest crude groundnut oil suppliers to Mexico.

In terms of the main suppliers, Brazil, with a CAGR of 0.0%, recorded the highest growth rate of the value of imports, over the period under review.

Import Prices by Country

In 2022, the average crude groundnut oil import price amounted to $X per ton, almost unchanged from the previous year. Over the period under review, the import price, however, recorded a pronounced increase. The most prominent rate of growth was recorded in 2019 when the average import price increased by 34%. The import price peaked at $X per ton in 2021, and then dropped slightly in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Brazil totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+6.3%).

Source: IndexBox Platform

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