Morocco: Groundnut Oil Market 2024

Groundnut Oil Market Size in Morocco

In 2021, the Moroccan groundnut oil market decreased by -2.6% to $X for the first time since 2015, thus ending a five-year rising trend. Over the period under review, the total consumption indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +5.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +48.9% against 2015 indices. Groundnut oil consumption peaked at $X in 2020, and then reduced in the following year.

Groundnut Oil Production in Morocco

In value terms, groundnut oil production contracted to $X in 2021 estimated in export price. Overall, production saw a strong increase. The pace of growth was the most pronounced in 2016 with an increase of 75%. Over the period under review, production reached the maximum level at $X in 2020, and then declined in the following year.

Groundnut Oil Exports

Exports from Morocco

In 2021, shipments abroad of groundnut oil was finally on the rise to reach X tons after two years of decline. In general, exports, however, continue to indicate a dramatic contraction. The most prominent rate of growth was recorded in 2018 when exports increased by 202%. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, groundnut oil exports surged to $X in 2021. Over the period under review, exports, however, showed a dramatic downturn. The pace of growth was the most pronounced in 2018 with an increase of 152%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Mauritania (X tons) was the main destination for groundnut oil exports from Morocco, with a 89% share of total exports. Moreover, groundnut oil exports to Mauritania exceeded the volume sent to the second major destination, Canada (X kg), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to Mauritania stood at -11.8%.

In value terms, Canada ($X) remains the key foreign market for groundnut oil exports from Morocco, comprising 11% of total exports. The second position in the ranking was held by Mauritania ($X), with a 5.2% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Canada amounted to -19.1%.

Export Prices by Country

The average groundnut oil export price stood at $X per ton in 2021, with an increase of 14% against the previous year. Overall, the export price enjoyed a tangible increase. The pace of growth was the most pronounced in 2015 when the average export price increased by 89% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to Mauritania amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Canada (-0.3%).

Groundnut Oil Imports

Imports into Morocco

In 2021, after three years of growth, there was significant decline in purchases abroad of groundnut oil, when their volume decreased by -79% to X kg. In general, imports saw a abrupt decrease. The most prominent rate of growth was recorded in 2015 when imports increased by 255%. As a result, imports attained the peak of X tons. From 2016 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, groundnut oil imports declined remarkably to $X in 2021. Over the period under review, imports showed a abrupt curtailment. The growth pace was the most rapid in 2018 when imports increased by 144% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Spain (X kg) constituted the largest groundnut oil supplier to Morocco, accounting for a 70% share of total imports. Moreover, groundnut oil imports from Spain exceeded the figures recorded by the second-largest supplier, Germany (X kg), eightfold. The third position in this ranking was held by Belgium (X kg), with a 7.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Spain stood at -7.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-31.9% per year) and Belgium (-33.1% per year).

In value terms, Spain ($X) constituted the largest supplier of groundnut oil to Morocco, comprising 77% of total imports. The second position in the ranking was taken by Germany ($X), with a 7.3% share of total imports. It was followed by Belgium, with a 2.8% share.

From 2012 to 2021, the average annual growth rate of value from Spain amounted to -4.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-30.2% per year) and Belgium (-37.4% per year).

Import Prices by Country

In 2021, the average groundnut oil import price amounted to $X per ton, rising by 21% against the previous year. In general, import price indicated a noticeable expansion from 2012 to 2021: its price increased at an average annual rate of +4.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, groundnut oil import price increased by +90.4% against 2015 indices. The most prominent rate of growth was recorded in 2017 when the average import price increased by 25% against the previous year. Over the period under review, average import prices attained the maximum in 2021 and is likely to see gradual growth in the near future.

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 Spain ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+3.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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