New Zealand: Groundnut Oil Market 2024

Groundnut Oil Market Size in New Zealand

In 2021, after two years of decline, there was significant growth in the New Zealand groundnut oil market, when its value increased by 16% to $X. In general, consumption, however, saw a abrupt decrease. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Groundnut Oil Exports

Exports from New Zealand

After two years of decline, shipments abroad of groundnut oil increased by 67% to X tons in 2021. In general, exports recorded buoyant growth. The pace of growth was the most pronounced in 2018 when exports increased by 201% against the previous year. As a result, the exports attained the peak of X tons. From 2019 to 2021, the growth of the exports failed to regain momentum.

In value terms, groundnut oil exports skyrocketed to $X in 2021. Over the period under review, exports saw a significant increase. The most prominent rate of growth was recorded in 2018 when exports increased by 471% against the previous year. The exports peaked in 2021 and are likely to see steady growth in years to come.

Exports by Country

Switzerland (X tons) was the main destination for groundnut oil exports from New Zealand, accounting for a 46% share of total exports. Moreover, groundnut oil exports to Switzerland exceeded the volume sent to the second major destination, China (X tons), threefold. Australia (X tons) ranked third in terms of total exports with a 17% share.

From 2012 to 2021, the average annual growth rate of volume to Switzerland was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+34.5% per year) and Australia (+3.4% per year).

In value terms, Switzerland ($X), China ($X) and Australia ($X) constituted the largest markets for groundnut oil exported from New Zealand worldwide, with a combined 88% share of total exports.

Among the main countries of destination, China, with a CAGR of +57.4%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average groundnut oil export price stood at $X per ton in 2021, reducing by -12.1% against the previous year. Over the period under review, the export price, however, showed a resilient expansion. The pace of growth appeared the most rapid in 2018 when the average export price increased by 90% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2020, and then contracted in the following year.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Cook Islands ($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 China (+17.0%), while the prices for the other major destinations experienced more modest paces of growth.

Groundnut Oil Imports

Imports into New Zealand

In 2021, supplies from abroad of groundnut oil increased by 13% to X tons for the first time since 2018, thus ending a two-year declining trend. Overall, imports, however, saw a abrupt decline. The growth pace was the most rapid in 2018 with an increase of 47% against the previous year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, groundnut oil imports soared to $X in 2021. In general, imports, however, recorded a deep contraction. The most prominent rate of growth was recorded in 2018 with an increase of 163% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Malaysia (X tons) constituted the largest groundnut oil supplier to New Zealand, accounting for a 51% share of total imports. Moreover, groundnut oil imports from Malaysia exceeded the figures recorded by the second-largest supplier, China (X tons), fourfold. The third position in this ranking was held by Taiwan (Chinese) (X tons), with a 7.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Malaysia totaled +5.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-12.4% per year) and Taiwan (Chinese) (-13.4% per year).

In value terms, Malaysia ($X) constituted the largest supplier of groundnut oil to New Zealand, comprising 48% of total imports. The second position in the ranking was held by China ($X), with a 15% share of total imports. It was followed by Belgium, with a 9.4% share.

From 2012 to 2021, the average annual growth rate of value from Malaysia totaled +8.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-28.2% per year) and Belgium (+16.0% per year).

Import Prices by Country

In 2021, the average groundnut oil import price amounted to $X per ton, jumping by 21% against the previous year. Overall, the import price, however, continues to indicate a pronounced slump. The most prominent rate of growth was recorded in 2018 an increase of 79%. As a result, import price reached the peak level of $X per ton. From 2019 to 2021, the average import prices remained at a somewhat lower figure.

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 the United States ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+20.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :