Northern America: Refined Groundnut Oil Market 2024

Refined Groundnut Oil Market Size in Northern America

The North American refined groundnut oil market stood at $X in 2021, increasing by 5.3% against the previous year. Overall, consumption showed strong growth. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Refined Groundnut Oil Production in Northern America

In value terms, refined groundnut oil production rose rapidly to $X in 2021 estimated in export price. In general, production saw a strong expansion. The pace of growth was the most pronounced in 2013 when the production volume increased by 52%. The level of production peaked at $X in 2017; however, from 2018 to 2021, production failed to regain momentum.

Refined Groundnut Oil Exports

Exports in Northern America

Refined groundnut oil exports skyrocketed to X tons in 2021, growing by 30% on the previous year. Overall, exports, however, saw a pronounced shrinkage. The pace of growth appeared the most rapid in 2015 when exports increased by 31%. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, refined groundnut oil exports soared to $X in 2021. Over the period under review, exports recorded a relatively flat trend pattern. Over the period under review, the exports reached the maximum at $X in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons) represented roughly 99% of total exports in 2021.

The United States was also the fastest-growing in terms of the refined groundnut oil exports, with a CAGR of -4.4% from 2012 to 2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, the United States ($X) also remains the largest refined groundnut oil supplier in Northern America.

In the United States, refined groundnut oil exports remained relatively stable over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in Northern America amounted to $X per ton, surging by 7.8% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.6%. The growth pace was the most rapid in 2013 when the export price increased by 60% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the rate of growth in terms of prices for the United States amounted to +4.7% per year.

Refined Groundnut Oil Imports

Imports in Northern America

In 2021, approx. X tons of refined groundnut oil were imported in Northern America; increasing by 9.6% compared with the previous year. In general, imports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of 31%. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, refined groundnut oil imports totaled $X in 2021. Total imports indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +4.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +76.2% against 2015 indices. The most prominent rate of growth was recorded in 2016 when imports increased by 20% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, Canada (X tons) represented the main importer of refined groundnut oil, creating 78% of total imports. It was distantly followed by the United States (X tons), generating a 22% share of total imports.

Canada was also the fastest-growing in terms of the refined groundnut oil imports, with a CAGR of +5.7% from 2012 to 2021. The United States (-8.6%) illustrated a downward trend over the same period. Canada (+29 p.p.) significantly strengthened its position in terms of the total imports, while the United States saw its share reduced by -29% from 2012 to 2021, respectively.

In value terms, Canada ($X) constitutes the largest market for imported refined groundnut oil in Northern America, comprising 71% of total imports. The second position in the ranking was held by the United States ($X), with a 29% share of total imports.

From 2012 to 2021, the average annual growth rate of value in Canada amounted to +2.9%.

Import Prices by Country

The import price in Northern America stood at $X per ton in 2021, increasing by 3.5% against the previous year. Import price indicated a measured expansion from 2012 to 2021: its price increased at an average annual rate of +4.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, refined groundnut oil import price increased by +78.8% against 2018 indices. The growth pace was the most rapid in 2019 when the import price increased by 58% against the previous year. Over the period under review, import prices hit record highs in 2021 and is expected to retain growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2021, the country with the highest price was the United States ($X per ton), while Canada stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+20.4%).

Source: IndexBox Platform

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