Norway: Peanut Butter Market 2024

Peanut Butter Market Size in Norway

In 2022, after two years of growth, there was significant decline in the Norwegian peanut butter market, when its value decreased by -11.3% to $X. Overall, the total consumption indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +17.1% against 2019 indices. Peanut butter consumption peaked at $X in 2021, and then shrank in the following year.

Peanut Butter Production in Norway

In value terms, peanut butter production dropped to $X in 2022 estimated in export price. In general, production continues to indicate a drastic downturn. The growth pace was the most rapid in 2015 when the production volume increased by 111% against the previous year. As a result, production attained the peak level of $X. From 2016 to 2022, production growth remained at a lower figure.

Peanut Butter Exports

Exports from Norway

In 2022, shipments abroad of peanut butter and prepared or preserved groundnuts was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. In general, exports, however, saw a sharp shrinkage. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, peanut butter exports skyrocketed to $X in 2022. Over the period under review, exports, however, continue to indicate a precipitous slump. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Sweden (X tons) was the main destination for peanut butter exports from Norway, with a 71% share of total exports. Moreover, peanut butter exports to Sweden exceeded the volume sent to the second major destination, Italy (X tons), fivefold. Poland (X tons) ranked third in terms of total exports with a 5.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Sweden amounted to -32.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (0.0% per year) and Poland (0.0% per year).

In value terms, Sweden ($X) remains the key foreign market for peanut butter and prepared or preserved groundnuts exports from Norway, comprising 78% of total exports. The second position in the ranking was taken by Italy ($X), with a 10% share of total exports. It was followed by the Netherlands, with a 4% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Sweden amounted to -31.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (0.0% per year) and the Netherlands (+0.3% per year).

Export Prices by Country

The average peanut butter export price stood at $X per ton in 2022, dropping by -19.7% against the previous year. Overall, the export price, however, showed a mild increase. The pace of growth was the most pronounced in 2018 an increase of 103% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2021, and then fell rapidly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+3.3%), while the prices for the other major destinations experienced mixed trend patterns.

Peanut Butter Imports

Imports into Norway

After ten years of growth, overseas purchases of peanut butter and prepared or preserved groundnuts decreased by -8.2% to X tons in 2022. Overall, total imports indicated a strong increase from 2012 to 2022: its volume increased at an average annual rate of +6.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 with an increase of 24% against the previous year. Imports peaked at X tons in 2021, and then dropped in the following year.

In value terms, peanut butter imports contracted to $X in 2022. Over the period under review, imports, however, recorded a resilient increase. The pace of growth was the most pronounced in 2020 with an increase of 29% against the previous year. Imports peaked at $X in 2021, and then contracted in the following year.

Imports by Country

In 2022, the Netherlands (X tons) constituted the largest peanut butter supplier to Norway, accounting for a 75% share of total imports. Moreover, peanut butter imports from the Netherlands exceeded the figures recorded by the second-largest supplier, Argentina (X tons), tenfold. Greece (X tons) ranked third in terms of total imports with a 3.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the Netherlands stood at +10.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (+1.6% per year) and Greece (+211.9% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of peanut butter and prepared or preserved groundnuts to Norway, comprising 70% of total imports. The second position in the ranking was held by Argentina ($X), with a 6.6% share of total imports. It was followed by Israel, with a 3.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the Netherlands totaled +11.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (+1.8% per year) and Israel (-6.7% per year).

Import Prices by Country

In 2022, the average peanut butter import price amounted to $X per ton, which is down by -4.4% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 8.1%. Over the period under review, average import prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Egypt ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+8.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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