Norway: Refined Groundnut Oil Market 2024

Refined Groundnut Oil Market Size in Norway

In 2021, the Norwegian refined groundnut oil market increased by 20% to $X, rising for the second year in a row after two years of decline. Overall, the total consumption indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +3.1% 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 +28.0% against 2019 indices. As a result, consumption attained the peak level of $X. From 2018 to 2021, the growth of the market failed to regain momentum.

Refined Groundnut Oil Production in Norway

In value terms, refined groundnut oil production expanded modestly to $X in 2021 estimated in export price. Overall, production, however, saw strong growth. The pace of growth appeared the most rapid in 2017 with an increase of 244%. As a result, production reached the peak level of $X. From 2018 to 2021, production growth failed to regain momentum.

Refined Groundnut Oil Exports

Exports from Norway

In 2021, overseas shipments of refined groundnut oil decreased by -60% to X kg, falling for the third year in a row after two years of growth. In general, exports faced a dramatic descent. The growth pace was the most rapid in 2013 with an increase of 59%. As a result, the exports reached the peak of X tons. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, refined groundnut oil exports contracted sharply to $X in 2021. Over the period under review, exports faced a sharp reduction. The pace of growth appeared the most rapid in 2017 with an increase of 127%. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Mauritius (X kg), Denmark (X kg) and the Netherlands (X kg) were the main destinations of refined groundnut oil exports from Norway, together comprising 84% of total exports.

From 2012 to 2021, the biggest increases were in Mauritius (with a CAGR of 0.0%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, Denmark ($X) remains the key foreign market for refined groundnut oil exports from Norway, comprising 71% of total exports. The second position in the ranking was taken by Mauritius ($X), with a 15% share of total exports. It was followed by the Netherlands, with a 9.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Denmark totaled -11.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mauritius (0.0% per year) and the Netherlands (0.0% per year).

Export Prices by Country

In 2021, the average refined groundnut oil export price amounted to $X per ton, declining by -39.3% against the previous year. Overall, the export price, however, enjoyed buoyant growth. The growth pace was the most rapid in 2019 an increase of 98%. Over the period under review, the average export prices attained the maximum at $X per ton in 2017; however, from 2018 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Denmark ($X per ton), while the average price for exports to Ghana ($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 Sweden (+42.0%), while the prices for the other major destinations experienced mixed trend patterns.

Refined Groundnut Oil Imports

Imports into Norway

In 2021, approx. X tons of refined groundnut oil were imported into Norway; remaining constant against the year before. Overall, imports showed a pronounced slump. The pace of growth appeared the most rapid in 2015 when imports increased by 33% against the previous year. As a result, imports attained the peak of X tons. From 2016 to 2021, the growth of imports remained at a lower figure.

In value terms, refined groundnut oil imports skyrocketed to $X in 2021. In general, imports showed a pronounced decrease. Over the period under review, imports attained the peak figure at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the Netherlands (X tons) was the main supplier of refined groundnut oil to Norway, accounting for a 98% share of total imports. It was followed by Belgium (X tons), with a 0.3% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of volume from the Netherlands totaled +60.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (-48.3% per year) and Sweden (-38.0% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of refined groundnut oil to Norway, comprising 95% of total imports. The second position in the ranking was held by Belgium ($X), with a 0.4% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from the Netherlands stood at +57.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (-47.1% per year) and Sweden (-32.4% per year).

Import Prices by Country

The average refined groundnut oil import price stood at $X per ton in 2021, increasing by 33% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was Sweden ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sweden (+8.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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