Philippines: Groundnut Oil Market 2024

Groundnut Oil Market Size in the Philippines

In 2021, the Philippine groundnut oil market increased by 16% to $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption showed significant growth. Groundnut oil consumption peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Groundnut Oil Production in the Philippines

In value terms, groundnut oil production skyrocketed to $X in 2021 estimated in export price. In general, production posted a significant expansion. The pace of growth appeared the most rapid in 2015 with an increase of 260% against the previous year. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Groundnut Oil Exports

Exports from the Philippines

In 2021, overseas shipments of groundnut oil increased by 18% to X tons, rising for the third year in a row after four years of decline. Over the period under review, exports, however, recorded a sharp slump. The most prominent rate of growth was recorded in 2013 when exports increased by 201%. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, groundnut oil exports expanded rapidly to $X in 2021. Overall, exports, however, continue to indicate a dramatic contraction. The pace of growth appeared the most rapid in 2014 when exports increased by 176%. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Kuwait (X tons) was the main destination for groundnut oil exports from the Philippines, accounting for a 95% share of total exports. Moreover, groundnut oil exports to Kuwait exceeded the volume sent to the second major destination, Micronesia (X kg), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Kuwait stood at -29.5%.

In value terms, Kuwait ($X) remains the key foreign market for groundnut oil exports from the Philippines, comprising 96% of total exports. The second position in the ranking was taken by Micronesia ($X), with a 3.2% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Kuwait amounted to -26.2%.

Export Prices by Country

The average groundnut oil export price stood at $X per ton in 2021, reducing by -4.7% against the previous year. Over the period under review, the export price, however, recorded tangible growth. The most prominent rate of growth was recorded in 2018 an increase of 44% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2019 to 2021, the average export prices remained at a lower figure.

Average prices varied noticeably for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Kuwait ($X per ton), while the average price for exports to Micronesia totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+35.6%), while the prices for the other major destinations experienced more modest paces of growth.

Groundnut Oil Imports

Imports into the Philippines

Groundnut oil imports into the Philippines stood at X tons in 2021, with an increase of 1.7% against 2020 figures. Overall, imports, however, faced a dramatic decline. The most prominent rate of growth was recorded in 2014 with an increase of 173%. Imports peaked at X tons in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, groundnut oil imports totaled $X in 2021. Over the period under review, imports, however, saw a abrupt downturn. The growth pace was the most rapid in 2014 when imports increased by 183%. Over the period under review, imports reached the maximum at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, the United Arab Emirates (X tons) constituted the largest supplier of groundnut oil to the Philippines, accounting for a 85% share of total imports. Moreover, groundnut oil imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, China (X kg), more than tenfold. Italy (X kg) ranked third in terms of total imports with a 1.9% share.

From 2012 to 2021, the average annual growth rate of volume from the United Arab Emirates totaled -19.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-0.3% per year) and Italy (-29.5% per year).

In value terms, the largest groundnut oil suppliers to the Philippines were China ($X), the United Arab Emirates ($X) and Italy ($X), with a combined 83% share of total imports.

In terms of the main suppliers, China, with a CAGR of +11.4%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average groundnut oil import price stood at $X per ton in 2021, rising by 1.7% against the previous year. Over the period under review, the import price enjoyed buoyant growth. The pace of growth was the most pronounced in 2013 an increase of 64% against the previous year. The import price peaked in 2021 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Singapore ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+64.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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