Russian Federation: Groundnut Oil Market 2024

Groundnut Oil Market Size in the Russian Federation

The Russian groundnut oil market rose significantly to $X in 2021, surging by 7.9% against the previous year. Over the period under review, consumption, however, recorded prominent growth. As a result, consumption attained the peak level of $X. From 2020 to 2021, the growth of the market failed to regain momentum.

Groundnut Oil Production in the Russian Federation

In value terms, groundnut oil production surged to $X in 2021 estimated in export price. Over the period under review, production, however, posted a significant expansion. The pace of growth was the most pronounced in 2019 when the production volume increased by 438% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2021, production growth failed to regain momentum.

Groundnut Oil Exports

Exports from the Russian Federation

In 2021, overseas shipments of groundnut oil increased by 12% to X kg, rising for the third consecutive year after three years of decline. In general, exports enjoyed moderate growth. The growth pace was the most rapid in 2019 when exports increased by 360%. The exports peaked in 2021 and are likely to see gradual growth in years to come.

In value terms, groundnut oil exports soared to $X in 2021. Over the period under review, exports enjoyed a resilient increase. The growth pace was the most rapid in 2019 when exports increased by 412%. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in the near future.

Exports by Country

Kazakhstan (X kg) was the main destination for groundnut oil exports from Russia, with a 78% share of total exports. Moreover, groundnut oil exports to Kazakhstan exceeded the volume sent to the second major destination, Ukraine (X kg), sixfold. The third position in this ranking was held by the Czech Republic (X kg), with a 4.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Kazakhstan stood at +8.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ukraine (+26.5% per year) and the Czech Republic (0.0% per year).

In value terms, Kazakhstan ($X) emerged as the key foreign market for groundnut oil exports from Russia, comprising 69% of total exports. The second position in the ranking was held by Ukraine ($X), with a 22% share of total exports. It was followed by the Czech Republic, with a 3.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Kazakhstan totaled +14.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ukraine (+770.7% per year) and the Czech Republic (0.0% per year).

Export Prices by Country

In 2021, the average groundnut oil export price amounted to $X per ton, picking up by 19% against the previous year. Over the period under review, export price indicated a noticeable expansion from 2012 to 2021: its price increased at an average annual rate of +4.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when the average export price increased by 39% against the previous year. The export price peaked at $X per ton in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Tajikistan ($X per ton), while the average price for exports to Azerbaijan ($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 Tajikistan (+25.7%), while the prices for the other major destinations experienced more modest paces of growth.

Groundnut Oil Imports

Imports into the Russian Federation

In 2021, approx. X tons of groundnut oil were imported into Russia; falling by -14.1% against 2020. Over the period under review, imports recorded a abrupt decrease. The most prominent rate of growth was recorded in 2015 with an increase of 58%. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

In value terms, groundnut oil imports surged to $X in 2021. Overall, imports continue to indicate a abrupt downturn. The growth pace was the most rapid in 2015 with an increase of 31% against the previous year. Over the period under review, imports attained the peak figure at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Italy (X tons) constituted the largest groundnut oil supplier to Russia, with a 55% share of total imports. Moreover, groundnut oil imports from Italy exceeded the figures recorded by the second-largest supplier, Slovenia (X tons), threefold. Ukraine (X kg) ranked third in terms of total imports with an 11% share.

From 2012 to 2021, the average annual growth rate of volume from Italy was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Slovenia (-17.4% per year) and Ukraine (-8.1% per year).

In value terms, Italy ($X), Slovenia ($X) and Ukraine ($X) were the largest groundnut oil suppliers to Russia, with a combined 82% share of total imports. France, Germany and Belgium lagged somewhat behind, together accounting for a further 17%.

Among the main suppliers, Belgium, with a CAGR of +358.1%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average groundnut oil import price stood at $X per ton in 2021, with an increase of 39% against the previous year. In general, the import price showed 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 by country of origin: amid the top importers, the country with the highest price was Slovenia ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (+32.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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