SADC: Groundnut Oil Market 2024

Groundnut Oil Market Size in SADC

In 2021, after two years of growth, there was significant decline in the SADC groundnut oil market, when its value decreased by -5.1% to $X. Overall, consumption continues to indicate a pronounced reduction. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market remained at a lower figure.

Groundnut Oil Production in SADC

In value terms, groundnut oil production reduced to $X in 2021 estimated in export price. Over the period under review, production recorded a abrupt slump. The most prominent rate of growth was recorded in 2014 when the production volume increased by 17%. As a result, production reached the peak level of $X. From 2015 to 2021, production growth failed to regain momentum.

Groundnut Oil Exports

Exports in SADC

In 2021, overseas shipments of groundnut oil were finally on the rise to reach X tons after two years of decline. In general, exports enjoyed a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, groundnut oil exports soared to $X in 2021. Overall, exports enjoyed significant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The shipments of the one major exporters of groundnut oil, namely South Africa, represented more than two-thirds of total export.

South Africa was also the fastest-growing in terms of the groundnut oil exports, with a CAGR of +131.5% from 2012 to 2021. While the share of South Africa (+16 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Africa ($X) also remains the largest groundnut oil supplier in SADC.

In South Africa, groundnut oil exports expanded at an average annual rate of +110.2% over the period from 2012-2021.

Export Prices by Country

The export price in SADC stood at $X per ton in 2021, waning by -24.2% against the previous year. Over the period under review, the export price recorded a deep contraction. The most prominent rate of growth was recorded in 2017 an increase of 34%. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the rate of growth in terms of prices for South Africa amounted to -9.2% per year.

Groundnut Oil Imports

Imports in SADC

In 2021, supplies from abroad of groundnut oil increased by 7.1% to X tons, rising for the second consecutive year after two years of decline. In general, imports continue to indicate a prominent expansion. The pace of growth appeared the most rapid in 2014 with an increase of 136%. The volume of import peaked at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, groundnut oil imports soared to $X in 2021. Over the period under review, imports enjoyed a tangible increase. The most prominent rate of growth was recorded in 2017 when imports increased by 80% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Swaziland was the main importing country with an import of around X tons, which reached 48% of total imports. It was distantly followed by Comoros (X tons), Botswana (X tons), Malawi (X tons), Namibia (X tons) and Democratic Republic of the Congo (X tons), together comprising a 41% share of total imports. South Africa (X tons) followed a long way behind the leaders.

Imports into Swaziland increased at an average annual rate of +20.9% from 2012 to 2021. At the same time, Comoros (+49.9%), Namibia (+11.1%) and South Africa (+8.8%) displayed positive paces of growth. Moreover, Comoros emerged as the fastest-growing importer imported in SADC, with a CAGR of +49.9% from 2012-2021. Botswana, Democratic Republic of the Congo and Malawi experienced a relatively flat trend pattern. While the share of Swaziland (+31 p.p.) and Comoros (+14 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Democratic Republic of the Congo (-4 p.p.), Malawi (-6.5 p.p.) and Botswana (-7.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Swaziland ($X) constitutes the largest market for imported groundnut oil in SADC, comprising 39% of total imports. The second position in the ranking was held by Comoros ($X), with a 13% share of total imports. It was followed by Botswana, with an 11% share.

In Swaziland, groundnut oil imports increased at an average annual rate of +18.7% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Comoros (+54.2% per year) and Botswana (-1.9% per year).

Import Prices by Country

In 2021, the import price in SADC amounted to $X per ton, picking up by 15% against the previous year. Over the period under review, the import price, however, continues to indicate a noticeable decrease. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was South Africa ($X per ton), while Malawi ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Africa (+6.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform