Slovakia: Peanut Butter Market 2024

Peanut Butter Market Size in Slovakia

In 2022, the Slovak peanut butter market decreased by -13.5% to $X for the first time since 2019, thus ending a two-year rising trend. Over the period under review, the total consumption indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Peanut butter consumption peaked at $X in 2021, and then shrank in the following year.

Peanut Butter Production in Slovakia

In value terms, peanut butter production fell modestly to $X in 2022 estimated in export price. Overall, production showed a pronounced descent. The growth pace was the most rapid in 2014 with an increase of 52% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Peanut Butter Exports

Exports from Slovakia

In 2022, shipments abroad of peanut butter and prepared or preserved groundnuts decreased by -9.7% to X tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, exports, however, showed a resilient expansion. The pace of growth appeared the most rapid in 2015 with an increase of 82% against the previous year. The exports peaked at X tons in 2021, and then declined in the following year.

In value terms, peanut butter exports reduced remarkably to $X in 2022. Overall, exports, however, continue to indicate strong growth. The growth pace was the most rapid in 2015 when exports increased by 77%. Over the period under review, the exports attained the peak figure at $X in 2021, and then dropped rapidly in the following year.

Exports by Country

The Czech Republic (X tons) was the main destination for peanut butter exports from Slovakia, accounting for a 62% share of total exports. Moreover, peanut butter exports to the Czech Republic exceeded the volume sent to the second major destination, Hungary (X tons), sixfold. Poland (X tons) ranked third in terms of total exports with a 7.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Czech Republic totaled +4.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hungary (+26.9% per year) and Poland (+0.6% per year).

In value terms, the Czech Republic ($X) remains the key foreign market for peanut butter and prepared or preserved groundnuts exports from Slovakia, comprising 53% of total exports. The second position in the ranking was held by Hungary ($X), with a 9.9% share of total exports. It was followed by Romania, with a 9.6% share.

From 2012 to 2022, the average annual growth rate of value to the Czech Republic totaled +2.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hungary (+29.1% per year) and Romania (+30.8% per year).

Export Prices by Country

In 2022, the average peanut butter export price amounted to $X per ton, dropping by -6.1% against the previous year. Overall, the export price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 an increase of 17% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Romania ($X per ton), while the average price for exports to Poland ($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 Romania (+8.3%), while the prices for the other major destinations experienced more modest paces of growth.

Peanut Butter Imports

Imports into Slovakia

After three years of growth, overseas purchases of peanut butter and prepared or preserved groundnuts decreased by -18.2% to X tons in 2022. The total import volume increased at an average annual rate of +1.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 48%. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports failed to regain momentum.

In value terms, peanut butter imports dropped sharply to $X in 2022. In general, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 24%. Over the period under review, imports reached the maximum at $X in 2021, and then shrank dramatically in the following year.

Imports by Country

In 2022, Poland (X tons) constituted the largest supplier of peanut butter to Slovakia, accounting for a 46% share of total imports. Moreover, peanut butter imports from Poland exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), fourfold. The third position in this ranking was taken by the UK (X tons), with an 8.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Poland stood at +3.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+36.4% per year) and the UK (-3.4% per year).

In value terms, Poland ($X) constituted the largest supplier of peanut butter and prepared or preserved groundnuts to Slovakia, comprising 38% of total imports. The second position in the ranking was taken by the Netherlands ($X), with an 11% share of total imports. It was followed by Germany, with a 7.5% share.

From 2012 to 2022, the average annual growth rate of value from Poland stood at +2.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+34.4% per year) and Germany (-12.5% per year).

Import Prices by Country

The average peanut butter import price stood at $X per ton in 2022, reducing by -3.7% against the previous year. Over the period under review, the import price continues to indicate a mild curtailment. The growth pace was the most rapid in 2021 when the average import price increased by 12% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+0.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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