South-Eastern Asia: Refined Groundnut Oil Market 2024

Refined Groundnut Oil Market Size in South-Eastern Asia

In 2021, after three years of decline, there was growth in the Southeast Asian refined groundnut oil market, when its value increased by 3.4% to $X. In general, consumption enjoyed a resilient expansion. The level of consumption peaked at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Refined Groundnut Oil Production in South-Eastern Asia

In value terms, refined groundnut oil production amounted to $X in 2021 estimated in export price. Over the period under review, production showed strong growth. The most prominent rate of growth was recorded in 2016 when the production volume increased by 61% against the previous year. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2021, production remained at a lower figure.

Refined Groundnut Oil Exports

Exports in South-Eastern Asia

In 2021, overseas shipments of refined groundnut oil decreased by -27% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, exports continue to indicate a noticeable reduction. The pace of growth was the most pronounced in 2013 when exports increased by 83% against the previous year. The volume of export peaked at X tons in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, refined groundnut oil exports reduced slightly to $X in 2021. In general, exports saw a slight shrinkage. The pace of growth appeared the most rapid in 2013 with an increase of 64% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Malaysia was the largest exporter of refined groundnut oil in South-Eastern Asia, with the volume of exports accounting for X tons, which was near 53% of total exports in 2021. It was distantly followed by Singapore (X tons), Indonesia (X tons) and Vietnam (X tons), together constituting a 46% share of total exports.

From 2012 to 2021, the biggest increases were in Malaysia (with a CAGR of +56.5%), while shipments for the other leaders experienced a decline in the exports figures.

In value terms, Malaysia ($X) remains the largest refined groundnut oil supplier in South-Eastern Asia, comprising 61% of total exports. The second position in the ranking was taken by Singapore ($X), with a 29% share of total exports. It was followed by Vietnam, with a 6% share.

In Malaysia, refined groundnut oil exports increased at an average annual rate of +60.6% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Singapore (-11.9% per year) and Vietnam (-1.4% per year).

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2021, picking up by 33% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.0%. As a result, the export 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 Malaysia ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+6.9%), while the other leaders experienced mixed trends in the export price figures.

Refined Groundnut Oil Imports

Imports in South-Eastern Asia

In 2021, the amount of refined groundnut oil imported in South-Eastern Asia skyrocketed to X tons, increasing by 30% on the previous year. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of 101% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports remained at a lower figure.

In value terms, refined groundnut oil imports surged to $X in 2021. Total imports indicated modest growth from 2012 to 2021: its value increased at an average annual rate of +1.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +55.8% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Malaysia (X tons) and Singapore (X tons) represented the key importers of refined groundnut oil in South-Eastern Asia, together resulting at approx. 75% of total imports. Vietnam (X tons) ranks next in terms of the total imports with a 16% share, followed by Timor-Leste (6.1%). Thailand (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Timor-Leste (with a CAGR of +94.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest refined groundnut oil importing markets in South-Eastern Asia were Singapore ($X), Malaysia ($X) and Vietnam ($X), with a combined 95% share of total imports. Thailand and Timor-Leste lagged somewhat behind, together comprising a further 3.5%.

In terms of the main importing countries, Timor-Leste, with a CAGR of +61.1%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in South-Eastern Asia amounted to $X per ton, increasing by 16% against the previous year. Over the last nine years, it increased at an average annual rate of +1.5%. The pace of growth appeared the most rapid in 2013 when the import price increased by 26%. As a result, import price attained the peak level of $X per ton. From 2014 to 2021, the import prices remained at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Thailand ($X per ton), while Timor-Leste ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+3.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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