Southern Asia: Crude Groundnut Oil Market 2024

Crude Groundnut Oil Market Size in Southern Asia

The South Asian crude groundnut oil market soared to $X in 2022, with an increase of 22% against the previous year. In general, consumption, however, showed a deep slump. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Crude Groundnut Oil Production in Southern Asia

In value terms, crude groundnut oil production skyrocketed to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a abrupt curtailment. The pace of growth was the most pronounced in 2020 when the production volume increased by 95%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Crude Groundnut Oil Exports

Exports in Southern Asia

In 2022, overseas shipments of crude groundnut oil decreased by -24.7% to X tons, falling for the second year in a row after three years of growth. Over the period under review, exports, however, continue to indicate significant growth. The most prominent rate of growth was recorded in 2014 with an increase of 71,841% against the previous year. The volume of export peaked at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, crude groundnut oil exports declined remarkably to $X in 2022. Overall, exports, however, posted a significant expansion. The pace of growth was the most pronounced in 2014 when exports increased by 54,344% against the previous year. Over the period under review, the exports reached the maximum at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

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

India was also the fastest-growing in terms of the crude groundnut oil exports, with a CAGR of +44.6% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, India ($X) also remains the largest crude groundnut oil supplier in Southern Asia.

From 2012 to 2022, the average annual rate of growth in terms of value in India amounted to +41.7%.

Export Prices by Country

The export price in Southern Asia stood at $X per ton in 2022, approximately reflecting the previous year. Over the period under review, the export price, however, showed a noticeable slump. The pace of growth appeared the most rapid in 2020 when the export price increased by 29%. Over the period under review, the export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the rate of growth in terms of prices for India amounted to -2.0% per year.

Crude Groundnut Oil Imports

Imports in Southern Asia

In 2022, the amount of crude groundnut oil imported in Southern Asia shrank to X tons, dropping by -5.3% on the previous year's figure. Overall, imports continue to indicate a sharp reduction. The most prominent rate of growth was recorded in 2021 when imports increased by 12%. Over the period under review, imports reached the maximum at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, crude groundnut oil imports expanded slightly to $X in 2022. In general, imports continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2019 with an increase of 24%. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Bangladesh (X kg) was the largest importer of crude groundnut oil, mixing up 71% of total imports. India (X kg) ranks second in terms of the total imports with a 16% share, followed by Pakistan (4.6%). The following importers - Maldives (X kg), Nepal (X kg) and Sri Lanka (X kg) - together made up 7.4% of total imports.

Bangladesh was also the fastest-growing in terms of the crude groundnut oil imports, with a CAGR of -6.9% from 2012 to 2022. Maldives (-7.5%), India (-26.5%), Nepal (-35.6%), Sri Lanka (-39.1%) and Pakistan (-42.7%) illustrated a downward trend over the same period. While the share of Bangladesh (+65 p.p.) and Maldives (+2.5 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Nepal (-7 p.p.), Sri Lanka (-10.9 p.p.) and Pakistan (-49.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Bangladesh ($X) constitutes the largest market for imported crude groundnut oil in Southern Asia, comprising 74% of total imports. The second position in the ranking was held by India ($X), with a 20% share of total imports. It was followed by Pakistan, with a 3.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Bangladesh amounted to +4.8%. In the other countries, the average annual rates were as follows: India (-11.3% per year) and Pakistan (-36.2% per year).

Import Prices by Country

In 2022, the import price in Southern Asia amounted to $X per ton, surging by 9.3% against the previous year. Overall, the import price posted a resilient increase. The pace of growth was the most pronounced in 2013 an increase of 82%. Over the period under review, import prices hit record highs at $X per ton in 2020; however, from 2021 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was India ($X per ton), while Sri Lanka ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+20.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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