Thailand: Refined Groundnut Oil Market 2024

Refined Groundnut Oil Market Size in Thailand

The Thai refined groundnut oil market stood at $X in 2021, rising by 13% against the previous year. Over the period under review, consumption enjoyed a buoyant expansion. Refined groundnut oil consumption peaked at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Refined Groundnut Oil Production in Thailand

In value terms, refined groundnut oil production surged to $X in 2021 estimated in export price. Over the period under review, production saw strong growth. The most prominent rate of growth was recorded in 2016 when the production volume increased by 102%. Over the period under review, production attained the peak level at $X in 2017; however, from 2018 to 2021, production failed to regain momentum.

Refined Groundnut Oil Exports

Exports from Thailand

In 2021, approx. X tons of refined groundnut oil were exported from Thailand; waning by -82.1% on the previous year's figure. In general, exports continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2020 when exports increased by 734%. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, refined groundnut oil exports dropped notably to $X in 2021. Over the period under review, exports recorded a deep slump. The pace of growth appeared the most rapid in 2020 with an increase of 470%. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Germany (X tons) was the main destination for refined groundnut oil exports from Thailand, with a 84% share of total exports. Moreover, refined groundnut oil exports to Germany exceeded the volume sent to the second major destination, Austria (X kg), more than tenfold. Chile (X kg) ranked third in terms of total exports with a 4.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Germany totaled +81.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Austria (-1.5% per year) and Chile (-66.2% per year).

In value terms, Germany ($X) emerged as the key foreign market for refined groundnut oil exports from Thailand, comprising 79% of total exports. The second position in the ranking was taken by Colombia ($X), with a 5% share of total exports. It was followed by Austria, with a 4.2% share.

From 2012 to 2021, the average annual growth rate of value to Germany stood at +93.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (-21.7% per year) and Austria (-9.2% per year).

Export Prices by Country

In 2021, the average refined groundnut oil export price amounted to $X per ton, growing by 17% against the previous year. Overall, export price indicated slight growth from 2012 to 2021: its price increased at an average annual rate of +1.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, refined groundnut oil export price decreased by -20.3% against 2019 indices. The most prominent rate of growth was recorded in 2016 when the average export price increased by 70% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Colombia ($X per ton), while the average price for exports to South Africa ($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 Canada (+200.1%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Groundnut Oil Imports

Imports into Thailand

In 2021, imports of refined groundnut oil into Thailand reduced markedly to X tons, waning by -38% compared with 2020. In general, imports showed a mild downturn. The pace of growth appeared the most rapid in 2020 with an increase of 382%. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, refined groundnut oil imports rose rapidly to $X in 2021. Over the period under review, imports, however, recorded a noticeable increase. The most prominent rate of growth was recorded in 2020 when imports increased by 380%. Imports peaked at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Belgium (X tons) and the United States (X tons) were the main suppliers of refined groundnut oil imports to Thailand.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Belgium (with a CAGR of +12.4%).

In value terms, the United States ($X) and Belgium ($X) appeared to be the largest refined groundnut oil suppliers to Thailand.

Belgium, with a CAGR of +18.7%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review.

Import Prices by Country

The average refined groundnut oil import price stood at $X per ton in 2021, surging by 79% against the previous year. Over the period under review, import price indicated a pronounced increase from 2012 to 2021: its price increased at an average annual rate of +3.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2021, the country with the highest price was the United States ($X per ton), while the price for Belgium stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (+5.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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