United Kingdom: Crude Groundnut Oil Market 2024

Crude Groundnut Oil Market Size in the UK

The UK crude groundnut oil market soared to $X in 2022, increasing by 17% against the previous year. In general, consumption recorded a relatively flat trend pattern. Over the period under review, the market hit record highs in 2022 and is likely to continue growth in years to come.

Crude Groundnut Oil Production in the UK

In value terms, crude groundnut oil production dropped to $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of 4.3%. Crude groundnut oil production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Crude Groundnut Oil Exports

Exports from the UK

Crude groundnut oil exports from the UK shrank slightly to X tons in 2022, dropping by -2.9% against the year before. Over the period under review, exports, however, enjoyed significant growth. The pace of growth was the most pronounced in 2019 with an increase of 273,189%. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports remained at a lower figure.

In value terms, crude groundnut oil exports fell significantly to $X in 2022. In general, exports, however, posted a buoyant expansion. The most prominent rate of growth was recorded in 2019 with an increase of 299,417% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The Netherlands (X tons) was the main destination for crude groundnut oil exports from the UK, with a 93% share of total exports. Moreover, crude groundnut oil exports to the Netherlands exceeded the volume sent to the second major destination, Spain (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Netherlands amounted to +153.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (+90.0% per year) and the United States (-87.9% per year).

In value terms, the Netherlands ($X), Spain ($X) and the United States ($X) constituted the largest markets for crude groundnut oil exported from the UK worldwide.

In terms of the main countries of destination, Spain, with a CAGR of +139.9%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average crude groundnut oil export price stood at $X per ton in 2022, with a decrease of -27.3% against the previous year. Over the period under review, the export price recorded a abrupt decrease. The most prominent rate of growth was recorded in 2015 an increase of 237% against the previous year. The export price peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a 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 the United States ($X per ton), while the average price for exports to the Netherlands ($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 the United States (+46.9%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Groundnut Oil Imports

Imports into the UK

After two years of decline, supplies from abroad of crude groundnut oil increased by 96% to X tons in 2022. In general, imports, however, faced a abrupt descent. The pace of growth appeared the most rapid in 2019 when imports increased by 152% against the previous year. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of imports failed to regain momentum.

In value terms, crude groundnut oil imports surged to $X in 2022. Overall, imports, however, saw a abrupt descent. The pace of growth appeared the most rapid in 2017 when imports increased by 47%. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

India (X tons), Hong Kong SAR (X tons) and Belgium (X tons) were the main suppliers of crude groundnut oil imports to the UK, together accounting for 99% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +27.8%), while imports for the other leaders experienced a decline.

In value terms, the largest crude groundnut oil suppliers to the UK were Hong Kong SAR ($X), Belgium ($X) and India ($X), together accounting for 94% of total imports.

Among the main suppliers, India, with a CAGR of +4.2%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2022, the average crude groundnut oil import price amounted to $X per ton, with a decrease of -28.3% against the previous year. In general, the import price, however, enjoyed slight growth. The growth pace was the most rapid in 2020 an increase of 104% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2015; however, from 2016 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 Belgium ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+7.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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