United Kingdom: Groundnut Oil Market 2024

Groundnut Oil Market Size in the UK

After two years of decline, the UK groundnut oil market increased by 25% to $X in 2021. The market value increased at an average annual rate of +1.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Groundnut oil consumption peaked in 2021 and is expected to retain growth in years to come.

Groundnut Oil Exports

Exports from the UK

In 2021, overseas shipments of groundnut oil decreased by -83.5% to X tons for the first time since 2018, thus ending a two-year rising trend. In general, exports continue to indicate a deep reduction. The pace of growth appeared the most rapid in 2020 when exports increased by 118% against the previous year. As a result, the exports reached the peak of X tons, and then fell sharply in the following year.

In value terms, groundnut oil exports fell significantly to $X in 2021. Over the period under review, exports recorded a abrupt setback. The pace of growth was the most pronounced in 2019 with an increase of 148% against the previous year. As a result, the exports attained the peak of $X. From 2020 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Germany (X tons), Ireland (X tons) and Norway (X tons) were the main destinations of groundnut oil exports from the UK, together accounting for 75% of total exports. These countries were followed by South Africa, Sweden, the United Arab Emirates, the Netherlands, Japan, Argentina and Poland, which together accounted for a further 22%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Netherlands (with a CAGR of +94.0%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for groundnut oil exported from the UK were Germany ($X), the Netherlands ($X) and Ireland ($X), with a combined 53% share of total exports.

The Netherlands, with a CAGR of +157.5%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average groundnut oil export price amounted to $X per ton, with an increase of 153% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. Over the period under review, the average export prices hit record highs at $X per ton in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Ireland ($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 the Netherlands (+32.7%), while the prices for the other major destinations experienced more modest paces of growth.

Groundnut Oil Imports

Imports into the UK

In 2021, purchases abroad of groundnut oil decreased by -11.4% to X tons, falling for the second year in a row after three years of growth. Overall, total imports indicated mild growth from 2012 to 2021: its volume increased at an average annual rate of +1.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -25.4% against 2019 indices. The pace of growth appeared the most rapid in 2017 with an increase of 35%. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, groundnut oil imports skyrocketed to $X in 2021. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 38%. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, Belgium (X tons) constituted the largest supplier of groundnut oil to the UK, accounting for a 73% share of total imports. Moreover, groundnut oil imports from Belgium exceeded the figures recorded by the second-largest supplier, Italy (X tons), fivefold. The Netherlands (X tons) ranked third in terms of total imports with a 5.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Belgium stood at +14.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+36.4% per year) and the Netherlands (+61.5% per year).

In value terms, Belgium ($X) constituted the largest supplier of groundnut oil to the UK, comprising 75% of total imports. The second position in the ranking was taken by Italy ($X), with a 14% share of total imports. It was followed by the Netherlands, with a 5.3% share.

From 2012 to 2021, the average annual growth rate of value from Belgium stood at +13.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+33.9% per year) and the Netherlands (+62.4% per year).

Import Prices by Country

The average groundnut oil import price stood at $X per ton in 2021, jumping by 36% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+5.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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