Vietnam: Groundnut Oil Market 2024

Groundnut Oil Market Size in Vietnam

The Vietnamese groundnut oil market contracted to $X in 2021, falling by -9.5% against the previous year. Overall, consumption recorded a pronounced curtailment. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Groundnut Oil Production in Vietnam

In value terms, groundnut oil production contracted to $X in 2021 estimated in export price. Overall, production continues to indicate a perceptible descent. The growth pace was the most rapid in 2020 with an increase of 28% against the previous year. Over the period under review, production attained the peak level at $X in 2013; however, from 2014 to 2021, production remained at a lower figure.

Groundnut Oil Exports

Exports from Vietnam

In 2021, approx. X tons of groundnut oil were exported from Vietnam; picking up by 30% against the previous year's figure. Overall, exports showed a modest expansion. The pace of growth was the most pronounced in 2017 when exports increased by 209% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the near future.

In value terms, groundnut oil exports soared to $X in 2021. Over the period under review, exports continue to indicate a mild increase. The pace of growth was the most pronounced in 2017 when exports increased by 238%. The exports peaked in 2021 and are expected to retain growth in years to come.

Exports by Country

Lao People's Democratic Republic (X tons), China (X tons) and Taiwan (Chinese) (X tons) were the main destinations of groundnut oil exports from Vietnam, with a combined 98% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Lao People's Democratic Republic (with a CAGR of +13.7%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, the largest markets for groundnut oil exported from Vietnam were Lao People's Democratic Republic ($X), China ($X) and Taiwan (Chinese) ($X), with a combined 98% share of total exports.

Lao People's Democratic Republic, with a CAGR of +17.1%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average groundnut oil export price stood at $X per ton in 2021, surging by 8.3% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the average export price increased by 29%. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to Cambodia ($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 Taiwan (Chinese) (+5.0%), while the prices for the other major destinations experienced mixed trend patterns.

Groundnut Oil Imports

Imports into Vietnam

In 2021, after three years of growth, there was decline in overseas purchases of groundnut oil, when their volume decreased by -3.2% to X tons. Over the period under review, imports, however, recorded a significant expansion. The pace of growth was the most pronounced in 2018 when imports increased by 1,415%. Imports peaked at X tons in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, groundnut oil imports surged to $X in 2021. In general, imports, however, recorded a significant expansion. The growth pace was the most rapid in 2018 when imports increased by 1,021% against the previous year. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, India (X tons) was the main groundnut oil supplier to Vietnam, accounting for a 93% share of total imports. Moreover, groundnut oil imports from India exceeded the figures recorded by the second-largest supplier, Hong Kong SAR (X tons), more than tenfold. Malaysia (X tons) ranked third in terms of total imports with a 1.1% share.

From 2012 to 2021, the average annual growth rate of volume from India amounted to +108.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+6.2% per year) and Malaysia (-94.6% per year).

In value terms, India ($X) constituted the largest supplier of groundnut oil to Vietnam, comprising 91% of total imports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 5.4% share of total imports. It was followed by Malaysia, with a 1.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value from India totaled +130.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+14.6% per year) and Malaysia (-93.2% per year).

Import Prices by Country

The average groundnut oil import price stood at $X per ton in 2021, jumping by 24% against the previous year. Overall, the import price enjoyed slight growth. The pace of growth was the most pronounced in 2016 an increase of 198% against the previous year. Over the period under review, average import prices reached the maximum in 2021 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Hong Kong SAR ($X per ton), while the price for Singapore ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+24.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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