Vietnam: Refined Groundnut Oil Market 2025

Refined Groundnut Oil Market Size in Vietnam

The Vietnamese refined groundnut oil market declined to $X in 2021, which is down by -2.5% against the previous year. Over the period under review, consumption saw a relatively flat trend pattern. 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 Vietnam

In value terms, refined groundnut oil production reduced to $X in 2021 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of 40%. Refined groundnut oil production peaked at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Refined Groundnut Oil Exports

Exports from Vietnam

Refined groundnut oil exports from Vietnam skyrocketed to X tons in 2021, increasing by 33% on the previous year's figure. In general, exports, however, saw a slight descent. The growth pace was the most rapid in 2017 when exports increased by 209%. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, refined groundnut oil exports soared to $X in 2021. Over the period under review, exports, however, saw a slight decline. The most prominent rate of growth was recorded in 2017 with an increase of 238% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

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

From 2012 to 2021, the biggest increases were in Lao People's Democratic Republic (with a CAGR of +6.1%), while shipments for the other leaders experienced mixed trend patterns.

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

In terms of the main countries of destination, Lao People's Democratic Republic, with a CAGR of +9.0%, saw 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 refined groundnut oil export price stood at $X per ton in 2021, picking up by 11% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the average export price increased by 28%. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, 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) (+6.9%), while the prices for the other major destinations experienced mixed trend patterns.

Refined Groundnut Oil Imports

Imports into Vietnam

In 2021, imports of refined groundnut oil into Vietnam skyrocketed to X tons, picking up by 191% against 2020 figures. Overall, imports showed a significant expansion. The growth pace was the most rapid in 2020 with an increase of 634% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to see gradual growth in the immediate term.

In value terms, refined groundnut oil imports soared to $X in 2021. Over the period under review, imports enjoyed significant growth. The most prominent rate of growth was recorded in 2020 when imports increased by 570% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are likely to see gradual growth in the near future.

Imports by Country

In 2021, India (X tons) was the main supplier of refined groundnut oil to Vietnam, accounting for a 97% share of total imports. It was followed by Hong Kong SAR (X tons), with a 2.3% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from India amounted to +478.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (-0.2% per year) and Taiwan (Chinese) (-7.5% per year).

In value terms, India ($X) constituted the largest supplier of refined groundnut oil to Vietnam, comprising 94% of total imports. The second position in the ranking was held by Hong Kong SAR ($X), with a 4.4% share of total imports.

From 2012 to 2021, the average annual growth rate of value from India amounted to +614.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+10.0% per year) and Taiwan (Chinese) (-7.0% per year).

Import Prices by Country

The average refined groundnut oil import price stood at $X per ton in 2021, jumping by 24% against the previous year. In general, import price indicated a slight increase from 2012 to 2021: its price increased at an average annual rate of +1.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when the average import price increased by 32% 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 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Hong Kong SAR ($X per ton), while the price for India ($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 (+23.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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