Global Groundnut Oil Trade Intensifies on Booming China’s Demand
IndexBox has just published a new report: ‘World – Groundnut Oil – Market Analysis, Forecast, Size, Trends and Insights’. Here is a summary of the report’s key findings.
Global groundnut oil imports reached $671M in 2020. In physical terms, global imports spiked by +15% y-o-y to 444K tonnes in 2020, mainly due to rising demand from China. China represents the world’s largest importer of groundnut oil, with a 61%-share of global import volume. In 2020, China’s groundnut oil imports jumped from $225M to $433M. Brazil and Argentina remain the key exporters of groundnut oil.
Global Groundnut Oil Imports
Global groundnut oil imports rose significantly to 444K tonnes in 2020, surging by +15% against the previous year’s figure. Over the period under review, total imports indicated a noticeable increase from 2010 to 2020: its volume increased at an average annual rate of +4.9% over the last decade.
In value terms, groundnut oil imports skyrocketed to $671M (IndexBox estimates) in 2020. In general, total imports indicated a buoyant expansion from 2010 to 2020: its value increased at an average annual rate of +4.9% over the last decade.
China dominates groundnut oil imports with a figure of 269K tonnes, which was approx. 61% of total imports in 2020. Afghanistan (43K tonnes) occupied the second position in the ranking, followed by Italy (39K tonnes). All these countries together took approx. 19% share of total imports. The following importers – the Netherlands (15K tonnes), Hong Kong SAR (15K tonnes), Belgium (11K tonnes), Benin (10K tonnes) and France (8.1K tonnes) – together made up 13% of the total imports.
In value terms, China ($433M) constitutes the largest market for imported groundnut oil worldwide, comprising 65% of global imports. The second position in the ranking was occupied by Italy ($66M), with a 9.8% share of global imports. It was followed by Hong Kong SAR, with a 4.6% share.
In 2020, China’s imports of groundnut oil spiked from $225M to $433M. From 2010 to 2020, groundnut oil imports into China grew from $87M to $433M, rising at an average annual rate of +17.4%. The remaining importing countries recorded the following average annual rates of imports growth: Italy (+2.6% per year) and Hong Kong SAR (+2.3% per year).
In 2020, the average import price amounted to $1,509 per tonne, picking up by +30% against the previous year. In general, the import price indicated modest growth from 2010 to 2020, increasing at an average annual rate of +1.2% over the last decade.
Prices varied noticeably by the country of destination; the country with the highest price was Hong Kong SAR, while Benin was amongst the lowest. In 2020, the Netherlands attained the most notable rate of growth in terms of prices, while the other global leaders experienced more modest paces of growth.
World’s Largest Exporters of Groundnut Oil
In 2020, Brazil (67K tonnes) and Argentina (56K tonnes) represented the key exporters of groundnut oil worldwide, reaching nearly 48% of total exports. India (36K tonnes) took a 14% share (based on tonnes) of total exports, which put it in second place, followed by Iraq (10%), Nicaragua (6.5%) and China (4.9%). Senegal (8.5K tonnes) followed a long way behind the leaders.
In value terms, Brazil ($112M), Argentina ($79M) and India ($59M) constituted the countries with the highest levels of exports in 2020, with a combined 63% share of global exports. These countries were followed by China, Nicaragua, Iraq and Senegal, which together accounted for a further 20%.
Source: IndexBox Platform