EU: Refined Groundnut Oil Market 2024

Refined Groundnut Oil Market Size in the EU

The EU refined groundnut oil market fell to $X in 2023, with a decrease of X% against the previous year. The total consumption indicated tangible growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption increased by X% against 2021 indices. Over the period under review, the market reached the peak level at $X in 2017; however, from 2018 to 2023, consumption stood at a somewhat lower figure.

Refined Groundnut Oil Production in the EU

In value terms, refined groundnut oil production shrank to $X in 2023 estimated in export price. The total production indicated a measured increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2017; however, from 2018 to 2023, production failed to regain momentum.

Refined Groundnut Oil Exports

Exports in the EU

In 2023, approx. X tons of refined groundnut oil were exported in the European Union; picking up by X% compared with the previous year's figure. Over the period under review, exports, however, continue to indicate a pronounced descent. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. The volume of export peaked at X tons in 2016; however, from 2017 to 2023, the exports failed to regain momentum.

In value terms, refined groundnut oil exports shrank slightly to $X in 2023. Overall, exports, however, saw a pronounced downturn. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2023, the exports failed to regain momentum.

Exports by Country

In 2023, Belgium (X tons) was the major exporter of refined groundnut oil, comprising X% of total exports. Italy (X tons) held a X% share (based on physical terms) of total exports, which put it in second place, followed by France (X%), the Netherlands (X%) and Germany (X%).

From 2012 to 2023, average annual rates of growth with regard to refined groundnut oil exports from Belgium stood at X%. At the same time, Italy (X%) and Germany (X%) displayed positive paces of growth. Moreover, Italy emerged as the fastest-growing exporter exported in the European Union, with a CAGR of X% from 2012-2023. By contrast, the Netherlands (X%) and France (X%) illustrated a downward trend over the same period. While the share of Italy (X p.p.) and Germany (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Belgium (X p.p.) and France (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Belgium ($X) remains the largest refined groundnut oil supplier in the European Union, comprising X% of total exports. The second position in the ranking was held by Italy ($X), with a X% share of total exports. It was followed by France, with a X% share.

In Belgium, refined groundnut oil exports declined by an average annual rate of X% over the period from 2012-2023. The remaining exporting countries recorded the following average annual rates of exports growth: Italy (X% per year) and France (X% per year).

Export Prices by Country

The export price in the European Union stood at $X per ton in 2023, dropping by X% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of X%. The level of export peaked at $X per ton in 2022, and then shrank in the following year.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the Netherlands (X%), while the other leaders experienced a decline in the export price figures.

Refined Groundnut Oil Imports

Imports in the EU

In 2023, supplies from abroad of refined groundnut oil decreased by X% to X tons for the first time since 2020, thus ending a two-year rising trend. In general, imports showed a abrupt slump. The growth pace was the most rapid in 2016 when imports increased by X% against the previous year. The volume of import peaked at X tons in 2012; however, from 2013 to 2023, imports stood at a somewhat lower figure.

In value terms, refined groundnut oil imports dropped to $X in 2023. Over the period under review, imports continue to indicate a deep slump. The pace of growth was the most pronounced in 2021 when imports increased by X%. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2023, imports stood at a somewhat lower figure.

Imports by Country

The countries with the highest levels of refined groundnut oil imports in 2023 were the Netherlands (X tons), Germany (X tons) and France (X tons), together reaching X% of total import. Belgium (X tons) took the next position in the ranking, followed by Austria (X tons) and Spain (X tons). All these countries together held approx. X% share of total imports. Luxembourg (X tons) followed a long way behind the leaders.

From 2012 to 2023, the biggest increases were recorded for Spain (with a CAGR of X%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, the largest refined groundnut oil importing markets in the European Union were the Netherlands ($X), Germany ($X) and France ($X), together accounting for X% of total imports. Austria, Belgium, Spain and Luxembourg lagged somewhat behind, together accounting for a further X%.

Spain, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

In 2023, the import price in the European Union amounted to $X per ton, shrinking by X% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the import price increased by X%. Over the period under review, import prices attained the peak figure at $X per ton in 2022, and then reduced slightly in the following year.

Average prices varied somewhat amongst the major importing countries. In 2023, major importing countries recorded the following prices: in Luxembourg ($X per ton) and Germany ($X per ton), while Belgium ($X per ton) and Spain ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the Netherlands (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform