Latin America and the Caribbean: Groundnut Oil Market 2024

Groundnut Oil Market Size in Latin America and the Caribbean

The Latin American groundnut oil market shrank dramatically to $X in 2022, which is down by X% against the previous year. Over the period under review, consumption, however, saw a resilient expansion. Over the period under review, the market hit record highs at $X in 2021, and then shrank dramatically in the following year.

Groundnut Oil Production in Latin America and the Caribbean

In value terms, groundnut oil production totaled $X in 2022 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when the production volume increased by X%. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

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Groundnut Oil Exports

Exports in Latin America and the Caribbean

In 2022, overseas shipments of groundnut oil increased by X% to X tons for the first time since 2019, thus ending a two-year declining trend. Total exports indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, groundnut oil exports skyrocketed to $X in 2022. Overall, exports showed a remarkable increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Brazil was the main exporter of groundnut oil in Latin America and the Caribbean, with the volume of exports finishing at X tons, which was near X% of total exports in 2022. Argentina (X tons) took the second position in the ranking, distantly followed by Nicaragua (X tons). All these countries together held approx. X% share of total exports.

Brazil was also the fastest-growing in terms of the groundnut oil exports, with a CAGR of X% from 2012 to 2022. At the same time, Nicaragua (X%) displayed positive paces of growth. By contrast, Argentina (X%) illustrated a downward trend over the same period. While the share of Brazil (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Nicaragua (X p.p.) and Argentina (X p.p.) displayed negative dynamics.

In value terms, Brazil ($X) remains the largest groundnut oil supplier in Latin America and the Caribbean, comprising X% of total exports. The second position in the ranking was held by Argentina ($X), with a X% share of total exports.

In Brazil, groundnut oil exports expanded at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Argentina (X% per year) and Nicaragua (X% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, approximately mirroring the previous year. In general, the export price recorded a slight decline. The growth pace was the most rapid in 2020 when the export price increased by X% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Nicaragua ($X per ton), while Brazil ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (X%), while the other leaders experienced a decline in the export price figures.

Groundnut Oil Imports

Imports in Latin America and the Caribbean

In 2022, overseas purchases of groundnut oil increased by X% to X tons, rising for the second consecutive year after two years of decline. Overall, imports continue to indicate resilient growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, groundnut oil imports soared to $X in 2022. In general, imports enjoyed a strong expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Chile prevails in imports structure, resulting at X tons, which was near X% of total imports in 2022. Aruba (X tons) held the second position in the ranking, followed by Mexico (X tons) and Brazil (X tons). All these countries together held near X% share of total imports. The following importers - Peru (X tons), Curacao (X tons) and Uruguay (X tons) - each reached a X% share of total imports.

Chile was also the fastest-growing in terms of the groundnut oil imports, with a CAGR of X% from 2012 to 2022. At the same time, Curacao (X%), Uruguay (X%), Mexico (X%), Aruba (X%), Brazil (X%) and Peru (X%) displayed positive paces of growth. Chile (X p.p.) and Mexico (X p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest groundnut oil importing markets in Latin America and the Caribbean were Chile ($X), Brazil ($X) and Aruba ($X), together comprising X% of total imports.

Chile, with a CAGR of X%, recorded 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 more modest paces of growth.

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, which is down by X% against the previous year. Import price indicated perceptible growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. 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 import price increased by X%. The level of import peaked at $X per ton in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Brazil ($X per ton), while Uruguay ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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