Groundnut oil and fractions market in ASEAN

Earlier Report Observations

The market for groundnut oil and fractions in ASEAN grew from 288.9 thousand tons in 2018 to 333.0 thousand tons in 2023. This increase occurred despite periodic minor declines, such as in 2019 and 2021, each representing a drop of less than 3% and indicating market stabilization rather than a sustained downturn. The most significant expansion took place in 2022 and 2023, with the market adding over 50 thousand tons in those two years combined.

By 2024, the market environment was shaped by growing consumer demand for natural, minimally processed cooking oils, including cold-pressed and organic peanut oil, which supported ongoing consumption. This trend was complemented by the expansion of the regional food processing and food service sectors, which increased industrial demand for groundnut oil. Furthermore, climate change effects began disrupting peanut cultivation, leading to yield inconsistencies and contributing to price volatility within the supply chain.

Concurrently, major policy developments such as India's National Mission on Edible Oils Oilseeds, approved in October 2024, aimed to boost domestic oilseed production, influencing regional supply dynamics. In response to these drivers, edible oil companies in ASEAN increased their capacity and new product launches to meet the rising demand, reinforcing the market's growth trajectory.

Production groundnut oil and fractions in ASEAN

In kind, 2017-2020, K t

Top producers of groundnut oil and fractions, 2017-2020

World map of production of groundnut oil and fractions, 2017-2020

In 2019, ASEAN produced 279.4 thousand tonnes of groundnut oil and fractions, marking the lowest output in the period. Production then increased slightly by 3.0% in 2020 to reach 287.9 thousand tonnes. The largest decline occurred in 2019, with a drop of 2.6%.

Annual dynamics of production in ASEAN in kind, 2017-2020, K t

In value, 2017-2020, M $ US

Groundnut oil and fractions production in ASEAN declined for the second consecutive year. In 2018, output peaked at 1 010 million US dollars. The following year, 2019, saw the largest decline of 23.4%. In 2020, production was valued at 729 million US dollars, which is 5.7% lower than in 2019. Overall, between 2017 and 2020, production decreased by 7.8%, equating to an annualized rate of 2.7%.

Annual dynamics of production in ASEAN in value, 2017-2020, M $ US

Exports groundnut oil and fractions from ASEAN

Exports in kind, t

In 2019, groundnut oil and fractions exports from ASEAN increased by 2.2%. However, in 2020, volumes fell sharply by 10.1% to 987 tonnes. The largest decline was recorded in 2018, with a drop of 25.2%. Over the period from 2017 to 2020, exports decreased by 31.3%, corresponding to a compound annual growth rate of 11.8%.

Annual dynamics of product's exports from ASEAN in kind, 2017-2020, t

An analysis of exports in kind from 2017 to 2020 shows a broad distribution across many markets. Australia accounted for 35.5% of exports, Japan for 10.1%, and New Zealand for 3.8%. Together, these three countries represented 49.4% of total flows, while the remaining 50.6% went to other partners.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from ASEAN in kind, 2017-2020

Exports in value, K $ US

ASEAN's groundnut oil and fractions exports declined for the third consecutive year. In 2020, exports totaled 2 502 thousand US dollars, representing a robust drop of 17.7% compared to the previous year. Over the period from 2017 to 2020, exports decreased by 37%, with a compound annual growth rate of 14.3%.

Annual dynamics of product's exports from ASEAN in value, 2017-2020, K $ US

From 2017 to 2020, Australia, Japan, and New Zealand continued to be the main buyers of groundnut oil and fractions from ASEAN in value terms. Australia accounted for 40.6% of exports, Japan for 11.0%, and New Zealand for 5.3%. Together, they formed 56.9% of total exports in value.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from ASEAN in value, 2017-2020

Imports groundnut oil and fractions to ASEAN

Imports in kind, t

In 2019, ASEAN imports of groundnut oil and fractions increased by 6.5%. However, in 2020, imports fell by 13.7% to 2 783 tonnes. Over the period from 2017 to 2020, imports decreased by 20%, with a compound annual growth rate of 7.2%.

Annual dynamics of product's imports to ASEAN in kind, 2017-2020, t

From 2017 to 2020, China, the United States, and India were the primary suppliers of groundnut oil and fractions to ASEAN in kind. China accounted for 45.7% of imports, the United States for 21.9%, and India for 9.6%. Together, they represented 77.3% of total imports in kind.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to ASEAN in kind, 2017-2020

Imports in value, K $ US

Groundnut oil and fractions imports into ASEAN increased for the second consecutive year. In 2018, imports reached their lowest value at 6 400 thousand US dollars, with the largest decline of 10.9% recorded that year. In 2020, imports rose by 2.1% to 6 664 thousand US dollars. Overall, between 2017 and 2020, imports decreased by 7.2%, equating to an annualized rate of 2.5%.

Annual dynamics of product's imports to ASEAN in value, 2017-2020, K $ US

Throughout 2017 to 2020, China, the United States, and India remained the main markets for imports in value terms of groundnut oil and fractions to ASEAN. China accounted for 44.3% of imports, the United States for 24.4%, and India for 9.2%. Together, they took 78.0% of total flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to ASEAN in value, 2017-2020