Groundnut oil and fractions market in Guatemala

Earlier Report Observations

The market volume for groundnut oil and fractions in Guatemala declined from 275 t in 2018 to 228 t in 2020. This contraction coincided with the continued expansion of the country's palm oil industry, where large-scale plantations and mills displaced small farmers, transferring rural land to major palm oil owners. The shift in agricultural focus and the fact that over 60% of palm plantations were certified by the Roundtable on Sustainable Palm Oil (RSPO) strengthened palm oil's competitive position, indirectly pressuring other vegetable oils like groundnut oil.

Market volume recovered sharply to 309 t in 2021 and then stabilized at 306 t in 2022. During 2022, Guatemala commercialized 60% of its palm oil as RSPO and ISCC certified sustainable oil to maintain access to demanding markets like the European Union. A reported dip in crude palm oil production that year also reduced competitive pressure on the overall vegetable oil sector, allowing the groundnut oil market to hold its volume.

In 2023, the groundnut oil market expanded to 375 t. Guatemala's crude palm oil production hit a record 1.1 million t, solidifying its role as a global producer. However, regulatory changes began influencing the industry, as the Ministry of Environment and Natural Resources cancelled controversial environmental permits and a new inter-institutional group implemented satellite monitoring of forest cover. These moves signaled tighter environmental controls on the palm oil sector, which may have encouraged a focus on alternative oils.

Production groundnut oil and fractions in Guatemala

In kind, 2017-2020, t

Top producers of groundnut oil and fractions, 2017-2020

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

Guatemala's production of groundnut oil and fractions has declined for the third year in a row. In 2020, the country produced 216.4 tonnes, marking a modest year-over-year decrease of 9.1%. Looking at the broader period from 2017 to 2020, production fell by 24.1%, which translates to an average annual decline of 8.8%.

Annual dynamics of production in Guatemala in kind, 2017-2020, t

Exports groundnut oil and fractions from Guatemala

Exports in kind, kg

The market exhibited volatility during the observed period. Export levels varied significantly, with a 29-fold difference between the peak in 2017 and the low point in 2019. In 2020, Guatemala exported 200 kg of groundnut oil and fractions, representing a sharp increase of 2 757.1% compared to the previous year. The lowest export volume was recorded in 2019 at just 7 kg, while the largest decline occurred in 2018, with a drop of 95.1%.

Annual dynamics of product's exports from Guatemala in kind, 2017-2020, kg

From 2017 to 2020, Honduras and Costa Rica were the primary buyers of groundnut oil and fractions from Guatemala, together accounting for 93.8% of total exports in kind. The remaining share was distributed among other countries.

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

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

Exports in value, $ US

Market performance showed notable fluctuations over this period. The highest export value was recorded in 2020, while the lowest was in 2019, with an 88-fold gap between these years. In 2020, Guatemala's exports of groundnut oil and fractions amounted to 706 US dollars, reflecting a dramatic year-over-year increase of 8 725.0%. The minimum value was 8 US dollars in 2019, which also saw the largest decline of 94.3%.

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

During 2017–2020, Honduras and Costa Rica dominated as the key destinations for exports in value terms, jointly representing 86.4% of total flows. Other markets made up the remainder.

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

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

Imports groundnut oil and fractions to Guatemala

Imports in kind, kg

Guatemala's imports of groundnut oil and fractions have increased for the third consecutive year. In 2020, the country imported 12 145 kg, showing little change from the previous year. Over the period from 2017 to 2020, imports surged by 2 819.5%, with a compound annual growth rate of 207.9%.

Annual dynamics of product's imports to Guatemala in kind, 2017-2020, kg

From 2017 to 2020, the United States and South Korea were the main sources of groundnut oil and fractions imports to Guatemala, accounting for the majority of imports in kind. Other markets played a lesser role individually.

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

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

Imports in value, $ US

Guatemala's imports of groundnut oil and fractions in value terms have risen for the third year in a row. In 2020, imports reached 15 447 US dollars, up 29.3% compared to 2019. Between 2017 and 2020, imports grew by 3 434.8%, equivalent to an annualized rate of 228.2%.

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

In 2017–2020, the United States and South Korea remained the leading markets for imports in value terms, together making up 83.4% of total flows. Other partners accounted for the remaining share.

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

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