The global groundnut oil market in 2023 saw notable contributions from India, China, and Nigeria, with India leading at 1.7 million metric tons, followed by China at 1.04 million metric tons, and Nigeria at 0.352 million metric tons. Noteworthy variations included an increase in India's production by 3.87%, which significantly influences the overall market. China's market remained relatively stable with a meager increase of 0.097%. Nigeria and Myanmar showed moderate growth, while Senegal experienced a decline of 2.11%. The United States, though a smaller player, saw a modest increase of 1.26%. Notable declines were observed in countries like South Africa and Zimbabwe.
Future trends to watch in the global groundnut oil market include potential shifts due to climate change impacts, technological advancements in agriculture, and changes in consumer preferences towards healthier oils. Additionally, market expansion in African countries and potential policy changes in key producers like India and China could drive further market dynamics.
Top countries in Groundnut Oil Market Size Volume by Country
| # | 10 Countries | Thousand Metric Tons | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 India | 1,700 | 2023 | +2.17% | +3.87% | View data |
| 2 | 2 China | 1,040 | 2023 | +0.097% | +0.097% | View data |
| 3 | 3 Nigeria | 352 | 2023 | +1.15% | +1.42% | View data |
| 4 | 4 Myanmar | 262 | 2023 | +0.77% | +0.78% | View data |
| 5 | 5 Senegal | 80 | 2023 | -2.44% | -2.11% | View data |
| 6 | 6 United States | 66 | 2023 | +1.54% | +1.26% | View data |
| 7 | 7 Ghana | 64 | 2023 | 0% | -0.91% | View data |
| 8 | 8 Cameroon | 62 | 2023 | 0% | +0.66% | View data |
| 9 | 9 Netherlands | 52 | 2023 | 0% | 0% | View data |
| 10 | 10 Italy | 39 | 2023 | 0% | 0% | View data |
