In 2024, China and India dominate global groundnut oil demand, with shares of 34.37% and 30.44% respectively. Africa, led by Nigeria and Myanmar, contributes significantly, while the United States represents a smaller yet consistent market with a yearly growth of 1.42%. European demand is both varied and minor, with the Netherlands and Italy showing stability, while Belgium saw a drop of 5.11%. Negative outliers include Iraq and Iran, the latter experiencing a substantial downturn of 0.5%. Overall, trends indicate slight but steady demand growth in emerging markets and slight declines in select established markets.
Future trends to watch involve the potential for higher growth in Asian markets, especially India and neighboring countries, due to rising populations and increasing disposable income. Additionally, African nations are likely to see enhanced demand as economic conditions improve and oil extraction technologies advance. Monitoring regional economic policies and trade agreements will be crucial for accurate market predictions.
| # | 10 Countries | Percent | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 34.37 | 2018 | View data | ||
| 2 | 2 India | 30.44 | 2023 | +2.17% | +3.87% | View data |
| 3 | 3 Nigeria | 6.32 | 2023 | +1.15% | +1.42% | View data |
| 4 | 4 Myanmar | 4.7 | 2023 | +0.77% | +0.78% | View data |
| 5 | 5 United States | 2.37 | 2023 | +0.76% | +1.42% | View data |
| 6 | 6 Senegal | 1.44 | 2023 | -2.44% | -2.11% | View data |
| 7 | 7 Ghana | 1.15 | 2023 | 0% | -0.91% | View data |
| 8 | 8 Cameroon | 1.11 | 2023 | 0% | +0.66% | View data |
| 9 | 9 Netherlands | 0.93 | 2023 | 0% | 0% | View data |
| 10 | 10 United Arab Emirates | 0.77 | 2023 | +7.5% | +3.05% | View data |