Africa: Crude Coconut Oil Market 2024

Crude Coconut Oil Market Size in Africa

The African crude coconut oil market rose remarkably to $X in 2022, increasing by 5.9% against the previous year. Over the period under review, consumption, however, showed a relatively flat trend pattern. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Crude Coconut Oil Production in Africa

In value terms, crude coconut oil production fell to $X in 2022 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of 26% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Crude Coconut Oil Exports

Exports in Africa

In 2022, shipments abroad of crude coconut (copra) oil decreased by -13.9% to X tons, falling for the second year in a row after two years of growth. Over the period under review, exports, however, posted notable growth. The pace of growth was the most pronounced in 2016 when exports increased by 64%. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, crude coconut oil exports expanded rapidly to $X in 2022. Overall, exports, however, enjoyed strong growth. The growth pace was the most rapid in 2016 with an increase of 97% against the previous year. The level of export peaked at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Cote d'Ivoire (X tons) represented the main exporter of crude coconut (copra) oil, comprising 68% of total exports. Nigeria (X tons) held the second position in the ranking, distantly followed by Mozambique (X tons). All these countries together took near 30% share of total exports.

Cote d'Ivoire experienced a relatively flat trend pattern with regard to volume of exports of crude coconut (copra) oil. At the same time, Nigeria (+39.0%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in Africa, with a CAGR of +39.0% from 2012-2022. By contrast, Mozambique (-2.0%) illustrated a downward trend over the same period. While the share of Nigeria (+23 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Mozambique (-4.2 p.p.) and Cote d'Ivoire (-15.7 p.p.) displayed negative dynamics.

In value terms, Cote d'Ivoire ($X) remains the largest crude coconut oil supplier in Africa, comprising 81% of total exports. The second position in the ranking was held by Mozambique ($X), with a 13% share of total exports.

In Cote d'Ivoire, crude coconut oil exports expanded at an average annual rate of +8.7% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Mozambique (+3.0% per year) and Nigeria (+21.9% per year).

Export Prices by Country

In 2022, the export price in Africa amounted to $X per ton, increasing by 27% against the previous year. Export price indicated a perceptible increase from 2012 to 2022: its price increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 an increase of 39% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Mozambique ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+8.4%), while the other leaders experienced mixed trends in the export price figures.

Crude Coconut Oil Imports

Imports in Africa

In 2022, approx. X tons of crude coconut (copra) oil were imported in Africa; picking up by 5.1% compared with the previous year. In general, imports, however, continue to indicate a noticeable shrinkage. The most prominent rate of growth was recorded in 2020 when imports increased by 91% against the previous year. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, crude coconut oil imports reduced slightly to $X in 2022. Over the period under review, imports, however, saw a mild curtailment. The pace of growth was the most pronounced in 2020 with an increase of 74% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Mali represented the key importer of crude coconut (copra) oil in Africa, with the volume of imports amounting to X tons, which was near 54% of total imports in 2022. Madagascar (X tons) took the second position in the ranking, distantly followed by South Africa (X tons) and Somalia (X tons). All these countries together held near 33% share of total imports. Morocco (X tons) followed a long way behind the leaders.

Imports into Mali increased at an average annual rate of +59.8% from 2012 to 2022. At the same time, Morocco (+143.1%) and Somalia (+9.0%) displayed positive paces of growth. Moreover, Morocco emerged as the fastest-growing importer imported in Africa, with a CAGR of +143.1% from 2012-2022. Madagascar and South Africa experienced a relatively flat trend pattern. While the share of Mali (+54 p.p.), Somalia (+5 p.p.), Morocco (+3.2 p.p.) and Madagascar (+3.2 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mali ($X) constitutes the largest market for imported crude coconut (copra) oil in Africa, comprising 46% of total imports. The second position in the ranking was taken by Madagascar ($X), with a 14% share of total imports. It was followed by Somalia, with a 12% share.

In Mali, crude coconut oil imports expanded at an average annual rate of +64.5% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Madagascar (-2.7% per year) and Somalia (+13.9% per year).

Import Prices by Country

In 2022, the import price in Africa amounted to $X per ton, with a decrease of -9% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 an increase of 21% against the previous year. The level of import peaked at $X per ton in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Morocco ($X per ton), while Madagascar ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Somalia (+4.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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