Africa: Crude Palm Oil Market 2024

Crude Palm Oil Market Size in Africa

The African crude palm oil market expanded rapidly to $X in 2022, increasing by 6.1% against the previous year. The market value increased at an average annual rate of +4.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2020; afterwards, it flattened through to 2022.

Crude Palm Oil Production in Africa

In value terms, crude palm oil production amounted to $X in 2022 estimated in export price. In general, production, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the production volume increased by 36% against the previous year. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Crude Palm Oil Exports

Exports in Africa

In 2022, approx. X tons of crude palm oil were exported in Africa; with a decrease of -25.1% compared with 2021. Over the period under review, exports, however, saw buoyant growth. The growth pace was the most rapid in 2021 when exports increased by 105%. As a result, the exports attained the peak of X tons, and then contracted remarkably in the following year.

In value terms, crude palm oil exports reduced rapidly to $X in 2022. Overall, exports, however, enjoyed prominent growth. The most prominent rate of growth was recorded in 2021 when exports increased by 175%. As a result, the exports reached the peak of $X, and then dropped significantly in the following year.

Exports by Country

The biggest shipments were from Cote d'Ivoire (X tons), Gabon (X tons), Liberia (X tons) and Kenya (X tons), together resulting at 86% of total export. The following exporters - Ghana (X tons), Sierra Leone (X tons) and Sao Tome and Principe (X tons) - together made up 9.1% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Sao Tome and Principe (with a CAGR of +127.0%), while the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X), Gabon ($X) and Liberia ($X) were the countries with the highest levels of exports in 2022, together comprising 68% of total exports. Kenya, Ghana, Sao Tome and Principe and Sierra Leone lagged somewhat behind, together accounting for a further 27%.

Sao Tome and Principe, with a CAGR of +148.6%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Africa stood at $X per ton in 2022, which is down by -6.4% against the previous year. Overall, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 34% against the previous year. As a result, the export price attained the peak level of $X per ton, and then dropped in the following year.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Sao Tome and Principe ($X per ton) and Kenya ($X per ton), while Gabon ($X per ton) and Liberia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sao Tome and Principe (+9.5%), while the other leaders experienced more modest paces of growth.

Crude Palm Oil Imports

Imports in Africa

In 2022, approx. X tons of crude palm oil were imported in Africa; surging by 18% compared with the previous year. Over the period under review, imports enjoyed buoyant growth. The growth pace was the most rapid in 2013 when imports increased by 128%. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, crude palm oil imports dropped slightly to $X in 2022. In general, imports recorded a prominent increase. The most prominent rate of growth was recorded in 2013 with an increase of 94%. Over the period under review, imports hit record highs at $X in 2021, and then fell slightly in the following year.

Imports by Country

In 2022, Kenya (X tons) was the key importer of crude palm oil, creating 48% of total imports. Mozambique (X tons) took a 10% share (based on physical terms) of total imports, which put it in second place, followed by Uganda (9.5%) and Nigeria (4.9%). The following importers - Tanzania (X tons), Madagascar (X tons), Algeria (X tons), Morocco (X tons), Senegal (X tons), Malawi (X tons) and Zambia (X tons) - together made up 20% of total imports.

From 2012 to 2022, average annual rates of growth with regard to crude palm oil imports into Kenya stood at +31.8%. At the same time, Malawi (+40.7%), Tanzania (+38.8%), Senegal (+23.1%), Madagascar (+17.8%), Mozambique (+15.0%), Nigeria (+11.6%), Algeria (+8.3%), Uganda (+7.0%), Morocco (+7.0%) and Zambia (+5.9%) displayed positive paces of growth. Moreover, Malawi emerged as the fastest-growing importer imported in Africa, with a CAGR of +40.7% from 2012-2022. While the share of Kenya (+38 p.p.), Tanzania (+3.9 p.p.), Malawi (+1.7 p.p.) and Mozambique (+1.7 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Algeria (-1.7 p.p.), Morocco (-1.9 p.p.) and Uganda (-6.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Kenya ($X) constitutes the largest market for imported crude palm oil in Africa, comprising 45% of total imports. The second position in the ranking was held by Mozambique ($X), with a 15% share of total imports. It was followed by Nigeria, with an 8.3% share.

From 2012 to 2022, the average annual growth rate of value in Kenya stood at +31.2%. In the other countries, the average annual rates were as follows: Mozambique (+27.1% per year) and Nigeria (+11.0% per year).

Import Prices by Country

The import price in Africa stood at $X per ton in 2022, which is down by -17.9% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by 50% against the previous year. As a result, import price attained the peak level of $X per ton, and then shrank significantly in the following year.

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 Nigeria ($X per ton), while Tanzania ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mozambique (+10.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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