Africa: Crude Soybean Oil Market 2024

Crude Soybean Oil Market Size in Africa

The African crude soybean oil market expanded rapidly to $X in 2022, with an increase of 6.5% against the previous year. The total consumption indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +39.6% against 2016 indices. The level of consumption peaked in 2022 and is likely to see gradual growth in years to come.

Crude Soybean Oil Production in Africa

In value terms, crude soybean oil production stood at $X in 2022 estimated in export price. The total production indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -4.0% against 2020 indices. The most prominent rate of growth was recorded in 2018 with an increase of 27% against the previous year. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Crude Soybean Oil Exports

Exports in Africa

In 2022, overseas shipments of crude soybean oil decreased by -39.5% to X tons, falling for the second consecutive year after three years of growth. Overall, exports, however, recorded a buoyant increase. The most prominent rate of growth was recorded in 2014 when exports increased by 309% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude soybean oil exports reduced rapidly to $X in 2022. In general, exports, however, showed a buoyant increase. The most prominent rate of growth was recorded in 2014 with an increase of 203% against the previous year. Over the period under review, the exports attained the maximum at $X in 2021, and then declined dramatically in the following year.

Exports by Country

South Africa represented the major exporter of crude soybean oil in Africa, with the volume of exports finishing at X tons, which was near 66% of total exports in 2022. It was distantly followed by Egypt (X tons), generating a 27% share of total exports. Togo (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to crude soybean oil exports from South Africa stood at +26.4%. At the same time, Togo (+164.7%) and Egypt (+7.8%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing exporter exported in Africa, with a CAGR of +164.7% from 2012-2022. South Africa (+50 p.p.) and Togo (+2.7 p.p.) significantly strengthened its position in terms of the total exports, while Egypt saw its share reduced by -4.7% from 2012 to 2022, respectively.

In value terms, South Africa ($X) emerged as the largest crude soybean oil supplier in Africa, comprising 69% of total exports. The second position in the ranking was held by Egypt ($X), with a 25% share of total exports.

From 2012 to 2022, the average annual growth rate of value in South Africa stood at +27.9%. In the other countries, the average annual rates were as follows: Egypt (+9.9% per year) and Togo (+271.6% per year).

Export Prices by Country

In 2022, the export price in Africa amounted to $X per ton, picking up by 23% against the previous year. Export price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude soybean oil export price increased by +131.9% against 2019 indices. The pace of growth was the most pronounced in 2021 when the export price increased by 56%. The level of export peaked in 2022 and is likely to see steady growth in the near future.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was South Africa ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (+40.3%), while the other leaders experienced more modest paces of growth.

Crude Soybean Oil Imports

Imports in Africa

After two years of decline, purchases abroad of crude soybean oil increased by 1.1% to X tons in 2022. Total imports indicated a pronounced expansion from 2012 to 2022: its volume increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -15.3% against 2019 indices. The most prominent rate of growth was recorded in 2019 with an increase of 28%. As a result, imports attained the peak of X tons. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, crude soybean oil imports expanded modestly to $X in 2022. Total imports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +81.8% against 2018 indices. The pace of growth was the most pronounced in 2021 when imports increased by 59% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in years to come.

Imports by Country

In 2022, Algeria (X tons) was the key importer of crude soybean oil, comprising 45% of total imports. It was distantly followed by Morocco (X tons), Zimbabwe (X tons) and Tunisia (X tons), together creating a 42% share of total imports. The following importers - Egypt (X tons), Mozambique (X tons) and Senegal (X tons) - together made up 6.8% of total imports.

From 2012 to 2022, the biggest increases were recorded for Zimbabwe (with a CAGR of +32.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Algeria ($X), Morocco ($X) and Zimbabwe ($X) were the countries with the highest levels of imports in 2022, with a combined 78% share of total imports.

Among the main importing countries, Zimbabwe, with a CAGR of +34.2%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Africa amounted to $X per ton, picking up by 3.2% against the previous year. Over the period under review, 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 61%. Over the period under review, import prices attained the peak figure in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Zimbabwe ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Tunisia (+2.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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