Africa: Industrial Oleic Acid Market 2024

Industrial Oleic Acid Market Size in Africa

After six years of growth, the African industrial oleic acid market decreased by -5% to $X in 2021. The total consumption indicated a measured expansion from 2012 to 2021: its value increased at an average annual rate of +3.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +51.8% against 2014 indices. The level of consumption peaked at $X in 2020, and then dropped in the following year.

Industrial Oleic Acid Production in Africa

In value terms, industrial oleic acid production contracted to $X in 2021 estimated in export price. The total production indicated pronounced growth from 2012 to 2021: its value increased at an average annual rate of +3.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +58.8% against 2013 indices. The most prominent rate of growth was recorded in 2015 when the production volume increased by 22%. Over the period under review, production reached the peak level at $X in 2020, and then shrank slightly in the following year.

Industrial Oleic Acid Exports

Exports in Africa

In 2021, shipments abroad of industrial oleic acid increased by 15% to X tons, rising for the second consecutive year after four years of decline. In general, exports, however, showed a abrupt curtailment. The pace of growth was the most pronounced in 2020 when exports increased by 89%. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, industrial oleic acid exports totaled $X in 2021. Over the period under review, exports, however, showed a deep slump. The pace of growth appeared the most rapid in 2020 with an increase of 114%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Morocco represented the largest exporting country with an export of about X tons, which resulted at 53% of total exports. It was distantly followed by Kenya (X tons) and South Africa (X tons), together comprising a 37% share of total exports. Tunisia (X tons), Cameroon (X tons) and Cote d'Ivoire (X tons) followed a long way behind the leaders.

Morocco was also the fastest-growing in terms of the industrial oleic acid exports, with a CAGR of +5.4% from 2012 to 2021. South Africa and Cameroon experienced a relatively flat trend pattern. Kenya (-8.1%), Cote d'Ivoire (-33.2%) and Tunisia (-41.8%) illustrated a downward trend over the same period. While the share of Morocco (+48 p.p.), South Africa (+16 p.p.), Kenya (+13 p.p.) and Cameroon (+2.5 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Cote d'Ivoire (-8.6 p.p.) and Tunisia (-68.6 p.p.) displayed negative dynamics.

In value terms, South Africa ($X), Morocco ($X) and Tunisia ($X) appeared to be the countries with the highest levels of exports in 2021, with a combined 81% share of total exports. Kenya, Cote d'Ivoire and Cameroon lagged somewhat behind, together accounting for a further 17%.

In terms of the main exporting countries, Cameroon, with a CAGR of 0.0%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

In 2021, the export price in Africa amounted to $X per ton, declining by -11.3% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 56% against the previous year. The level of export peaked at $X per ton in 2020, and then reduced in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Cote d'Ivoire ($X per ton), while Kenya ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+21.2%), while the other leaders experienced mixed trends in the export price figures.

Industrial Oleic Acid Imports

Imports in Africa

In 2021, overseas purchases of industrial oleic acid decreased by -31% to X tons, falling for the second year in a row after three years of growth. Over the period under review, imports recorded a abrupt decrease. The pace of growth appeared the most rapid in 2013 with an increase of 24%. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports failed to regain momentum.

In value terms, industrial oleic acid imports dropped to $X in 2021. Overall, imports showed a abrupt slump. The most prominent rate of growth was recorded in 2017 with an increase of 24%. Over the period under review, imports reached the peak figure at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

South Africa was the main importing country with an import of about X tons, which recorded 42% of total imports. It was distantly followed by Algeria (X tons), Egypt (X tons) and Mozambique (X tons), together generating a 42% share of total imports. Kenya (X tons), Nigeria (X tons) and Angola (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to industrial oleic acid imports into South Africa stood at -6.7%. At the same time, Mozambique (+82.6%) and Algeria (+28.9%) displayed positive paces of growth. Moreover, Mozambique emerged as the fastest-growing importer imported in Africa, with a CAGR of +82.6% from 2012-2021. By contrast, Kenya (-3.9%), Angola (-8.3%), Nigeria (-9.1%) and Egypt (-12.4%) illustrated a downward trend over the same period. Algeria (+18 p.p.), Mozambique (+9.3 p.p.) and South Africa (+1.8 p.p.) significantly strengthened its position in terms of the total imports, while Egypt saw its share reduced by -9.5% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Africa ($X) constitutes the largest market for imported industrial oleic acid in Africa, comprising 44% of total imports. The second position in the ranking was taken by Algeria ($X), with a 20% share of total imports. It was followed by Egypt, with a 13% share.

In South Africa, industrial oleic acid imports decreased by an average annual rate of -7.0% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Algeria (+28.0% per year) and Egypt (-10.3% per year).

Import Prices by Country

In 2021, the import price in Africa amounted to $X per ton, jumping by 39% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.0%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Nigeria ($X per ton), while Mozambique ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+9.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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