Africa: Margarine And Shortening Market 2024

Margarine And Shortening Market Size in Africa

For the fourth year in a row, the African margarine and shortening market recorded growth in sales value, which increased by 1% to $X in 2022. In general, consumption showed resilient growth. Over the period under review, the market hit record highs in 2022 and is likely to see steady growth in years to come.

Margarine And Shortening Production in Africa

In value terms, margarine and shortening production expanded to $X in 2022 estimated in export price. Overall, production continues to indicate a strong increase. The pace of growth appeared the most rapid in 2017 with an increase of 81%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Margarine And Shortening Exports

Exports in Africa

In 2022, overseas shipments of margarine and shortening increased by 9.6% to X tons, rising for the third consecutive year after three years of decline. The total export volume increased at an average annual rate of +1.8% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The pace of growth appeared the most rapid in 2015 with an increase of 17%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, margarine and shortening exports soared to $X in 2022. Total exports indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +73.4% against 2019 indices. The growth pace was the most rapid in 2021 when exports increased by 34%. The level of export peaked in 2022 and is likely to see steady growth in the near future.

Exports by Country

Egypt (X tons), South Africa (X tons) and Kenya (X tons) represented roughly 82% of total exports in 2022. Tunisia (X tons) held a 6.1% share (based on physical terms) of total exports, which put it in second place, followed by Morocco (6.1%). Senegal (X tons) took a minor share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Egypt (with a CAGR of +57.4%), while the other leaders experienced more modest paces of growth.

In value terms, Egypt ($X), South Africa ($X) and Kenya ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined 86% share of total exports.

Egypt, with a CAGR of +59.8%, saw the highest rates of growth with regard to the value of exports, in terms of 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

In 2022, the export price in Africa amounted to $X per ton, picking up by 8.4% against the previous year. Over the last decade, it increased at an average annual rate of +2.3%. The pace of growth was the most pronounced in 2021 an increase of 17%. Over the period under review, the export prices reached the peak figure in 2022 and is likely to see gradual growth in years to come.

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 Egypt ($X per ton), while Tunisia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Africa (+3.1%), while the other leaders experienced more modest paces of growth.

Margarine And Shortening Imports

Imports in Africa

In 2022, the amount of margarine and shortening imported in Africa reached X tons, increasing by 3.5% compared with the previous year. Over the period under review, imports showed strong growth. The pace of growth appeared the most rapid in 2021 with an increase of 45% against the previous year. The volume of import peaked in 2022 and is likely to continue growth in years to come.

In value terms, margarine and shortening imports amounted to $X in 2022. Total imports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.9% 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 +91.2% against 2015 indices. The most prominent rate of growth was recorded in 2021 with an increase of 50%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in years to come.

Imports by Country

Nigeria was the major importer of margarine and shortening in Africa, with the volume of imports amounting to X tons, which was approx. 40% of total imports in 2022. Ghana (X tons) held the second position in the ranking, distantly followed by Morocco (X tons). All these countries together took approx. 18% share of total imports. Angola (X tons), Sudan (X tons), Libya (X tons), Djibouti (X tons), Guinea (X tons) and Uganda (X tons) held a relatively small share of total imports.

Imports into Nigeria increased at an average annual rate of +18.6% from 2012 to 2022. At the same time, Morocco (+51.4%), Djibouti (+24.6%), Guinea (+15.5%), Libya (+9.3%), Ghana (+8.2%), Sudan (+4.7%) and Uganda (+4.0%) displayed positive paces of growth. Moreover, Morocco emerged as the fastest-growing importer imported in Africa, with a CAGR of +51.4% from 2012-2022. By contrast, Angola (-2.8%) illustrated a downward trend over the same period. While the share of Nigeria (+25 p.p.), Morocco (+4.8 p.p.) and Djibouti (+2 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Angola (-6.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest margarine and shortening importing markets in Africa were Nigeria ($X), Ghana ($X) and Morocco ($X), with a combined 44% share of total imports.

Morocco, with a CAGR of +50.1%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Africa stood at $X per ton in 2022, reducing by -2.8% against the previous year. Overall, the import price saw a slight setback. The pace of growth was the most pronounced in 2014 an increase of 4.4%. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the import prices remained 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 ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+1.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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