Africa: Palm Oil Market 2024

Palm Oil Market Size in Africa

In 2022, after two years of growth, there was decline in the African palm oil market, when its value decreased by -1.3% to $X. The market value increased at an average annual rate of +5.3% 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 attained the peak level at $X in 2021, and then reduced slightly in the following year.

Palm Oil Production in Africa

In value terms, palm oil production expanded modestly to $X in 2022 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 34%. As a result, production reached the peak level of $X. From 2015 to 2022, production growth remained at a lower figure.

Palm Oil Exports

Exports in Africa

In 2022, exports of palm oil in Africa contracted dramatically to X tons, falling by -17.4% against the previous year's figure. Total exports indicated tangible growth from 2012 to 2022: its volume increased at an average annual rate of +4.8% 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 +77.7% against 2013 indices. The most prominent rate of growth was recorded in 2015 with an increase of 33% against the previous year. The volume of export peaked at X tons in 2021, and then contracted markedly in the following year.

In value terms, palm oil exports reduced dramatically to $X in 2022. Overall, exports, however, showed tangible growth. The growth pace was the most rapid in 2021 when exports increased by 72%. As a result, the exports reached the peak of $X, and then reduced sharply in the following year.

Exports by Country

In 2022, Cote d'Ivoire (X tons), Ghana (X tons), Djibouti (X tons), Togo (X tons), Kenya (X tons), Gabon (X tons), Liberia (X tons) and Rwanda (X tons) was the largest exporter of palm oil in Africa, achieving 90% of total export.

From 2012 to 2022, the biggest increases were recorded for Rwanda (with a CAGR of +70.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X), Djibouti ($X) and Ghana ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined 47% share of total exports. Kenya, Rwanda, Togo, Gabon and Liberia lagged somewhat behind, together comprising a further 40%.

In terms of the main exporting countries, Rwanda, with a CAGR of +68.2%, recorded the highest rates of growth with regard to the value of exports, 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, reducing by -5.9% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 34% against the previous year. As a result, the export price reached the peak level of $X per ton, and then shrank in the following year.

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 Rwanda ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Gabon (+2.2%), while the other leaders experienced mixed trends in the export price figures.

Palm Oil Imports

Imports in Africa

In 2022, supplies from abroad of palm oil decreased by -0.9% to X tons, falling for the third consecutive year after eight years of growth. Total imports indicated buoyant growth from 2012 to 2022: its volume increased at an average annual rate of +8.0% 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 -5.5% against 2019 indices. The most prominent rate of growth was recorded in 2013 when imports increased by 43%. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, palm oil imports dropped to $X in 2022. Total imports indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +7.1% 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 +50.2% against 2019 indices. The pace of growth appeared the most rapid in 2021 with an increase of 35%. As a result, imports attained the peak of $X, and then fell in the following year.

Imports by Country

The purchases of the twelve major importers of palm oil, namely Kenya, Ethiopia, Egypt, Nigeria, South Africa, Djibouti, Ghana, Tanzania, Uganda, Togo, Somalia and Mozambique, represented more than two-thirds of total import. Niger (X tons) took a minor share of total imports.

From 2012 to 2022, the biggest increases were recorded for Togo (with a CAGR of +27.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Egypt ($X), Kenya ($X) and South Africa ($X) were the countries with the highest levels of imports in 2022, with a combined 39% share of total imports. Ethiopia, Nigeria, Djibouti, Mozambique, Somalia, Ghana, Uganda, Tanzania, Niger and Togo lagged somewhat behind, together comprising a further 39%.

Mozambique, with a CAGR of +27.1%, recorded the highest rates of growth with regard to the value of imports, among 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

In 2022, the import price in Africa amounted to $X per ton, declining by -5.8% against the previous year. Overall, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 41% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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

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

Source: IndexBox Platform

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