Africa: Refined Coconut Oil Market 2024

Refined Coconut Oil Market Size in Africa

The African refined coconut oil market was estimated at $X in 2022, therefore, remained relatively stable against the previous year. Overall, consumption showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the market value increased by 6.6% against the previous year. The level of consumption peaked in 2022 and is likely to see gradual growth in the near future.

Refined Coconut Oil Production in Africa

In value terms, refined coconut oil production totaled $X in 2022 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of 8.4% against the previous year. Over the period under review, production attained the maximum level at $X in 2020; afterwards, it flattened through to 2022.

Refined Coconut Oil Exports

Exports in Africa

In 2022, approx. X tons of refined coconut (copra) oil were exported in Africa; which is down by -46.1% against 2021 figures. Overall, exports showed a pronounced setback. The growth pace was the most rapid in 2016 with an increase of 1,326%. The volume of export peaked at X tons in 2021, and then contracted dramatically in the following year.

In value terms, refined coconut oil exports declined dramatically to $X in 2022. In general, exports, however, saw a moderate increase. The most prominent rate of growth was recorded in 2021 with an increase of 459% against the previous year. As a result, the exports attained the peak of $X, and then contracted markedly in the following year.

Exports by Country

Benin (X tons), Mozambique (X tons) and Cote d'Ivoire (X tons) represented roughly 72% of total exports in 2022. It was distantly followed by Tunisia (X tons), South Africa (X tons) and Sao Tome and Principe (X tons), together generating a 21% share of total exports. Ghana (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Sao Tome and Principe (with a CAGR of +1,296.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Mozambique ($X), Tunisia ($X) and Ghana ($X) were the countries with the highest levels of exports in 2022, with a combined 60% share of total exports. South Africa, Benin, Sao Tome and Principe and Cote d'Ivoire lagged somewhat behind, together comprising a further 36%.

In terms of the main exporting countries, Sao Tome and Principe, with a CAGR of +969.6%, saw 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, dropping by -6.8% against the previous year. Overall, the export price, however, saw a buoyant increase. The most prominent rate of growth was recorded in 2015 when the export price increased by 97% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2016 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Benin ($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 (+15.9%), while the other leaders experienced more modest paces of growth.

Refined Coconut Oil Imports

Imports in Africa

In 2022, overseas purchases of refined coconut (copra) oil were finally on the rise to reach X tons after four years of decline. The total import volume increased at an average annual rate of +1.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 when imports increased by 24%. The volume of import peaked at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, refined coconut oil imports rose remarkably to $X in 2022. Total imports indicated a remarkable 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, imports increased by +50.8% against 2019 indices. The growth pace was the most rapid in 2014 when imports increased by 34%. Over the period under review, imports reached the peak figure at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, South Africa (X tons), distantly followed by Tunisia (X tons), Egypt (X tons), Algeria (X tons) and Somalia (X tons) represented the key importers of refined coconut (copra) oil, together making up 89% of total imports. Tanzania (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for South Africa (with a CAGR of +10.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest refined coconut oil importing markets in Africa were South Africa ($X), Egypt ($X) and Algeria ($X), with a combined 70% share of total imports.

Among the main importing countries, South Africa, with a CAGR of +17.0%, 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

The import price in Africa stood at $X per ton in 2022, picking up by 5.4% against the previous year. Import price indicated a temperate increase from 2012 to 2022: its price increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined coconut oil import price increased by +87.1% against 2019 indices. The pace of growth appeared the most rapid in 2021 when the import price increased by 44% against the previous year. The level of import peaked in 2022 and is likely to continue growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Africa (+5.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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