Africa: Refined Groundnut Oil Market 2024

Refined Groundnut Oil Market Size in Africa

In 2021, after three years of decline, there was significant growth in the African refined groundnut oil market, when its value increased by 5.8% to $X. Over the period under review, consumption showed a strong expansion. The level of consumption peaked at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Refined Groundnut Oil Production in Africa

In value terms, refined groundnut oil production rose significantly to $X in 2021 estimated in export price. In general, production continues to indicate a resilient increase. The growth pace was the most rapid in 2016 when the production volume increased by 63%. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2021, production failed to regain momentum.

Refined Groundnut Oil Exports

Exports in Africa

For the fifth consecutive year, Africa recorded decline in overseas shipments of refined groundnut oil, which decreased by -20.4% to X tons in 2021. In general, exports continue to indicate a abrupt setback. The pace of growth appeared the most rapid in 2014 when exports increased by 158% against the previous year. As a result, the exports attained the peak of X tons. From 2015 to 2021, the growth of the exports remained at a lower figure.

In value terms, refined groundnut oil exports dropped to $X in 2021. Overall, exports continue to indicate a abrupt slump. The most prominent rate of growth was recorded in 2014 when exports increased by 33%. As a result, the exports reached the peak of $X. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

In 2021, Cameroon (X tons) was the main exporter of refined groundnut oil, making up 39% of total exports. It was distantly followed by South Africa (X tons), Senegal (X tons), Kenya (X tons) and Morocco (X tons), together mixing up a 46% share of total exports. Mauritania (X tons) and Egypt (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Kenya (with a CAGR of -0.1%), while the other leaders experienced a decline in the exports figures.

In value terms, the largest refined groundnut oil supplying countries in Africa were Cameroon ($X), South Africa ($X) and Senegal ($X), with a combined 75% share of total exports.

In terms of the main exporting countries, Cameroon, with a CAGR of -4.1%, saw 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

The export price in Africa stood at $X per ton in 2021, increasing by 11% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when the export price increased by 37% against the previous year. The level of export peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Egypt (+5.8%), while the other leaders experienced mixed trends in the export price figures.

Refined Groundnut Oil Imports

Imports in Africa

Refined groundnut oil imports rose remarkably to X tons in 2021, growing by 6.5% on the year before. Over the period under review, imports enjoyed a perceptible expansion. The growth pace was the most rapid in 2017 when imports increased by 169%. As a result, imports attained the peak of X tons. From 2018 to 2021, the growth of imports remained at a lower figure.

In value terms, refined groundnut oil imports contracted modestly to $X in 2021. In general, imports, however, showed a pronounced shrinkage. The pace of growth appeared the most rapid in 2017 when imports increased by 136%. As a result, imports attained the peak of $X. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Benin was the main importing country with an import of around X tons, which resulted at 81% of total imports. It was distantly followed by Mauritania (X tons), achieving a 12% share of total imports. Zambia (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to refined groundnut oil imports into Benin stood at +6.1%. At the same time, Zambia (+33.3%) and Mauritania (+17.2%) displayed positive paces of growth. Moreover, Zambia emerged as the fastest-growing importer imported in Africa, with a CAGR of +33.3% from 2012-2021. While the share of Benin (+18 p.p.), Mauritania (+8.1 p.p.) and Zambia (+1.8 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Benin ($X) constitutes the largest market for imported refined groundnut oil in Africa, comprising 51% of total imports. The second position in the ranking was taken by Mauritania ($X), with a 17% share of total imports.

From 2012 to 2021, the average annual growth rate of value in Benin totaled -6.9%. The remaining importing countries recorded the following average annual rates of imports growth: Mauritania (+22.0% per year) and Zambia (+25.1% per year).

Import Prices by Country

In 2021, the import price in Africa amounted to $X per ton, reducing by -10.5% against the previous year. Over the period under review, the import price saw a deep slump. The pace of growth was the most pronounced in 2013 an increase of 24%. As a result, import price reached the peak level of $X per ton. From 2014 to 2021, the import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Zambia ($X per ton), while Benin ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mauritania (+4.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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