Africa: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Africa

The African refined soybean oil market dropped to $X in 2022, flattening at the previous year. Overall, consumption showed a slight decline. The level of consumption peaked at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Refined Soybean Oil Production in Africa

In value terms, refined soybean oil production reduced to $X in 2022 estimated in export price. Overall, production saw a perceptible decline. The growth pace was the most rapid in 2015 with an increase of 19%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Refined Soybean Oil Exports

Exports in Africa

After three years of growth, overseas shipments of refined soybean oil and its fractions decreased by -54.2% to X tons in 2022. In general, exports continue to indicate a abrupt decrease. The pace of growth was the most pronounced in 2021 when exports increased by 55%. As a result, the exports reached the peak of X tons, and then dropped remarkably in the following year.

In value terms, refined soybean oil exports fell dramatically to $X in 2022. Over the period under review, exports recorded a noticeable slump. The pace of growth was the most pronounced in 2021 with an increase of 114%. As a result, the exports reached the peak of $X, and then dropped markedly in the following year.

Exports by Country

Morocco (X tons) and Egypt (X tons) represented roughly 75% of total exports in 2022. It was distantly followed by South Africa (X tons), making up a 14% share of total exports. The following exporters - Uganda (X tons) and Mozambique (X tons) - each finished at a 7.9% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Mozambique (with a CAGR of +31.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest refined soybean oil supplying countries in Africa were Morocco ($X), Egypt ($X) and South Africa ($X), together comprising 93% of total exports. Mozambique and Uganda lagged somewhat behind, together accounting for a further 5.5%.

Mozambique, with a CAGR of +34.3%, recorded 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 35% against the previous year. Export price indicated notable growth from 2012 to 2022: its price increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined soybean oil export price increased by +120.2% against 2019 indices. The pace of growth was the most pronounced in 2021 an increase of 38%. Over the period under review, the export prices reached the maximum in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Mozambique ($X per ton), while Uganda ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Morocco (+3.4%), while the other leaders experienced more modest paces of growth.

Refined Soybean Oil Imports

Imports in Africa

In 2022, approx. X tons of refined soybean oil and its fractions were imported in Africa; reducing by -20.1% compared with the previous year. Overall, imports continue to indicate a pronounced slump. The pace of growth appeared the most rapid in 2017 when imports increased by 38%. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports failed to regain momentum.

In value terms, refined soybean oil imports declined significantly to $X in 2022. In general, imports saw a pronounced slump. The pace of growth was the most pronounced in 2017 when imports increased by 40% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Angola represented the major importer of refined soybean oil and its fractions in Africa, with the volume of imports reaching X tons, which was approx. 35% of total imports in 2022. It was distantly followed by South Africa (X tons), Algeria (X tons), Mauritania (X tons), Madagascar (X tons) and Ghana (X tons), together comprising a 40% share of total imports. Cabo Verde (X tons), Senegal (X tons), Kenya (X tons), Mauritius (X tons), Eritrea (X tons), Ethiopia (X tons) and Guinea-Bissau (X tons) took a relatively small share of total imports.

From 2012 to 2022, average annual rates of growth with regard to refined soybean oil imports into Angola stood at +3.6%. At the same time, Algeria (+29.9%), Kenya (+24.2%), Guinea-Bissau (+19.4%), Mauritius (+15.5%), Ghana (+14.3%), Madagascar (+13.0%), Eritrea (+9.7%), Mauritania (+8.7%), Ethiopia (+7.9%) and Cabo Verde (+3.4%) displayed positive paces of growth. Moreover, Algeria emerged as the fastest-growing importer imported in Africa, with a CAGR of +29.9% from 2012-2022. By contrast, Senegal (-2.7%) and South Africa (-15.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Angola, Algeria, Madagascar, Ghana, Mauritania, Kenya, Mauritius and Cabo Verde increased by +16, +11, +4, +3.7, +3.4, +2.3, +1.9 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Angola ($X) constitutes the largest market for imported refined soybean oil and its fractions in Africa, comprising 34% of total imports. The second position in the ranking was held by South Africa ($X), with a 16% share of total imports. It was followed by Algeria, with a 9.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Angola stood at +2.1%. In the other countries, the average annual rates were as follows: South Africa (-14.1% per year) and Algeria (+30.9% per year).

Import Prices by Country

The import price in Africa stood at $X per ton in 2022, with a decrease of -2.1% against the previous year. In general, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 42%. Over the period under review, import prices reached the peak figure at $X per ton in 2012; afterwards, it flattened through to 2022.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mauritius (+2.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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