Africa: Soybean Oil Market 2024

Soybean Oil Market Size in Africa

The African soybean oil market rose modestly to $X in 2022, growing by 2.7% against the previous year. The total consumption indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +66.4% against 2014 indices. The level of consumption peaked in 2022 and is likely to continue growth in years to come.

Soybean Oil Production in Africa

In value terms, soybean oil production rose to $X in 2022 estimated in export price. The total production indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -4.1% against 2020 indices. The pace of growth appeared the most rapid in 2018 when the production volume increased by 31% against the previous year. Over the period under review, production reached the peak level at $X in 2020; afterwards, it flattened through to 2022.

Soybean Oil Exports

Exports in Africa

In 2022, overseas shipments of soybean oil decreased by -47% to X tons for the first time since 2017, thus ending a four-year rising trend. Overall, exports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of 83%. The volume of export peaked at X tons in 2021, and then shrank significantly in the following year.

In value terms, soybean oil exports contracted dramatically to $X in 2022. In general, exports, however, posted a modest increase. The most prominent rate of growth was recorded in 2021 when exports increased by 77%. As a result, the exports attained the peak of $X, and then dropped dramatically in the following year.

Exports by Country

South Africa (X tons), Egypt (X tons) and Morocco (X tons) represented roughly 92% of total exports in 2022. The following exporters - Uganda (X tons), Mozambique (X tons) and Togo (X tons) - each amounted to a 5.7% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Togo (with a CAGR of +118.3%), while the other leaders experienced more modest paces of growth.

In value terms, the largest soybean oil supplying countries in Africa were South Africa ($X), Egypt ($X) and Morocco ($X), together accounting for 94% of total exports. Mozambique, Togo and Uganda lagged somewhat behind, together comprising a further 4.4%.

In terms of the main exporting countries, Togo, with a CAGR of +107.4%, saw the highest growth rate of 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

The export price in Africa stood at $X per ton in 2022, growing by 28% against the previous year. Export price indicated mild growth from 2012 to 2022: its price increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, soybean oil export price increased by +129.3% against 2019 indices. The pace of growth was the most pronounced in 2021 an increase of 50% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

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 Morocco ($X per ton), while Uganda ($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.

Soybean Oil Imports

Imports in Africa

In 2022, imports of soybean oil in Africa shrank slightly to X tons, waning by -1.7% compared with 2021 figures. The total import volume increased at an average annual rate of +3.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2019 with an increase of 23% against the previous year. As a result, imports attained the peak of X tons. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, soybean oil imports fell modestly to $X in 2022. Total imports indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +3.7% 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 +63.4% against 2018 indices. The growth pace was the most rapid in 2021 when imports increased by 53% against the previous year. As a result, imports reached the peak of $X, and then contracted slightly in the following year.

Imports by Country

Algeria represented the key importing country with an import of around X tons, which finished at 41% of total imports. Morocco (X tons) held a 24% share (based on physical terms) of total imports, which put it in second place, followed by Zimbabwe (7%) and Tunisia (5.6%). Angola (X tons), Egypt (X tons), South Africa (X tons), Madagascar (X tons), Senegal (X tons), Mozambique (X tons) and Zambia (X tons) held a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for Zimbabwe (with a CAGR of +30.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Algeria ($X), Morocco ($X) and Zimbabwe ($X) were the countries with the highest levels of imports in 2022, with a combined 72% share of total imports.

Zimbabwe, with a CAGR of +32.7%, 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

In 2022, the import price in Africa amounted to $X per ton, approximately equating 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 57%. Over the period under review, import prices attained the peak figure at $X per ton in 2012; afterwards, it flattened through to 2022.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Morocco (+2.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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