Cameroon: Refined Coconut Oil Market 2024

Refined Coconut Oil Market Size in Cameroon

The Cameroonian refined coconut oil market rose slightly to $X in 2022, increasing by 2.8% against the previous year. Over the period under review, the total consumption indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +7.6% 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 +9.1% against 2019 indices. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Refined Coconut Oil Production in Cameroon

In value terms, refined coconut oil production amounted to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a strong increase. The most prominent rate of growth was recorded in 2014 when the production volume increased by 60%. Refined coconut oil production peaked at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Refined Coconut Oil Exports

Exports from Cameroon

In 2022, overseas shipments of refined coconut (copra) oil increased by 42% to X kg for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports, however, saw a deep downturn. The pace of growth was the most pronounced in 2016 with an increase of 9,054%. As a result, the exports reached the peak of X tons. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, refined coconut oil exports surged to $X in 2022. In general, exports, however, showed a abrupt contraction. The most prominent rate of growth was recorded in 2016 with an increase of 8,569% against the previous year. As a result, the exports attained the peak of $X. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Canada (X kg), Switzerland (X kg) and France (X kg) were the main destinations of refined coconut oil exports from Cameroon, with a combined 97% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by France (with a CAGR of 0.0%), while the other leaders experienced a decline.

In value terms, Switzerland ($X) remains the key foreign market for refined coconut (copra) oil exports from Cameroon, comprising 43% of total exports. The second position in the ranking was taken by France ($X), with a 20% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Switzerland stood at +49.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (0.0% per year) and Canada (-25.3% per year).

Export Prices by Country

The average refined coconut oil export price stood at $X per ton in 2022, surging by 6.2% against the previous year. Overall, the export price continues to indicate a strong expansion. The most prominent rate of growth was recorded in 2020 an increase of 31% against the previous year. The export price peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to Canada ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Switzerland (+55.8%).

Refined Coconut Oil Imports

Imports into Cameroon

In 2022, refined coconut oil imports into Cameroon reduced markedly to X tons, dropping by -39.7% against the previous year's figure. Over the period under review, imports, however, showed resilient growth. The most prominent rate of growth was recorded in 2021 with an increase of 384% against the previous year. Imports peaked at X tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, refined coconut oil imports reduced notably to $X in 2022. Overall, imports, however, recorded significant growth. The most prominent rate of growth was recorded in 2021 with an increase of 268% against the previous year. As a result, imports attained the peak of $X, and then fell significantly in the following year.

Imports by Country

In 2022, Malaysia (X tons) constituted the largest refined coconut oil supplier to Cameroon, with a 67% share of total imports. Moreover, refined coconut oil imports from Malaysia exceeded the figures recorded by the second-largest supplier, Belgium (X kg), fourfold. The third position in this ranking was taken by Germany (X kg), with a 7.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Malaysia amounted to +6.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+46.6% per year) and Germany (+53.9% per year).

In value terms, the largest refined coconut oil suppliers to Cameroon were Belgium ($X), Malaysia ($X) and Germany ($X), together comprising 92% of total imports.

In terms of the main suppliers, Germany, with a CAGR of +50.3%, saw the highest growth rate of 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 average refined coconut oil import price stood at $X per ton in 2022, growing by 5.4% against the previous year. In general, the import price showed a prominent expansion. The pace of growth appeared the most rapid in 2018 when the average import price increased by 46% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Belgium ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+3.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform