Cameroon: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in Cameroon

After three years of growth, the Cameroonian refined palm oil market decreased by -2.3% to $X in 2022. The market value increased at an average annual rate of +2.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Refined palm oil consumption peaked at $X in 2021, and then declined modestly in the following year.

Refined Palm Oil Production in Cameroon

In value terms, refined palm oil production declined slightly to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the production volume increased by 39%. As a result, production reached the peak level of $X. From 2018 to 2022, production growth remained at a lower figure.

Refined Palm Oil Exports

Exports from Cameroon

Refined palm oil exports from Cameroon fell to X tons in 2022, with a decrease of -11.6% against 2021. In general, exports, however, saw a resilient increase. The pace of growth appeared the most rapid in 2019 when exports increased by 373%. The exports peaked at X tons in 2021, and then reduced in the following year.

In value terms, refined palm oil exports reduced markedly to $X in 2022. Overall, exports, however, saw pronounced growth. The most prominent rate of growth was recorded in 2019 with an increase of 118%. Over the period under review, the exports reached the maximum at $X in 2021, and then dropped dramatically in the following year.

Exports by Country

Central African Republic (X tons) was the main destination for refined palm oil exports from Cameroon, with a 55% share of total exports. Moreover, refined palm oil exports to Central African Republic exceeded the volume sent to the second major destination, Gabon (X tons), fourfold. The third position in this ranking was held by Spain (X tons), with a 9.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Central African Republic totaled +30.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Gabon (-7.7% per year) and Spain (+37.5% per year).

In value terms, the largest markets for refined palm oil exported from Cameroon were Central African Republic ($X), Gabon ($X) and Congo ($X), with a combined 77% share of total exports.

Congo, with a CAGR of +48.6%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average refined palm oil export price stood at $X per ton in 2022, reducing by -12.6% against the previous year. Overall, the export price showed a deep reduction. The most prominent rate of growth was recorded in 2020 when the average export price increased by 45%. Over the period under review, the average export prices reached the maximum at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Gabon ($X per ton), while the average price for exports to Central African Republic ($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 Morocco (+23.1%), while the prices for the other major destinations experienced mixed trend patterns.

Refined Palm Oil Imports

Imports into Cameroon

In 2022, after three years of growth, there was decline in purchases abroad of refined palm oil, when their volume decreased by -4.5% to X tons. Over the period under review, imports, however, showed significant growth. The most prominent rate of growth was recorded in 2014 when imports increased by 427%. Over the period under review, imports hit record highs at X tons in 2021, and then fell slightly in the following year.

In value terms, refined palm oil imports contracted rapidly to $X in 2022. In general, imports, however, enjoyed a significant increase. The most prominent rate of growth was recorded in 2014 with an increase of 476% against the previous year. Over the period under review, imports attained the peak figure at $X in 2021, and then declined markedly in the following year.

Imports by Country

Malaysia (X tons), Indonesia (X tons) and Singapore (X tons) were the main suppliers of refined palm oil imports to Cameroon, with a combined 100% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Singapore (with a CAGR of +76.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest refined palm oil suppliers to Cameroon were Indonesia ($X), Malaysia ($X) and Singapore ($X), together comprising 100% of total imports.

Singapore, with a CAGR of +78.3%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average refined palm oil import price amounted to $X per ton, shrinking by -15.2% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average import price increased by 47% against the previous year. As a result, import price reached the peak level of $X per ton, and then dropped notably in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Singapore ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+2.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform