Cote d'Ivoire: Refined Soybean Oil Market 2025

Refined Soybean Oil Market Size in Cote d'Ivoire

The Cote d'Ivoire's refined soybean oil market contracted slightly to $X in 2022, reducing by -3.9% against the previous year. Overall, the total consumption indicated a slight increase from 2012 to 2022: its value 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, consumption increased by +4.5% against 2020 indices. Refined soybean oil consumption peaked at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Refined Soybean Oil Production in Cote d'Ivoire

In value terms, refined soybean oil production shrank slightly to $X in 2022 estimated in export price. Overall, the total production indicated slight growth from 2012 to 2022: its value 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, production increased by +2.0% against 2020 indices. The most prominent rate of growth was recorded in 2015 with an increase of 67%. Over the period under review, production reached the peak level at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Refined Soybean Oil Exports

Exports from Cote d'Ivoire

In 2022, shipments abroad of refined soybean oil and its fractions was finally on the rise to reach X tons after two years of decline. In general, exports, however, faced a abrupt decrease. The pace of growth appeared the most rapid in 2019 with an increase of 4,987%. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports remained at a lower figure.

In value terms, refined soybean oil exports surged to $X in 2022. Over the period under review, exports, however, recorded a deep slump. The growth pace was the most rapid in 2019 when exports increased by 2,122% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Burkina Faso (X tons) was the main destination for refined soybean oil exports from Cote d'Ivoire, accounting for a approx. 100% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Burkina Faso totaled -12.1%.

In value terms, Burkina Faso ($X) also remains the key foreign market for refined soybean oil and its fractions exports from Cote d'Ivoire.

From 2012 to 2022, the average annual growth rate of value to Burkina Faso totaled -9.0%.

Export Prices by Country

The average refined soybean oil export price stood at $X per ton in 2022, remaining relatively unchanged against the previous year. In general, the export price posted temperate growth. The most prominent rate of growth was recorded in 2014 an increase of 68%. The export price peaked at $X per ton in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Burkina Faso.

From 2012 to 2022, the rate of growth in terms of prices for Burkina Faso amounted to +3.4% per year.

Refined Soybean Oil Imports

Imports into Cote d'Ivoire

In 2022, approx. X tons of refined soybean oil and its fractions were imported into Cote d'Ivoire; waning by -30.8% compared with 2021 figures. Overall, imports, however, posted a remarkable increase. The pace of growth was the most pronounced in 2021 with an increase of 187%. Over the period under review, imports hit record highs at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, refined soybean oil imports fell sharply to $X in 2022. Over the period under review, imports, however, continue to indicate a remarkable increase. The pace of growth appeared the most rapid in 2021 with an increase of 296%. As a result, imports attained the peak of $X, and then declined rapidly in the following year.

Imports by Country

In 2022, Belgium (X tons) constituted the largest refined soybean oil supplier to Cote d'Ivoire, with a 74% share of total imports. Moreover, refined soybean oil imports from Belgium exceeded the figures recorded by the second-largest supplier, Morocco (X tons), fivefold. The third position in this ranking was taken by Brazil (X tons), with a 4.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Belgium stood at +16.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Morocco (+26.4% per year) and Brazil (-19.0% per year).

In value terms, Belgium ($X) constituted the largest supplier of refined soybean oil and its fractions to Cote d'Ivoire, comprising 63% of total imports. The second position in the ranking was taken by Morocco ($X), with a 23% share of total imports. It was followed by Brazil, with a 4.7% share.

From 2012 to 2022, the average annual growth rate of value from Belgium amounted to +14.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Morocco (+32.2% per year) and Brazil (-18.7% per year).

Import Prices by Country

The average refined soybean oil import price stood at $X per ton in 2022, declining by -9.5% against the previous year. Overall, the import price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 38%. As a result, import price attained the peak level of $X per ton, and then dropped in the following year.

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 Morocco ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+45.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform