ECOWAS: Chemically Modified Oils Market 2024

Chemically Modified Oils Market Size in ECOWAS

The ECOWAS chemically modified oils market shrank slightly to $X in 2022, with a decrease of -2.8% against the previous year. Over the period under review, consumption, however, enjoyed a resilient expansion. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Chemically Modified Oils Production in ECOWAS

In value terms, chemically modified oils production reduced slightly to $X in 2022 estimated in export price. In general, production, however, recorded a resilient increase. The growth pace was the most rapid in 2016 when the production volume increased by 47% against the previous year. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Chemically Modified Oils Exports

Exports in ECOWAS

In 2022, after two years of growth, there was significant decline in overseas shipments of animal or vegetable fats and oils chemically modified, when their volume decreased by -31.3% to X tons. Overall, exports, however, enjoyed a significant increase. The pace of growth appeared the most rapid in 2020 when exports increased by 1,237%. Over the period under review, the exports hit record highs at X tons in 2021, and then contracted notably in the following year.

In value terms, chemically modified oils exports declined dramatically to $X in 2022. In general, exports, however, posted significant growth. The most prominent rate of growth was recorded in 2020 when exports increased by 708% against the previous year. The level of export peaked at $X in 2021, and then shrank sharply in the following year.

Exports by Country

Ghana dominates exports structure, recording X tons, which was approx. 86% of total exports in 2022. It was distantly followed by Cote d'Ivoire (X tons), constituting a 9.4% share of total exports. The following exporters - Togo (X tons) and Burkina Faso (X tons) - each finished at a 3.8% share of total exports.

Exports from Ghana increased at an average annual rate of +65.6% from 2012 to 2022. At the same time, Togo (+66.5%), Burkina Faso (+34.0%) and Cote d'Ivoire (+21.9%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +66.5% from 2012-2022. While the share of Ghana (+81 p.p.) and Togo (+2.1 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Cote d'Ivoire (-2.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) remains the largest chemically modified oils supplier in ECOWAS, comprising 89% of total exports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 5.7% share of total exports. It was followed by Togo, with a 3.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Ghana amounted to +64.8%. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+13.1% per year) and Togo (+74.4% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, which is down by -24.1% against the previous year. In general, the export price continues to indicate a mild decline. The pace of growth appeared the most rapid in 2018 an increase of 182%. As a result, the export price attained the peak level of $X per ton. From 2019 to 2022, the export prices failed to regain momentum.

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 Togo ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (+4.8%), while the other leaders experienced a decline in the export price figures.

Chemically Modified Oils Imports

Imports in ECOWAS

Chemically modified oils imports surged to X tons in 2022, increasing by 21% on 2021 figures. In general, imports, however, showed a abrupt contraction. The pace of growth was the most pronounced in 2019 when imports increased by 118%. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, chemically modified oils imports shrank to $X in 2022. Over the period under review, imports, however, saw a abrupt slump. The growth pace was the most rapid in 2019 with an increase of 124% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Burkina Faso represented the main importing country with an import of around X tons, which accounted for 45% of total imports. Cote d'Ivoire (X tons) held the second position in the ranking, followed by Nigeria (X tons) and Benin (X tons). All these countries together held near 44% share of total imports. Ghana (X tons), Guinea (X tons) and Senegal (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to chemically modified oils imports into Burkina Faso stood at +20.6%. At the same time, Benin (+35.7%), Senegal (+23.4%), Guinea (+12.9%) and Cote d'Ivoire (+1.6%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +35.7% from 2012-2022. By contrast, Ghana (-16.6%) and Nigeria (-21.4%) illustrated a downward trend over the same period. Burkina Faso (+42 p.p.), Cote d'Ivoire (+14 p.p.), Benin (+5.9 p.p.), Guinea (+2.5 p.p.) and Senegal (+2.2 p.p.) significantly strengthened its position in terms of the total imports, while Ghana and Nigeria saw its share reduced by -6% and -59.8% from 2012 to 2022, respectively.

In value terms, the largest chemically modified oils importing markets in ECOWAS were Cote d'Ivoire ($X), Nigeria ($X) and Burkina Faso ($X), with a combined 69% share of total imports. Benin, Ghana, Guinea and Senegal lagged somewhat behind, together accounting for a further 26%.

Among the main importing countries, Benin, with a CAGR of +32.8%, 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

In 2022, the import price in ECOWAS amounted to $X per ton, shrinking by -23.6% against the previous year. In general, the import price saw a abrupt descent. The growth pace was the most rapid in 2020 an increase of 19%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 Guinea ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guinea (+7.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform