ECOWAS: Coconut Oil Market 2024

Coconut Oil Market Size in ECOWAS

In 2022, the ECOWAS coconut oil market increased by 8.9% to $X, rising for the second year in a row after five years of decline. Over the period under review, consumption recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market remained at a lower figure.

Coconut Oil Production in ECOWAS

In value terms, coconut oil production shrank slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.3% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2014 with an increase of 26%. Over the period under review, production reached the peak level at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

Coconut Oil Exports

Exports in ECOWAS

In 2022, overseas shipments of coconut (copra) oil decreased by -1.1% to X tons, falling for the second consecutive year after two years of growth. In general, exports, however, saw a moderate expansion. The pace of growth appeared the most rapid in 2016 with an increase of 110% against the previous year. The volume of export peaked at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, coconut oil exports surged to $X in 2022. Overall, exports, however, continue to indicate strong growth. The pace of growth was the most pronounced in 2016 with an increase of 151%. Over the period under review, the exports hit record highs at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Cote d'Ivoire (X tons) was the largest exporter of coconut (copra) oil, comprising 70% of total exports. Nigeria (X tons) took a 23% share (based on physical terms) of total exports, which put it in second place, followed by Benin (5.4%).

Exports from Cote d'Ivoire decreased at an average annual rate of -1.1% from 2012 to 2022. At the same time, Nigeria (+108.8%) and Benin (+83.3%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +108.8% from 2012-2022. From 2012 to 2022, the share of Nigeria and Benin increased by +23 and +5.4 percentage points, respectively.

In value terms, Cote d'Ivoire ($X) remains the largest coconut oil supplier in ECOWAS, comprising 88% of total exports. The second position in the ranking was held by Benin ($X), with a 3% share of total exports.

In Cote d'Ivoire, coconut oil exports expanded at an average annual rate of +7.4% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Benin (+52.9% per year) and Nigeria (+52.2% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, increasing by 24% against the previous year. Over the period under review, the export price continues to indicate a buoyant increase. The pace of growth appeared the most rapid in 2017 when the export price increased by 46%. Over the period under review, the export prices reached the maximum at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while Nigeria ($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 (+8.7%), while the other leaders experienced a decline in the export price figures.

Coconut Oil Imports

Imports in ECOWAS

In 2022, the amount of coconut (copra) oil imported in ECOWAS totaled X tons, picking up by 1.7% compared with the previous year. In general, imports recorded a noticeable increase. The most prominent rate of growth was recorded in 2020 when imports increased by 197%. Over the period under review, imports reached the peak figure at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, coconut oil imports reached $X in 2022. Over the period under review, imports continue to indicate a strong increase. The growth pace was the most rapid in 2020 when imports increased by 329% against the previous year. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Mali prevails in imports structure, recording X tons, which was approx. 92% of total imports in 2022. The following importers - Ghana (X tons) and Togo (X tons) - each amounted to a 3.1% share of total imports.

Mali was also the fastest-growing in terms of the coconut (copra) oil imports, with a CAGR of +59.6% from 2012 to 2022. At the same time, Ghana (+50.1%) and Togo (+6.0%) displayed positive paces of growth. Mali (+91 p.p.) and Ghana (+1.5 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mali ($X) constitutes the largest market for imported coconut (copra) oil in ECOWAS, comprising 91% of total imports. The second position in the ranking was taken by Togo ($X), with a 2% share of total imports.

In Mali, coconut oil imports increased at an average annual rate of +64.3% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Togo (+8.1% per year) and Ghana (+41.9% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, stabilizing at the previous year. Over the period under review, the import price, however, saw a prominent increase. The pace of growth was the most pronounced in 2018 when the import price increased by 98% against the previous year. As a result, import price attained the peak level of $X per ton. From 2019 to 2022, the import prices remained at a lower figure.

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 Togo ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mali (+3.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform