ECOWAS: Crude Coconut Oil Market 2024

Crude Coconut Oil Market Size in ECOWAS

In 2022, the ECOWAS crude coconut oil market increased by 17% to $X, rising for the second consecutive year after three years of decline. The market value increased at an average annual rate of +1.6% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Crude Coconut Oil Production in ECOWAS

In value terms, crude coconut oil production contracted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 with an increase of 26%. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Crude Coconut Oil Exports

Exports in ECOWAS

In 2022, shipments abroad of crude coconut (copra) oil decreased by -7.5% to X tons, falling for the second year in a row after three years of growth. Overall, exports, however, continue to indicate a perceptible increase. The most prominent rate of growth was recorded in 2016 with an increase of 62%. Over the period under review, the exports reached the peak figure at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude coconut oil exports surged to $X in 2022. Over the period under review, exports, however, enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2016 with an increase of 132% against the previous year. Over the period under review, the exports reached the maximum at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

Cote d'Ivoire was the major exporting country with an export of around X tons, which amounted to 74% of total exports. It was distantly followed by Nigeria (X tons), mixing up a 25% share of total exports.

Cote d'Ivoire experienced a relatively flat trend pattern with regard to volume of exports of crude coconut (copra) oil. At the same time, Nigeria (+39.0%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +39.0% from 2012-2022. From 2012 to 2022, the share of Nigeria increased by +25 percentage points.

In value terms, Cote d'Ivoire ($X) remains the largest crude coconut oil supplier in ECOWAS, comprising 96% of total exports. The second position in the ranking was held by Nigeria ($X), with a 2% share of total exports.

In Cote d'Ivoire, crude coconut oil exports expanded at an average annual rate of +8.7% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, with an increase of 36% against the previous year. Over the period under review, the export price continues to indicate a prominent expansion. The pace of growth was the most pronounced in 2017 when the export price increased by 45%. The level of export peaked 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 amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+8.4%).

Crude Coconut Oil Imports

Imports in ECOWAS

Crude coconut oil imports amounted to X tons in 2022, increasing by 1.7% compared with 2021 figures. Overall, imports showed a strong increase. The growth pace was the most rapid in 2020 when imports increased by 526% against the previous year. As a result, imports reached the peak of X tons; afterwards, it flattened through to 2022.

In value terms, crude coconut oil imports totaled $X in 2022. Over the period under review, imports posted a significant increase. The growth pace was the most rapid in 2020 when imports increased by 589%. As a result, imports attained the peak of $X; afterwards, it flattened through to 2022.

Imports by Country

Mali dominates imports structure, finishing at X tons, which was near 96% of total imports in 2022. Togo (X tons) took a relatively small share of total imports.

Mali was also the fastest-growing in terms of the crude coconut (copra) oil imports, with a CAGR of +59.8% from 2012 to 2022. At the same time, Togo (+21.4%) displayed positive paces of growth. Mali (+92 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 ($X) constitutes the largest market for imported crude coconut (copra) oil in ECOWAS, comprising 95% of total imports. The second position in the ranking was taken by Togo ($X), with a 2% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in Mali totaled +64.5%.

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, leveling off at the previous year. Overall, the import price, however, recorded strong growth. The most prominent rate of growth was recorded in 2016 when the import price increased by 56%. The level of import peaked at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Togo ($X per ton), while Mali totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (+6.1%).

Source: IndexBox Platform