ECOWAS: Crude Groundnut Oil Market 2025

Crude Groundnut Oil Market Size in ECOWAS

The ECOWAS crude groundnut oil market totaled $X in 2022, growing by 3.3% against the previous year. The market value increased at an average annual rate of +1.5% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Crude Groundnut Oil Production in ECOWAS

In value terms, crude groundnut oil production amounted to $X in 2022 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the production volume increased by 24% against the previous year. As a result, production reached the peak level of $X; afterwards, it flattened through to 2022.

Crude Groundnut Oil Exports

Exports in ECOWAS

In 2022, approx. X tons of crude groundnut oil were exported in ECOWAS; shrinking by -9.5% on the previous year. Over the period under review, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 84%. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, crude groundnut oil exports declined rapidly to $X in 2022. In general, exports continue to indicate a mild decline. The growth pace was the most rapid in 2021 with an increase of 65% against the previous year. The level of export peaked at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Senegal (X tons) was the major exporter of crude groundnut oil, generating 67% of total exports. Nigeria (X tons) held a 15% share (based on physical terms) of total exports, which put it in second place, followed by Gambia (14%). Guinea (X tons) took a relatively small share of total exports.

From 2012 to 2022, average annual rates of growth with regard to crude groundnut oil exports from Senegal stood at -2.5%. At the same time, Nigeria (+89.1%) and Guinea (+3.4%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +89.1% from 2012-2022. By contrast, Gambia (-1.3%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Nigeria increased by +15 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) remains the largest crude groundnut oil supplier in ECOWAS, comprising 67% of total exports. The second position in the ranking was taken by Nigeria ($X), with a 15% share of total exports. It was followed by Gambia, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Senegal amounted to -3.8%. In the other countries, the average annual rates were as follows: Nigeria (+140.7% per year) and Gambia (+2.2% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, dropping by -11% against the previous year. Overall, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 31%. As a result, the export price attained the peak level of $X per ton, and then shrank in the following year.

Average prices varied noticeably amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Gambia ($X per ton) and Nigeria ($X per ton), while Guinea ($X per ton) and Senegal ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+27.3%), while the other leaders experienced more modest paces of growth.

Crude Groundnut Oil Imports

Imports in ECOWAS

In 2022, the amount of crude groundnut oil imported in ECOWAS declined remarkably to X tons, falling by -52.6% on the previous year. Overall, imports showed a dramatic contraction. The most prominent rate of growth was recorded in 2020 when imports increased by 278%. The volume of import peaked at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, crude groundnut oil imports dropped remarkably to $X in 2022. In general, imports faced a precipitous shrinkage. The growth pace was the most rapid in 2020 when imports increased by 172%. The level of import peaked at $X in 2016; however, from 2017 to 2022, imports remained at a lower figure.

Imports by Country

Benin (X tons) and Ghana (X tons) represented roughly 58% of total imports in 2022. Niger (X tons) took the next position in the ranking, followed by Senegal (X tons) and Liberia (X tons). All these countries together took approx. 33% share of total imports. The following importers - Burkina Faso (X tons) and Nigeria (X tons) - each reached a 7.6% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Nigeria (with a CAGR of +46.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Niger ($X), Ghana ($X) and Benin ($X) appeared to be the countries with the highest levels of imports in 2022, together comprising 73% of total imports. Liberia, Nigeria, Senegal and Burkina Faso lagged somewhat behind, together comprising a further 23%.

Among the main importing countries, Nigeria, with a CAGR of +58.3%, recorded 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, jumping by 34% against the previous year. Over the period under review, the import price saw a prominent expansion. The pace of growth was the most pronounced in 2021 when the import price increased by 88% against the previous year. The level of import peaked in 2022 and is likely to continue growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Niger (+12.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform