ECOWAS: Crude Rapeseed Oil Market 2024

Crude Rapeseed Oil Market Size in ECOWAS

The ECOWAS crude rapeseed oil market expanded remarkably to $X in 2022, rising by 13% against the previous year. The total consumption indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +6.9% 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 +104.6% against 2017 indices. The level of consumption peaked in 2022 and is expected to retain growth in years to come.

Crude Rapeseed Oil Production in ECOWAS

In value terms, crude rapeseed oil production dropped sharply to $X in 2022 estimated in export price. Over the period under review, production, however, showed a significant decrease. The growth pace was the most rapid in 2021 when the production volume increased by 64,100%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Crude Rapeseed Oil Exports

Exports in ECOWAS

In 2022, the amount of crude rape, colza or mustard oil exported in ECOWAS surged to X tons, with an increase of 1,415% compared with the previous year's figure. Over the period under review, exports continue to indicate a buoyant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, crude rapeseed oil exports soared to $X in 2022. Overall, exports enjoyed a resilient increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Nigeria (X tons) represented roughly 99% of total exports in 2022.

Nigeria was also the fastest-growing in terms of the crude rape, colza or mustard oil exports, with a CAGR of +70.5% from 2012 to 2022. From 2012 to 2022, the share of Nigeria increased by +98 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) also remains the largest crude rapeseed oil supplier in ECOWAS.

From 2012 to 2022, the average annual growth rate of value in Nigeria totaled +44.8%.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, dropping by -21.8% against the previous year. Over the period under review, the export price saw a perceptible decline. The most prominent rate of growth was recorded in 2018 when the export price increased by 79%. As a result, the export price reached the peak level of $X per ton. From 2019 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the rate of growth in terms of prices for Nigeria amounted to -15.0% per year.

Crude Rapeseed Oil Imports

Imports in ECOWAS

After two years of growth, supplies from abroad of crude rape, colza or mustard oil decreased by -4.8% to X tons in 2022. Overall, imports, however, enjoyed buoyant growth. The most prominent rate of growth was recorded in 2013 with an increase of 85%. Over the period under review, imports attained the maximum at X tons in 2021, and then contracted modestly in the following year.

In value terms, crude rapeseed oil imports reduced modestly to $X in 2022. Total imports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +7.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +63.1% against 2016 indices. The most prominent rate of growth was recorded in 2013 when imports increased by 84%. Over the period under review, imports hit record highs at $X in 2021, and then contracted in the following year.

Imports by Country

Ghana (X tons) and Cote d'Ivoire (X tons) were the main importers of crude rape, colza or mustard oil in 2022, amounting to approx. 36% and 29% of total imports, respectively. It was distantly followed by Benin (X tons) and Togo (X tons), together mixing up a 24% share of total imports. Nigeria (X tons) and Mali (X tons) took a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for Benin (with a CAGR of +57.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X) constitutes the largest market for imported crude rape, colza or mustard oil in ECOWAS, comprising 63% of total imports. The second position in the ranking was taken by Mali ($X), with an 8% share of total imports. It was followed by Cote d'Ivoire, with a 7.3% share.

In Ghana, crude rapeseed oil imports expanded at an average annual rate of +48.4% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Mali (-5.5% per year) and Cote d'Ivoire (-3.5% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, picking up by 2.7% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 an increase of 38%. Over the period under review, import prices reached the maximum at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat 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 Mali ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mali (+14.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform