ECOWAS: Groundnut Oil Market 2024

Groundnut Oil Market Size in ECOWAS

The ECOWAS groundnut oil market declined slightly to $X in 2021, approximately reflecting the previous year. The market value increased at an average annual rate of +3.9% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the maximum level at $X in 2020, and then contracted modestly in the following year.

Groundnut Oil Production in ECOWAS

In value terms, groundnut oil production reduced modestly to $X in 2021 estimated in export price. The total production indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +4.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +58.4% against 2015 indices. The pace of growth appeared the most rapid in 2016 when the production volume increased by 20% against the previous year. The level of production peaked at $X in 2020, and then declined in the following year.

Groundnut Oil Exports

Exports in ECOWAS

In 2021, the amount of groundnut oil exported in ECOWAS skyrocketed to X tons, jumping by 30% on the previous year. Overall, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 119% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, groundnut oil exports skyrocketed to $X in 2021. In general, exports recorded a relatively flat trend pattern. Over the period under review, the exports attained the maximum at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

Senegal represented the main exporting country with an export of around X tons, which recorded 75% of total exports. It was distantly followed by Nigeria (X tons) and Gambia (X tons), together making up a 21% share of total exports. Guinea (X tons) followed a long way behind the leaders.

Senegal experienced a relatively flat trend pattern with regard to volume of exports of groundnut oil. At the same time, Nigeria (+54.7%) and Guinea (+3.9%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +54.7% from 2012-2021. By contrast, Gambia (-9.8%) illustrated a downward trend over the same period. Nigeria (+15 p.p.) significantly strengthened its position in terms of the total exports, while Senegal and Gambia saw its share reduced by -3.5% and -8.4% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) remains the largest groundnut oil supplier in ECOWAS, comprising 77% of total exports. The second position in the ranking was held by Nigeria ($X), with a 14% share of total exports. It was followed by Gambia, with a 5.5% share.

In Senegal, groundnut oil exports remained relatively stable over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Nigeria (+92.1% per year) and Gambia (-6.1% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, surging by 32% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in Senegal ($X per ton) and Gambia ($X per ton), while Guinea ($X per ton) and Nigeria ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+24.2%), while the other leaders experienced more modest paces of growth.

Groundnut Oil Imports

Imports in ECOWAS

In 2021, approx. X tons of groundnut oil were imported in ECOWAS; leveling off at 2020 figures. Overall, imports continue to indicate a slight setback. The most prominent rate of growth was recorded in 2017 with an increase of 200% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2021, the growth of imports failed to regain momentum.

In value terms, groundnut oil imports dropped to $X in 2021. In general, imports saw a deep setback. The pace of growth was the most pronounced in 2017 when imports increased by 148% against the previous year. Over the period under review, imports attained the peak figure at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Benin represented the key importer of groundnut oil in ECOWAS, with the volume of imports reaching X tons, which was approx. 87% of total imports in 2021. It was distantly followed by Togo (X tons), constituting a 12% share of total imports.

Benin experienced a relatively flat trend pattern with regard to volume of imports of groundnut oil. Togo (-8.4%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Benin increased by +15 percentage points.

In value terms, Benin ($X) constitutes the largest market for imported groundnut oil in ECOWAS, comprising 75% of total imports. The second position in the ranking was held by Togo ($X), with a 14% share of total imports.

In Benin, groundnut oil imports shrank by an average annual rate of -10.8% over the period from 2012-2021.

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, reducing by -7.5% against the previous year. In general, the import price showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2013 an increase of 29% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2021, the import prices remained at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Togo ($X per ton), while Benin totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Togo (-1.6%).

Source: IndexBox Platform