ECOWAS: Industrial Oleic Acid Market 2024

Industrial Oleic Acid Market Size in ECOWAS

In 2021, the ECOWAS industrial oleic acid market decreased by -12.2% to $X for the first time since 2017, thus ending a three-year rising trend. The market value increased at an average annual rate of +1.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X, and then fell in the following year.

Industrial Oleic Acid Production in ECOWAS

In value terms, industrial oleic acid production reduced to $X in 2021 estimated in export price. The total production indicated a temperate increase from 2012 to 2021: its value increased at an average annual rate of +2.3% 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 +59.1% against 2014 indices. The most prominent rate of growth was recorded in 2018 with an increase of 19%. The level of production peaked at $X in 2020, and then declined in the following year.

Industrial Oleic Acid Exports

Exports in ECOWAS

In 2021, the amount of industrial oleic acid exported in ECOWAS shrank markedly to X tons, reducing by -80.3% compared with 2020. Overall, exports recorded a dramatic slump. The growth pace was the most rapid in 2020 with an increase of 331%. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, industrial oleic acid exports shrank sharply to $X in 2021. Over the period under review, exports showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2020 with an increase of 82% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Cote d'Ivoire represented the major exporter of industrial oleic acid in ECOWAS, with the volume of exports resulting at X tons, which was near 69% of total exports in 2021. It was distantly followed by Senegal (X tons), achieving a 31% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to industrial oleic acid exports from Cote d'Ivoire stood at -33.2%. At the same time, Senegal (+22.9%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +22.9% from 2012-2021. From 2012 to 2021, the share of Senegal increased by +31 percentage points.

In value terms, Cote d'Ivoire ($X) remains the largest industrial oleic acid supplier in ECOWAS, comprising 85% of total exports. The second position in the ranking was held by Senegal ($X), with a 15% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Cote d'Ivoire stood at -19.0%.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, picking up by 116% against the previous year. Overall, the export price recorded a buoyant expansion. The pace of growth was the most pronounced in 2017 an increase of 244%. The level of export peaked at $X per ton in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Cote d'Ivoire ($X per ton), while Senegal amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+21.2%).

Industrial Oleic Acid Imports

Imports in ECOWAS

After three years of growth, overseas purchases of industrial oleic acid decreased by -72.5% to X tons in 2021. Overall, imports continue to indicate a abrupt decline. The growth pace was the most rapid in 2013 when imports increased by 176% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports failed to regain momentum.

In value terms, industrial oleic acid imports fell remarkably to $X in 2021. In general, imports continue to indicate a abrupt setback. The pace of growth appeared the most rapid in 2013 with an increase of 185% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Nigeria was the major importer of industrial oleic acid in ECOWAS, with the volume of imports amounting to X tons, which was approx. 50% of total imports in 2021. Senegal (X tons) held a 28% share (based on physical terms) of total imports, which put it in second place, followed by Cote d'Ivoire (12%). The following importers - Burkina Faso (X tons), Liberia (X tons) and Cabo Verde (X tons) - each resulted at a 9% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Liberia (with a CAGR of +29.2%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, Nigeria ($X) constitutes the largest market for imported industrial oleic acid in ECOWAS, comprising 66% of total imports. The second position in the ranking was taken by Senegal ($X), with a 15% share of total imports. It was followed by Cote d'Ivoire, with a 12% share.

From 2012 to 2021, the average annual growth rate of value in Nigeria was relatively modest. In the other countries, the average annual rates were as follows: Senegal (-18.3% per year) and Cote d'Ivoire (-6.8% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, surging by 53% against the previous year. Overall, the import price posted a strong expansion. The pace of growth was the most pronounced in 2017 when the import price increased by 62% against the previous year. The level of import peaked in 2021 and is expected to retain growth in years to come.

Prices varied noticeably country of destination: the country with the highest price was Nigeria ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+9.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform