ECOWAS: Market for Industrial Tall Oil Fatty Acids 2024

Market Size for Industrial Tall Oil Fatty Acids in ECOWAS

The ECOWAS tall oil fatty acids market plummeted to $X in 2021, which is down by -27.7% against the previous year. The total consumption indicated mild growth from 2012 to 2021: its value increased at an average annual rate of +1.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +37.7% against 2019 indices. As a result, consumption attained the peak level of $X, and then declined rapidly in the following year.

Production of Industrial Tall Oil Fatty Acids in ECOWAS

In value terms, tall oil fatty acids production reduced modestly to $X in 2021 estimated in export price. The total production indicated a perceptible expansion from 2012 to 2021: its value increased at an average annual rate of +4.7% 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 +34.9% against 2017 indices. The most prominent rate of growth was recorded in 2019 when the production volume increased by 23% against the previous year. The level of production peaked at $X in 2016; however, from 2017 to 2021, production failed to regain momentum.

Exports of Industrial Tall Oil Fatty Acids

Exports in ECOWAS

In 2021, tall oil fatty acids exports in ECOWAS declined sharply to X tons, which is down by -73.6% compared with the year before. In general, exports, however, posted slight growth. The most prominent rate of growth was recorded in 2013 with an increase of 520% against the previous year. The volume of export peaked at X tons in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, tall oil fatty acids exports reduced rapidly to $X in 2021. Over the period under review, exports, however, posted significant growth. The pace of growth was the most pronounced in 2013 with an increase of 730%. Over the period under review, the exports hit record highs at $X in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Senegal (X tons) represented the major exporter of industrial tall oil fatty acids, achieving 90% of total exports. It was distantly followed by Cote d'Ivoire (X tons), achieving a 10% share of total exports.

Senegal experienced a relatively flat trend pattern with regard to volume of exports of industrial tall oil fatty acids. Cote d'Ivoire (-39.2%) illustrated a downward trend over the same period. While the share of Cote d'Ivoire (+10 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Senegal (-10.3 p.p.) displayed negative dynamics.

In value terms, Senegal ($X) remains the largest tall oil fatty acids supplier in ECOWAS, comprising 85% of total exports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 14% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Senegal stood at +20.6%.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, picking up by 190% against the previous year. Overall, the export price continues to indicate significant growth. Over the period under review, the export prices hit record highs at $X per ton in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2021, the country with the highest price was Cote d'Ivoire ($X per ton), while Senegal stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+30.0%).

Imports of Industrial Tall Oil Fatty Acids

Imports in ECOWAS

Tall oil fatty acids imports surged to X tons in 2021, increasing by 16% compared with the previous year. Over the period under review, imports recorded a strong expansion. The growth pace was the most rapid in 2020 with an increase of 127% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, tall oil fatty acids imports dropped notably to $X in 2021. Overall, imports, however, recorded a mild downturn. The pace of growth appeared the most rapid in 2020 when imports increased by 126% against the previous year. As a result, imports attained the peak of $X, and then reduced dramatically in the following year.

Imports by Country

Gambia prevails in imports structure, resulting at X tons, which was approx. 81% of total imports in 2021. Niger (X tons) held the second position in the ranking, followed by Mali (X tons). All these countries together held near 11% share of total imports. Nigeria (X tons) and Ghana (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to tall oil fatty acids imports into Gambia stood at +7.9%. At the same time, Niger (+38.2%), Mali (+18.2%) and Ghana (+12.0%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +38.2% from 2012-2021. By contrast, Nigeria (-14.9%) illustrated a downward trend over the same period. While the share of Gambia (+12 p.p.), Niger (+5.7 p.p.) and Mali (+3.2 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Nigeria (-23.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Gambia ($X) constitutes the largest market for imported industrial tall oil fatty acids in ECOWAS, comprising 49% of total imports. The second position in the ranking was held by Ghana ($X), with a 22% share of total imports. It was followed by Nigeria, with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Gambia was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+28.6% per year) and Nigeria (-16.6% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, waning by -49.3% against the previous year. Over the period under review, the import price continues to indicate a drastic downturn. The most prominent rate of growth was recorded in 2013 when the import price increased by 36%. Over the period under review, import prices hit record highs at $X per ton in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Ghana ($X per ton), while Niger ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+14.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform