ECOWAS: Fats Preparation Machinery Market 2024

Fats Preparation Machinery Market Size in ECOWAS

The ECOWAS fats preparation machinery market skyrocketed to $X in 2022, growing by 38% against the previous year. Over the period under review, consumption, however, saw a abrupt decrease. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Fats Preparation Machinery Production in ECOWAS

In value terms, fats preparation machinery production rose slightly to $X in 2022 estimated in export price. Over the period under review, production posted a temperate expansion. The pace of growth appeared the most rapid in 2016 with an increase of 668% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Fats Preparation Machinery Exports

Exports in ECOWAS

In 2022, the amount of machinery for the extraction or preparation of animal or fixed vegetable fats or oils exported in ECOWAS surged to X units, growing by 50% compared with 2021 figures. Overall, exports, however, faced a significant decline. The most prominent rate of growth was recorded in 2015 with an increase of 567% against the previous year. Over the period under review, the exports reached the peak figure at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, fats preparation machinery exports fell rapidly to $X in 2022. Over the period under review, exports, however, recorded a precipitous descent. The pace of growth was the most pronounced in 2017 with an increase of 14,948% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Ghana (X units) represented the largest exporter of machinery for the extraction or preparation of animal or fixed vegetable fats or oils in ECOWAS, achieving 100% of total export.

Ghana was also the fastest-growing in terms of the machinery for the extraction or preparation of animal or fixed vegetable fats or oils exports, with a CAGR of +11.6% from 2012 to 2022. While the share of Ghana (+100 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) also remains the largest fats preparation machinery supplier in ECOWAS.

In Ghana, fats preparation machinery exports increased at an average annual rate of +16.6% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per unit, reducing by -85.2% against the previous year. Overall, the export price showed a abrupt setback. The growth pace was the most rapid in 2017 an increase of 11,938% against the previous year. The level of export peaked at $X per unit in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the rate of growth in terms of prices for Ghana amounted to +4.5% per year.

Fats Preparation Machinery Imports

Imports in ECOWAS

In 2022, approx. X units of machinery for the extraction or preparation of animal or fixed vegetable fats or oils were imported in ECOWAS; jumping by 295% on the previous year. In general, imports enjoyed a significant expansion. The growth pace was the most rapid in 2015 with an increase of 332% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in years to come.

In value terms, fats preparation machinery imports soared to $X in 2022. Overall, imports recorded prominent growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

The countries with the highest levels of fats preparation machinery imports in 2022 were Nigeria (X units), Togo (X units) and Benin (X units), together accounting for 83% of total import. It was distantly followed by Cote d'Ivoire (X units), achieving a 7.9% share of total imports. Ghana (X units) took a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Togo (with a CAGR of +70.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) constitutes the largest market for imported machinery for the extraction or preparation of animal or fixed vegetable fats or oils in ECOWAS, comprising 79% of total imports. The second position in the ranking was taken by Ghana ($X), with a 6.9% share of total imports. It was followed by Togo, with a 5.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria stood at +20.6%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+29.3% per year) and Togo (+73.1% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per unit, with a decrease of -23% against the previous year. Over the period under review, the import price showed a deep setback. The most prominent rate of growth was recorded in 2016 when the import price increased by 161%. Over the period under review, import prices hit record highs at $X per unit in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Nigeria ($X per unit), while Benin ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (+1.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform