ECOWAS: Olive Oil Market 2025

Olive Oil Market Size in ECOWAS

In 2022, after four years of growth, there was significant decline in the ECOWAS olive oil market, when its value decreased by -16.2% to $X. The total consumption indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +3.6% 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 +7.6% against 2016 indices. Over the period under review, the market hit record highs at $X in 2021, and then dropped sharply in the following year.

Olive Oil Production in ECOWAS

In value terms, olive oil production rose significantly to $X in 2022 estimated in export price. In general, production recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 with an increase of 24% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Olive Oil Exports

Exports in ECOWAS

After two years of decline, shipments abroad of olive oil and its fractions increased by 61% to X tons in 2022. Overall, exports, however, continue to indicate a abrupt downturn. The growth pace was the most rapid in 2019 when exports increased by 85% against the previous year. As a result, the exports attained the peak of X tons. From 2020 to 2022, the growth of the exports remained at a lower figure.

In value terms, olive oil exports skyrocketed to $X in 2022. Over the period under review, exports, however, continue to indicate a abrupt curtailment. The pace of growth appeared the most rapid in 2014 with an increase of 188%. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Nigeria (X tons), Sierra Leone (X tons) and Senegal (X tons) represented roughly 91% of total exports in 2022. It was distantly followed by Togo (X kg), generating an 8.4% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Senegal (with a CAGR of +10.5%), while the other leaders experienced more modest paces of growth.

In value terms, the largest olive oil supplying countries in ECOWAS were Togo ($X), Sierra Leone ($X) and Senegal ($X), with a combined 79% share of total exports.

In terms of the main exporting countries, Togo, with a CAGR of +37.7%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, waning by -20.2% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 112%. The level of export peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Togo ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (+26.0%), while the other leaders experienced mixed trends in the export price figures.

Olive Oil Imports

Imports in ECOWAS

In 2022, the amount of olive oil and its fractions imported in ECOWAS declined markedly to X tons, waning by -16.1% on the year before. In general, imports saw a pronounced shrinkage. The most prominent rate of growth was recorded in 2016 when imports increased by 91% against the previous year. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, olive oil imports shrank significantly to $X in 2022. Over the period under review, imports, however, enjoyed resilient growth. The pace of growth was the most pronounced in 2016 with an increase of 114% against the previous year. Over the period under review, imports attained the peak figure at $X in 2021, and then contracted significantly in the following year.

Imports by Country

In 2022, Cote d'Ivoire (X tons) represented the largest importer of olive oil and its fractions, committing 32% of total imports. It was distantly followed by Ghana (X tons), Nigeria (X tons), Senegal (X tons) and Cabo Verde (X tons), together committing a 48% share of total imports. Burkina Faso (X tons), Liberia (X tons) and Guinea-Bissau (X tons) followed a long way behind the leaders.

Imports into Cote d'Ivoire increased at an average annual rate of +14.9% from 2012 to 2022. At the same time, Ghana (+25.8%), Burkina Faso (+18.0%), Cabo Verde (+14.8%), Guinea-Bissau (+14.4%), Liberia (+7.2%) and Senegal (+3.6%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +25.8% from 2012-2022. By contrast, Nigeria (-19.6%) illustrated a downward trend over the same period. Cote d'Ivoire (+26 p.p.), Ghana (+12 p.p.), Cabo Verde (+9.3 p.p.), Senegal (+5.6 p.p.), Burkina Faso (+3.3 p.p.), Guinea-Bissau (+2.7 p.p.) and Liberia (+2.3 p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by -68% from 2012 to 2022, respectively.

In value terms, Cote d'Ivoire ($X) constitutes the largest market for imported olive oil and its fractions in ECOWAS, comprising 34% of total imports. The second position in the ranking was taken by Ghana ($X), with a 15% share of total imports. It was followed by Cabo Verde, with a 14% share.

From 2012 to 2022, the average annual growth rate of value in Cote d'Ivoire amounted to +15.8%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+34.1% per year) and Cabo Verde (+16.3% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, therefore, remained relatively stable against the previous year. Import price indicated a resilient expansion from 2012 to 2022: its price increased at an average annual rate of +8.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, olive oil import price increased by +44.3% against 2019 indices. The most prominent rate of growth was recorded in 2014 when the import price increased by 47% against the previous year. The level of import peaked at $X per ton in 2021, and then shrank slightly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+6.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform