ECOWAS: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in ECOWAS

The ECOWAS virgin olive oil market expanded markedly to $X in 2022, rising by 7.2% against the previous year. Over the period under review, consumption continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market failed to regain momentum.

Virgin Olive Oil Production in ECOWAS

In value terms, virgin olive oil production expanded sharply to $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the production volume increased by 24%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Virgin Olive Oil Exports

Exports in ECOWAS

After two years of decline, overseas shipments of virgin olive oil increased by 61% to X tons in 2022. Overall, exports, however, continue to indicate a drastic downturn. The pace of growth appeared the most rapid in 2019 when exports increased by 85%. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports remained at a lower figure.

In value terms, virgin olive oil exports surged to $X in 2022. Over the period under review, exports, however, continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2014 when exports increased by 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

The biggest shipments were from Nigeria (X tons), Sierra Leone (X tons) and Senegal (X tons), together resulting at 91% of total export. It was distantly followed by Togo (X kg), making up an 8.4% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main 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 virgin olive oil supplying countries in ECOWAS were Togo ($X), Sierra Leone ($X) and Senegal ($X), with a combined 79% share of total exports.

Among the main exporting countries, Togo, with a CAGR of +37.7%, recorded 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

The export price in ECOWAS stood at $X per ton in 2022, declining by -20.2% against the previous year. In general, the export price, however, showed 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.

Virgin Olive Oil Imports

Imports in ECOWAS

After two years of decline, purchases abroad of virgin olive oil increased by 12% to X tons in 2022. Over the period under review, imports, however, saw a abrupt shrinkage. The pace of growth was the most pronounced in 2016 when imports increased by 91%. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, virgin olive oil imports expanded markedly to $X in 2022. Total imports indicated a slight increase from 2012 to 2022: its value increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -16.0% against 2020 indices. The pace of growth was the most pronounced in 2016 when imports increased by 114%. As a result, imports reached the peak of $X. From 2017 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Ghana (X tons), Nigeria (X tons), Cabo Verde (X tons), Cote d'Ivoire (X tons) and Senegal (X tons) was the major importer of virgin olive oil in ECOWAS, constituting 74% of total import. Burkina Faso (X tons) held a 5.1% share (based on physical terms) of total imports, which put it in second place, followed by Liberia (4.8%). Guinea-Bissau (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Burkina Faso (with a CAGR of +18.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X), Cabo Verde ($X) and Senegal ($X) constituted the countries with the highest levels of imports in 2022, with a combined 54% share of total imports.

Among the main importing countries, Cabo Verde, with a CAGR of +16.3%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, waning by -5.1% against the previous year. Import price indicated prominent growth from 2012 to 2022: its price increased at an average annual rate of +7.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, virgin olive oil import price increased by +41.6% against 2019 indices. The growth pace was the most rapid in 2014 an increase of 39%. Over the period under review, import prices hit record highs at $X per ton in 2021, and then fell in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Senegal ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+3.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform