ECOWAS: Olive Market 2025

Olive Market Size in ECOWAS

In 2022, the ECOWAS olive market increased by 13% to $X, rising for the second consecutive year after two years of decline. In general, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Olive Production in ECOWAS

In value terms, olive production reached $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.6% from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2019 when the production volume increased by 30% against the previous year. Over the period under review, production reached the peak level at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

The countries with the highest volumes of production in 2022 were Togo (X tons), Burkina Faso (X tons) and Nigeria (X tons), together comprising 98% of total production.

From 2012 to 2022, the biggest increases were recorded for Burkina Faso (with a CAGR of +52.2%), while production for the other leaders experienced more modest paces of growth.

Olive Exports

Exports in ECOWAS

In 2022, overseas shipments of olives decreased by -65.5% to X kg, falling for the second year in a row after two years of growth. Overall, exports showed a deep reduction. The most prominent rate of growth was recorded in 2016 when exports increased by 5,818% against the previous year. As a result, the exports attained the peak of X tons. From 2017 to 2022, the growth of the exports remained at a lower figure.

In value terms, olive exports shrank notably to $X in 2022. In general, exports saw a abrupt curtailment. The pace of growth was the most pronounced in 2020 with an increase of 4,921%. Over the period under review, the exports hit record highs at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

The shipments of the one major exporters of olives, namely Mali, represented more than two-thirds of total export.

Mali was also the fastest-growing in terms of the olives exports, with a CAGR of -10.5% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Mali ($X) also remains the largest olive supplier in ECOWAS.

From 2012 to 2022, the average annual growth rate of value in Mali stood at -14.6%.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, increasing by 62% against the previous year. In general, the export price, however, showed a perceptible reduction. The most prominent rate of growth was recorded in 2018 when the export price increased by 1,272% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2019 to 2022, the export prices remained at a somewhat lower figure.

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

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

Olive Imports

Imports in ECOWAS

In 2022, after two years of growth, there was significant decline in overseas purchases of olives, when their volume decreased by -20.6% to X tons. In general, imports, however, posted modest growth. The most prominent rate of growth was recorded in 2021 when imports increased by 106% against the previous year. The volume of import peaked at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, olive imports contracted markedly to $X in 2022. Overall, imports saw a perceptible decline. The most prominent rate of growth was recorded in 2018 with an increase of 79% against the previous year. As a result, imports attained the peak of $X. From 2019 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Togo represented the key importing country with an import of around X tons, which amounted to 51% of total imports. Senegal (X tons) held the second position in the ranking, followed by Cote d'Ivoire (X tons) and Niger (X tons). All these countries together took near 40% share of total imports. Cabo Verde (X tons), Nigeria (X tons) and Guinea (X tons) took a minor share of total imports.

Togo was also the fastest-growing in terms of the olives imports, with a CAGR of +74.7% from 2012 to 2022. At the same time, Nigeria (+26.5%), Senegal (+23.6%), Guinea (+17.7%) and Cabo Verde (+13.5%) displayed positive paces of growth. By contrast, Niger (-10.9%) and Cote d'Ivoire (-11.2%) illustrated a downward trend over the same period. While the share of Togo (+51 p.p.), Senegal (+16 p.p.), Nigeria (+2.6 p.p.) and Cabo Verde (+1.9 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Niger (-18 p.p.) and Cote d'Ivoire (-45.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Togo ($X) constitutes the largest market for imported olives in ECOWAS, comprising 49% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 13% share of total imports. It was followed by Senegal, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Togo stood at +74.2%. In the other countries, the average annual rates were as follows: Cote d'Ivoire (-13.3% per year) and Senegal (+22.6% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, picking up by 2.2% against the previous year. Over the period under review, the import price, however, showed a pronounced downturn. The pace of growth was the most pronounced in 2019 an increase of 46%. Over the period under review, import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

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 Nigeria ($X per ton), while Senegal ($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 (+7.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform