ECOWAS: Preserved Olive Market 2024

Preserved Olive Market Size in ECOWAS

In 2021, the ECOWAS preserved olive market decreased by -0.9% to $X for the first time since 2014, thus ending a six-year rising trend. Overall, consumption, however, showed a prominent expansion. The level of consumption peaked at $X in 2020, and then dropped in the following year.

Preserved Olive Production in ECOWAS

In value terms, preserved olive production dropped modestly to $X in 2021 estimated in export price. In general, production, however, continues to indicate significant growth. The pace of growth appeared the most rapid in 2013 when the production volume increased by 90%. Over the period under review, production attained the peak level at $X in 2020, and then shrank modestly in the following year.

Preserved Olive Exports

Exports in ECOWAS

After seven years of growth, shipments abroad of olives prepared or preserved decreased by -65% to X tons in 2021. Overall, exports, however, continue to indicate buoyant growth. The most prominent rate of growth was recorded in 2017 with an increase of 271%. The volume of export peaked at X tons in 2020, and then contracted notably in the following year.

In value terms, preserved olive exports dropped dramatically to $X in 2021. Over the period under review, exports, however, saw a buoyant expansion. The pace of growth was the most pronounced in 2017 with an increase of 229% against the previous year. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

In 2021, Sierra Leone (X tons) and Guinea (X tons) were the key exporters of olives prepared or preserved in ECOWAS, together accounting for near 76% of total exports. It was distantly followed by Senegal (X tons), committing a 22% share of total exports. Cabo Verde (X kg) held a relatively small share of total exports.

From 2012 to 2021, the biggest increases were recorded for Guinea (with a CAGR of +190.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Guinea ($X) emerged as the largest preserved olive supplier in ECOWAS, comprising 55% of total exports. The second position in the ranking was taken by Sierra Leone ($X), with a 23% share of total exports. It was followed by Senegal, with a 15% share.

From 2012 to 2021, the average annual growth rate of value in Guinea stood at +196.9%. The remaining exporting countries recorded the following average annual rates of exports growth: Sierra Leone (+38.8% per year) and Senegal (-11.5% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, rising by 24% against the previous year. Overall, the export price, however, recorded a deep slump. Over the period under review, the export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Cabo Verde ($X per ton), while Sierra Leone ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cabo Verde (+5.0%), while the other leaders experienced mixed trends in the export price figures.

Preserved Olive Imports

Imports in ECOWAS

In 2021, preserved olive imports in ECOWAS soared to X tons, jumping by 58% against the previous year. Total imports indicated a remarkable increase from 2012 to 2021: its volume increased at an average annual rate of +7.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +65.7% against 2016 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, preserved olive imports skyrocketed to $X in 2021. Total imports indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +7.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Senegal (X tons) was the key importer of olives prepared or preserved, mixing up 46% of total imports. It was distantly followed by Cabo Verde (X tons) and Cote d'Ivoire (X tons), together generating a 27% share of total imports. Ghana (X tons), Niger (X tons), Burkina Faso (X tons), Nigeria (X tons), Benin (X tons), Mali (X tons), Gambia (X tons) and Guinea (X tons) took a relatively small share of total imports.

From 2012 to 2021, average annual rates of growth with regard to preserved olive imports into Senegal stood at +12.6%. At the same time, Guinea (+16.9%), Gambia (+13.5%), Mali (+13.1%), Ghana (+12.5%), Cabo Verde (+8.8%), Cote d'Ivoire (+6.1%), Niger (+4.9%) and Nigeria (+3.8%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +16.9% from 2012-2021. By contrast, Benin (-6.9%) and Burkina Faso (-10.3%) illustrated a downward trend over the same period. Senegal (+16 p.p.) significantly strengthened its position in terms of the total imports, while Cote d'Ivoire, Benin and Burkina Faso saw its share reduced by -1.6%, -6.2% and -13.3% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) constitutes the largest market for imported olives prepared or preserved in ECOWAS, comprising 47% of total imports. The second position in the ranking was taken by Cabo Verde ($X), with a 17% share of total imports. It was followed by Cote d'Ivoire, with a 9% share.

In Senegal, preserved olive imports increased at an average annual rate of +10.6% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Cabo Verde (+9.0% per year) and Cote d'Ivoire (+0.4% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, stabilizing at the previous year. In general, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 8.5% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2021, the import prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Benin (+9.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform