ECOWAS: Rapeseed Oil Market 2024

Rapeseed Oil Market Size in ECOWAS

In 2022, the ECOWAS rapeseed oil market decreased by -3.4% to $X, falling for the second year in a row after two years of growth. Overall, consumption, however, saw a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Rapeseed Oil Production in ECOWAS

In value terms, rapeseed oil production reached $X in 2022 estimated in export price. In general, production, however, continues to indicate a mild shrinkage. The most prominent rate of growth was recorded in 2013 when the production volume increased by 125% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

Rapeseed Oil Exports

Exports in ECOWAS

In 2022, the amount of rapeseed oil exported in ECOWAS surged to X tons, jumping by 189% compared with the previous year's figure. In general, exports continue to indicate a noticeable expansion. The most prominent rate of growth was recorded in 2013 with an increase of 1,131%. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, rapeseed oil exports soared to $X in 2022. Over the period under review, exports saw a temperate expansion. The pace of growth was the most pronounced in 2013 when exports increased by 940%. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

In 2022, Benin (X tons) was the key exporter of rapeseed oil, comprising 68% of total exports. Ghana (X tons) held a 25% share (based on physical terms) of total exports, which put it in second place, followed by Togo (6.1%).

Benin was also the fastest-growing in terms of the rapeseed oil exports, with a CAGR of +296.4% from 2012 to 2022. At the same time, Togo (+91.4%) displayed positive paces of growth. By contrast, Ghana (-9.5%) illustrated a downward trend over the same period. While the share of Benin (+68 p.p.) and Togo (+6.1 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Ghana (-73.4 p.p.) displayed negative dynamics.

In value terms, Benin ($X) emerged as the largest rapeseed oil supplier in ECOWAS, comprising 89% of total exports. The second position in the ranking was taken by Ghana ($X), with a 9.5% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Benin stood at +231.5%. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (-17.4% per year) and Togo (+53.0% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, rising by 214% against the previous year. In general, the export price saw a relatively flat trend pattern. Over the period under review, the export prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Benin ($X per ton), while Togo ($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 (-8.8%), while the other leaders experienced a decline in the export price figures.

Rapeseed Oil Imports

Imports in ECOWAS

In 2022, the amount of rapeseed oil imported in ECOWAS surged to X tons, increasing by 36% compared with the year before. Over the period under review, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when imports increased by 98% against the previous year. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, rapeseed oil imports skyrocketed to $X in 2022. In general, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 92% against the previous year. The level of import peaked at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

Ghana (X tons), Nigeria (X tons), Burkina Faso (X tons) and Cote d'Ivoire (X tons) represented roughly 86% of total imports in 2022. It was distantly followed by Togo (X tons), committing a 7.2% share of total imports. The following importers - Guinea (X tons) and Benin (X tons) - each amounted to a 4.2% 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 Guinea (with a CAGR of +23.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X), Cote d'Ivoire ($X) and Nigeria ($X) appeared to be the countries with the highest levels of imports in 2022, together comprising 66% of total imports.

Cote d'Ivoire, with a CAGR of +22.3%, saw the highest rates of growth with regard to the value of imports, among the main importing countries 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, falling by -8.4% against the previous year. Overall, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the import price increased by 24% against the previous year. Over the period under review, import prices hit record highs at $X per ton 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 Cote d'Ivoire ($X per ton), while Ghana ($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 (+1.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform