ECOWAS: Refined Coconut Oil Market 2024

Refined Coconut Oil Market Size in ECOWAS

The ECOWAS refined coconut oil market totaled $X in 2022, flattening at the previous year. The total consumption indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -2.2% against 2020 indices. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Refined Coconut Oil Production in ECOWAS

In value terms, refined coconut oil production rose modestly to $X in 2022 estimated in export price. The total production indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -1.5% against 2020 indices. The pace of growth was the most pronounced in 2018 with an increase of 24%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Refined Coconut Oil Exports

Exports in ECOWAS

In 2022, the amount of refined coconut (copra) oil exported in ECOWAS soared to X tons, growing by 213% against the previous year. Overall, exports, however, saw a noticeable curtailment. The growth pace was the most rapid in 2016 when exports increased by 4,957%. As a result, the exports reached the peak of X tons. From 2017 to 2022, the growth of the exports remained at a lower figure.

In value terms, refined coconut oil exports fell slightly to $X in 2022. In general, exports continue to indicate notable growth. The most prominent rate of growth was recorded in 2016 with an increase of 639%. The level of export peaked at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Benin (X tons) represented the largest exporter of refined coconut (copra) oil, mixing up 59% of total exports. Cote d'Ivoire (X tons) ranks second in terms of the total exports with a 31% share, followed by Ghana (7.5%).

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Benin (with a CAGR of +83.8%), while the other leaders experienced mixed trends in the exports figures.

In value terms, Ghana ($X), Benin ($X) and Cote d'Ivoire ($X) constituted the countries with the highest levels of exports in 2022, with a combined 95% share of total exports.

In terms of the main exporting countries, Benin, with a CAGR of +53.1%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, shrinking by -69.2% against the previous year. Over the period under review, the export price, however, enjoyed a prominent expansion. The growth pace was the most rapid in 2015 an increase of 291%. Over the period under review, the export prices reached the maximum at $X per ton in 2021, and then shrank notably in the following year.

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 Ghana ($X per ton), while Benin ($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 (+15.9%), while the other leaders experienced mixed trends in the export price figures.

Refined Coconut Oil Imports

Imports in ECOWAS

In 2022, purchases abroad of refined coconut (copra) oil was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. In general, imports, however, saw a precipitous setback. The growth pace was the most rapid in 2015 with an increase of 73%. The volume of import peaked at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, refined coconut oil imports shrank slightly to $X in 2022. Overall, imports, however, saw a abrupt descent. The growth pace was the most rapid in 2016 when imports increased by 54%. Over the period under review, imports hit record highs at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

Ghana (X tons) and Senegal (X tons) were the largest importers of refined coconut (copra) oil in 2022, amounting to approx. 36% and 29% of total imports, respectively. Cabo Verde (X tons) held the next position in the ranking, followed by Burkina Faso (X tons) and Gambia (X tons). All these countries together held near 27% share of total imports. The following importers - Niger (X tons) and Cote d'Ivoire (X tons) - each amounted to a 4.6% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Ghana (with a CAGR of +57.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Cabo Verde ($X) constitutes the largest market for imported refined coconut (copra) oil in ECOWAS, comprising 41% of total imports. The second position in the ranking was held by Senegal ($X), with a 20% share of total imports. It was followed by Ghana, with an 18% share.

In Cabo Verde, refined coconut oil imports increased at an average annual rate of +48.9% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Senegal (+4.3% per year) and Ghana (+44.9% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, falling by -5.7% against the previous year. Overall, the import price, however, saw strong growth. The most prominent rate of growth was recorded in 2021 when the import price increased by 63% against the previous year. As a result, import price reached the peak level of $X per ton, and then shrank 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 Cabo Verde ($X per ton), while Gambia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cabo Verde (+14.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform