ECOWAS: Refined Groundnut Oil Market 2024

Refined Groundnut Oil Market Size in ECOWAS

After two years of growth, the ECOWAS refined groundnut oil market decreased by -1.4% to $X in 2021. In general, consumption showed a prominent increase. The level of consumption peaked at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Refined Groundnut Oil Production in ECOWAS

In value terms, refined groundnut oil production reduced to $X in 2021 estimated in export price. Over the period under review, production, however, showed a prominent increase. The growth pace was the most rapid in 2016 when the production volume increased by 75%. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2021, production failed to regain momentum.

Refined Groundnut Oil Exports

Exports in ECOWAS

Refined groundnut oil exports declined dramatically to X tons in 2021, which is down by -43.4% against the previous year. Over the period under review, exports recorded a dramatic contraction. The most prominent rate of growth was recorded in 2014 when exports increased by 424%. As a result, the exports attained the peak of X tons. From 2015 to 2021, the growth of the exports remained at a lower figure.

In value terms, refined groundnut oil exports fell dramatically to $X in 2021. Overall, exports saw a sharp slump. The pace of growth was the most pronounced in 2020 when exports increased by 161%. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Senegal prevails in exports structure, accounting for X tons, which was approx. 68% of total exports in 2021. Cote d'Ivoire (X tons) took a 9.4% share (based on physical terms) of total exports, which put it in second place, followed by Togo (9.3%) and Ghana (7.3%). Nigeria (X tons) and Burkina Faso (X tons) held a minor share of total exports.

From 2012 to 2021, average annual rates of growth with regard to refined groundnut oil exports from Senegal stood at -13.8%. At the same time, Burkina Faso (+9.0%) and Ghana (+5.6%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +9.0% from 2012-2021. By contrast, Cote d'Ivoire (-7.4%), Togo (-19.4%) and Nigeria (-24.8%) illustrated a downward trend over the same period. While the share of Senegal (+53 p.p.), Cote d'Ivoire (+8.3 p.p.), Ghana (+7.1 p.p.), Togo (+5.5 p.p.) and Burkina Faso (+2.2 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) remains the largest refined groundnut oil supplier in ECOWAS, comprising 86% of total exports. The second position in the ranking was held by Ghana ($X), with a 4% share of total exports. It was followed by Cote d'Ivoire, with a 3.1% share.

In Senegal, refined groundnut oil exports declined by an average annual rate of -14.6% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (+9.2% per year) and Cote d'Ivoire (-15.6% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, which is down by -2.8% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the export price increased by 117%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Senegal ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+6.6%), while the other leaders experienced mixed trends in the export price figures.

Refined Groundnut Oil Imports

Imports in ECOWAS

In 2021, the amount of refined groundnut oil imported in ECOWAS amounted to X tons, with an increase of 13% against the year before. Overall, imports saw a tangible increase. The growth pace was the most rapid in 2017 when imports increased by 196% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2021, the growth of imports remained at a lower figure.

In value terms, refined groundnut oil imports shrank to $X in 2021. Over the period under review, imports, however, continue to indicate a abrupt slump. The most prominent rate of growth was recorded in 2017 when imports increased by 180% against the previous year. Over the period under review, imports reached the maximum at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

Benin (X tons) represented roughly 98% of total imports in 2021.

Benin was also the fastest-growing in terms of the refined groundnut oil imports, with a CAGR of +6.1% from 2012 to 2021. While the share of Benin (+29 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Benin ($X) constitutes the largest market for imported refined groundnut oil in ECOWAS.

In Benin, refined groundnut oil imports plunged by an average annual rate of -6.9% over the period from 2012-2021.

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, dropping by -13% against the previous year. Over the period under review, the import price continues to indicate a abrupt decline. The pace of growth was the most pronounced in 2013 when the import price increased by 27%. As a result, import price attained the peak level of $X per ton. From 2014 to 2021, the import prices failed to regain momentum.

As there is only one major supplying country, the average price level is determined by prices for Benin.

From 2012 to 2021, the rate of growth in terms of prices for Benin amounted to -12.3% per year.

Source: IndexBox Platform