ECOWAS: Refined Maize Oil Market 2024

Refined Maize Oil Market Size in ECOWAS

In 2021, the ECOWAS refined maize oil market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. The total consumption indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +6.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -24.7% against 2018 indices. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Refined Maize Oil Production in ECOWAS

In value terms, refined maize oil production soared to $X in 2021 estimated in export price. Overall, production continues to indicate buoyant growth. The growth pace was the most rapid in 2015 with an increase of 45% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Refined Maize Oil Exports

Exports in ECOWAS

In 2021, overseas shipments of refined maize (corn) oil increased by 33% to X tons, rising for the second consecutive year after four years of decline. In general, exports, however, faced a precipitous setback. The most prominent rate of growth was recorded in 2015 with an increase of 394%. Over the period under review, the exports attained the peak figure at X tons in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, refined maize oil exports soared to $X in 2021. Over the period under review, exports, however, continue to indicate a abrupt slump. The pace of growth was the most pronounced in 2015 when exports increased by 161%. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

Ghana represented the main exporting country with an export of about X tons, which amounted to 65% of total exports. It was distantly followed by Senegal (X tons), achieving a 35% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Senegal (with a CAGR of +10.1%).

In value terms, Senegal ($X) emerged as the largest refined maize oil supplier in ECOWAS, comprising 78% of total exports. The second position in the ranking was held by Ghana ($X), with a 21% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Senegal amounted to +15.5%.

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 posted resilient growth. The growth pace was the most rapid in 2020 when the export price increased by 108% against the previous year. Over the period under review, the export prices reached the maximum in 2021 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Senegal ($X per ton), while Ghana amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+4.9%).

Refined Maize Oil Imports

Imports in ECOWAS

In 2021, the amount of refined maize (corn) oil imported in ECOWAS dropped significantly to X tons, which is down by -37.8% compared with the year before. In general, imports continue to indicate a sharp shrinkage. The most prominent rate of growth was recorded in 2020 with an increase of 9.2% against the previous year. Over the period under review, imports reached the maximum at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, refined maize oil imports plummeted to $X in 2021. Over the period under review, imports saw a abrupt curtailment. The most prominent rate of growth was recorded in 2018 when imports increased by 19%. The level of import peaked at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

The purchases of the three major importers of refined maize (corn) oil, namely Burkina Faso, Guinea and Nigeria, represented more than half of total import. Liberia (X tons) ranks next in terms of the total imports with a 9.3% share, followed by Ghana (8.8%) and Togo (4.8%). Cote d'Ivoire (X tons) took a minor share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Burkina Faso (with a CAGR of +11.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest refined maize oil importing markets in ECOWAS were Guinea ($X), Burkina Faso ($X) and Nigeria ($X), together accounting for 68% of total imports.

Burkina Faso, with a CAGR of +9.9%, recorded the highest rates of growth with regard to the value of imports, in terms of 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 2021, with an increase of 11% against the previous year. Overall, the import price continues to indicate a prominent increase. The growth pace was the most rapid in 2014 an increase of 52% against the previous year. Over the period under review, import prices hit record highs in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Guinea ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Togo (+11.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform