ECOWAS: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in ECOWAS

The ECOWAS refined olive oil market dropped modestly to $X in 2022, reducing by -3.1% against the previous year. Overall, consumption recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 with an increase of 9.4%. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Refined Olive Oil Production in ECOWAS

In value terms, refined olive oil production declined slightly to $X in 2022 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when the production volume increased by 14%. The level of production peaked at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

Refined Olive Oil Exports

Exports in ECOWAS

Refined olive oil exports contracted dramatically to X tons in 2022, waning by -42.2% on the previous year. In general, exports, however, continue to indicate a strong increase. The pace of growth was the most pronounced in 2014 when exports increased by 1,845%. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports failed to regain momentum.

In value terms, refined olive oil exports declined markedly to $X in 2022. Overall, exports, however, posted a buoyant increase. The growth pace was the most rapid in 2014 when exports increased by 362%. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Senegal prevails in exports structure, accounting for X tons, which was near 72% of total exports in 2022. Sierra Leone (X tons) held the second position in the ranking, followed by Nigeria (X tons) and Cote d'Ivoire (X tons). All these countries together took approx. 19% share of total exports. The following exporters - Cabo Verde (X tons) and Ghana (X tons) - each finished at an 8.3% share of total exports.

Senegal was also the fastest-growing in terms of the refined olive oil exports, with a CAGR of +38.9% from 2012 to 2022. At the same time, Nigeria (+5.6%), Sierra Leone (+2.5%) and Cote d'Ivoire (+1.7%) displayed positive paces of growth. By contrast, Cabo Verde (-7.2%) and Ghana (-19.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Senegal increased by +68 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) remains the largest refined olive oil supplier in ECOWAS, comprising 73% of total exports. The second position in the ranking was held by Cabo Verde ($X), with a 5.9% share of total exports. It was followed by Nigeria, with a 5.8% share.

From 2012 to 2022, the average annual growth rate of value in Senegal amounted to +32.0%. The remaining exporting countries recorded the following average annual rates of exports growth: Cabo Verde (-2.9% per year) and Nigeria (+20.2% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, surging by 2.4% against the previous year. Over the period under review, the export price posted a remarkable increase. The pace of growth appeared the most rapid in 2013 an increase of 189%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: 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 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+13.9%), while the other leaders experienced more modest paces of growth.

Refined Olive Oil Imports

Imports in ECOWAS

In 2022, after four years of growth, there was significant decline in supplies from abroad of refined olive oil, when their volume decreased by -19.7% to X tons. Total imports indicated a tangible increase from 2012 to 2022: its volume increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +5.1% against 2016 indices. The most prominent rate of growth was recorded in 2016 when imports increased by 63% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2021, and then fell rapidly in the following year.

In value terms, refined olive oil imports reduced remarkably to $X in 2022. Over the period under review, imports, however, posted a measured increase. The pace of growth appeared the most rapid in 2021 when imports increased by 104% against the previous year. As a result, imports reached the peak of $X, and then fell notably in the following year.

Imports by Country

Cote d'Ivoire (X tons) and Cabo Verde (X tons) represented roughly 75% of total imports in 2022. It was distantly followed by Ghana (X tons), constituting a 14% share of total imports. The following importers - Nigeria (X tons), Niger (X tons) and Senegal (X tons) - together made up 6.9% 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 Niger (with a CAGR of +27.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X), Cabo Verde ($X) and Ghana ($X) were the countries with the highest levels of imports in 2022, with a combined 91% share of total imports. Niger, Senegal and Nigeria lagged somewhat behind, together comprising a further 4.5%.

Among the main importing countries, Niger, with a CAGR of +23.2%, recorded the highest growth rate of the value of imports, 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, with a decrease of -6.7% against the previous year. Import price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined olive oil import price increased by +34.5% against 2020 indices. The most prominent rate of growth was recorded in 2021 an increase of 44% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

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 Ghana ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+3.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform