ECOWAS: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in ECOWAS

The ECOWAS refined soybean oil market dropped to $X in 2022, which is down by -9.2% against the previous year. Over the period under review, consumption saw a slight decrease. Over the period under review, the market reached the peak level at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Refined Soybean Oil Production in ECOWAS

In value terms, refined soybean oil production declined to $X in 2022 estimated in export price. Over the period under review, production saw a slight curtailment. The most prominent rate of growth was recorded in 2016 when the production volume increased by 30%. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Refined Soybean Oil Exports

Exports in ECOWAS

Refined soybean oil exports contracted significantly to X tons in 2022, waning by -54.5% against the previous year. Overall, exports faced a abrupt curtailment. The growth pace was the most rapid in 2020 when exports increased by 784% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, refined soybean oil exports declined remarkably to $X in 2022. In general, exports continue to indicate a dramatic setback. The most prominent rate of growth was recorded in 2020 with an increase of 1,080% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Mali prevails in exports structure, reaching X tons, which was approx. 88% of total exports in 2022. It was distantly followed by Burkina Faso (X tons), mixing up a 6.9% share of total exports. Benin (X tons) and Senegal (X tons) held a little share of total exports.

Mali was also the fastest-growing in terms of the refined soybean oil and its fractions exports, with a CAGR of +13.9% from 2012 to 2022. Burkina Faso (-14.0%), Benin (-29.5%) and Senegal (-39.7%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Mali increased by +82 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mali ($X) remains the largest refined soybean oil supplier in ECOWAS, comprising 74% of total exports. The second position in the ranking was taken by Burkina Faso ($X), with a 14% share of total exports. It was followed by Senegal, with a 6.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Mali amounted to +8.2%. In the other countries, the average annual rates were as follows: Burkina Faso (-14.1% per year) and Senegal (-36.8% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, waning by -15% against the previous year. In general, the export price showed a deep reduction. The pace of growth appeared the most rapid in 2017 an increase of 54% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

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 Senegal ($X per ton), while Mali ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+4.9%), while the other leaders experienced a decline in the export price figures.

Refined Soybean Oil Imports

Imports in ECOWAS

In 2022, after two years of growth, there was significant decline in overseas purchases of refined soybean oil and its fractions, when their volume decreased by -14.9% to X tons. Total imports indicated a perceptible expansion from 2012 to 2022: its volume increased at an average annual rate of +3.5% 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 +69.8% against 2019 indices. The pace of growth was the most pronounced in 2017 when imports increased by 46% against the previous year. The volume of import peaked at X tons in 2021, and then contracted in the following year.

In value terms, refined soybean oil imports declined sharply to $X in 2022. Overall, imports, however, continue to indicate tangible growth. The growth pace was the most rapid in 2021 when imports increased by 107%. As a result, imports reached the peak of $X, and then declined remarkably in the following year.

Imports by Country

In 2022, Ghana (X tons), Cabo Verde (X tons) and Senegal (X tons) represented the largest importer of refined soybean oil and its fractions in ECOWAS, committing 80% of total import. It was distantly followed by Guinea-Bissau (X tons), generating a 9.8% share of total imports. Cote d'Ivoire (X tons) and Guinea (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Guinea-Bissau (with a CAGR of +19.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X), Cabo Verde ($X) and Senegal ($X) appeared to be the countries with the highest levels of imports in 2022, together accounting for 81% of total imports. Guinea-Bissau, Cote d'Ivoire and Guinea lagged somewhat behind, together comprising a further 15%.

Guinea-Bissau, with a CAGR of +18.0%, recorded the highest growth rate of 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

In 2022, the import price in ECOWAS amounted to $X per ton, which is down by -12.7% against the previous year. In general, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 47% against the previous year. The level of import peaked at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Cote d'Ivoire ($X per ton) and Senegal ($X per ton), while Ghana ($X per ton) and Guinea ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guinea (+2.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform