ECOWAS: Soybean Oilcake Market 2024

Soybean Oilcake Market Size in ECOWAS

After three years of growth, the ECOWAS soybean oilcake market decreased by -2.1% to $X in 2021. The total consumption indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +4.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Soybean Oilcake Production in ECOWAS

In value terms, soybean oilcake production fell slightly to $X in 2021 estimated in export price. The total production indicated a pronounced expansion from 2012 to 2021: its value increased at an average annual rate of +4.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +46.9% against 2017 indices. The pace of growth appeared the most rapid in 2013 when the production volume increased by 32%. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2021, production stood at a somewhat lower figure.

Soybean Oilcake Exports

Exports in ECOWAS

In 2021, overseas shipments of soybean oilcake increased by 118% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports continue to indicate a significant increase. The pace of growth appeared the most rapid in 2020 when exports increased by 640%. The volume of export peaked in 2021 and is expected to retain growth in years to come.

In value terms, soybean oilcake exports surged to $X in 2021. In general, exports showed a significant expansion. The growth pace was the most rapid in 2020 when exports increased by 1,653% against the previous year. The level of export peaked in 2021 and is expected to retain growth in the near future.

Exports by Country

Nigeria prevails in exports structure, recording X tons, which was approx. 94% of total exports in 2021. Cote d'Ivoire (X tons) took a little share of total exports.

Nigeria was also the fastest-growing in terms of the soybean oilcake exports, with a CAGR of +63.1% from 2012 to 2021. At the same time, Cote d'Ivoire (+37.5%) displayed positive paces of growth. From 2012 to 2021, the share of Nigeria increased by +94 percentage points.

In value terms, Nigeria ($X) remains the largest soybean oilcake supplier in ECOWAS, comprising 97% of total exports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 1.3% share of total exports.

In Nigeria, soybean oilcake exports expanded at an average annual rate of +65.2% over the period from 2012-2021.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, growing by 66% against the previous year. Overall, the export price recorded measured growth. The most prominent rate of growth was recorded in 2020 an increase of 137%. Over the period under review, the export prices reached the maximum at $X per ton in 2013; however, from 2014 to 2021, 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 Nigeria ($X per ton), while Cote d'Ivoire totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+1.5%).

Soybean Oilcake Imports

Imports in ECOWAS

In 2021, after two years of growth, there was significant decline in supplies from abroad of soybean oilcake, when their volume decreased by -32.3% to X tons. Overall, imports, however, recorded strong growth. The pace of growth was the most pronounced in 2015 when imports increased by 137% against the previous year. The volume of import peaked at X tons in 2020, and then declined sharply in the following year.

In value terms, soybean oilcake imports reduced to $X in 2021. In general, imports, however, continue to indicate a resilient expansion. The pace of growth appeared the most rapid in 2015 when imports increased by 115% against the previous year. Over the period under review, imports hit record highs at $X in 2020, and then declined in the following year.

Imports by Country

Senegal (X tons), Cote d'Ivoire (X tons) and Ghana (X tons) represented roughly 93% of total imports in 2021. Cabo Verde (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Ghana (with a CAGR of +32.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Senegal ($X), Cote d'Ivoire ($X) and Ghana ($X) were the countries with the highest levels of imports in 2021, with a combined 93% share of total imports.

Ghana, with a CAGR of +28.6%, 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 26% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.5%. The most prominent rate of growth was recorded in 2013 when the import price increased by 49%. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

Average prices varied noticeably amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Cabo Verde ($X per ton) and Senegal ($X per ton), while Cote d'Ivoire ($X per ton) and Ghana ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+9.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform