ECOWAS: Market for Sunflower-Seed And Safflower Oil 2024

Market Size for Sunflower-Seed And Safflower Oil in ECOWAS

The ECOWAS sunflower-seed and safflower oil market rose notably to $X in 2022, with an increase of 6.4% against the previous year. Over the period under review, consumption enjoyed a significant increase. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Production of Sunflower-Seed And Safflower Oil in ECOWAS

In value terms, sunflower-seed and safflower oil production reduced modestly to $X in 2022 estimated in export price. Overall, production recorded a resilient expansion. The growth pace was the most rapid in 2018 when the production volume increased by 328%. The level of production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Exports of Sunflower-Seed And Safflower Oil

Exports in ECOWAS

In 2022, the amount of sunflower-seed and safflower oil exported in ECOWAS soared to X tons, rising by 25% against the year before. Overall, exports showed resilient growth. The most prominent rate of growth was recorded in 2018 when exports increased by 78% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are likely to continue growth in the immediate term.

In value terms, sunflower-seed and safflower oil exports soared to $X in 2022. In general, exports saw buoyant growth. The pace of growth appeared the most rapid in 2018 with an increase of 68%. Over the period under review, the exports reached the maximum in 2022 and are likely to continue growth in years to come.

Exports by Country

Benin represented the largest exporter of sunflower-seed and safflower oil in ECOWAS, with the volume of exports resulting at X tons, which was near 84% of total exports in 2022. It was distantly followed by Senegal (X tons), committing a 13% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to sunflower-seed and safflower oil exports from Benin stood at +24.4%. At the same time, Senegal (+64.9%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +64.9% from 2012-2022. From 2012 to 2022, the share of Benin and Senegal increased by +52 and +13 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Benin ($X) remains the largest sunflower-seed and safflower oil supplier in ECOWAS, comprising 80% of total exports. The second position in the ranking was taken by Senegal ($X), with a 17% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Benin stood at +22.7%.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, increasing by 3.1% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the export price increased by 20% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the near future.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Senegal ($X per ton), while Benin totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+3.8%).

Imports of Sunflower-Seed And Safflower Oil

Imports in ECOWAS

Sunflower-seed and safflower oil imports skyrocketed to X tons in 2022, increasing by 17% against the previous year's figure. Over the period under review, imports posted a significant expansion. The pace of growth was the most pronounced in 2017 with an increase of 146% against the previous year. Over the period under review, imports attained the maximum at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, sunflower-seed and safflower oil imports shrank modestly to $X in 2022. In general, imports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2017 when imports increased by 136% against the previous year. The level of import peaked at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

Ghana represented the major importing country with an import of around X tons, which resulted at 44% of total imports. Senegal (X tons) took a 23% share (based on physical terms) of total imports, which put it in second place, followed by Cote d'Ivoire (16%) and Togo (6.5%). Guinea (X tons), Cabo Verde (X tons) and Nigeria (X tons) took a minor share of total imports.

From 2012 to 2022, the biggest increases were recorded for Togo (with a CAGR of +48.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X) constitutes the largest market for imported sunflower-seed and safflower oil in ECOWAS, comprising 44% of total imports. The second position in the ranking was held by Senegal ($X), with a 22% share of total imports. It was followed by Cote d'Ivoire, with an 18% share.

In Ghana, sunflower-seed and safflower oil imports expanded at an average annual rate of +35.7% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Senegal (+31.8% per year) and Cote d'Ivoire (+7.0% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, falling by -15.6% against the previous year. In general, the import price showed a pronounced reduction. The most prominent rate of growth was recorded in 2021 when the import price increased by 41%. The level of import peaked at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat 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 Guinea ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cabo Verde (+0.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform