ECOWAS: Tall Oil Market 2024

Tall Oil Market Size in ECOWAS

The ECOWAS tall oil market was estimated at $X in 2021, standing approx. at the previous year. Overall, consumption saw a abrupt descent. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Tall Oil Production in ECOWAS

In value terms, tall oil production stood at $X in 2021 estimated in export price. Over the period under review, production, however, saw a abrupt decline. The pace of growth was the most pronounced in 2019 when the production volume increased by 28% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Tall Oil Exports

Exports in ECOWAS

In 2020, shipments abroad of tall oil decreased by -11.8% to X tons for the first time since 2014, thus ending a five-year declining trend. Overall, exports, however, showed a strong expansion. The growth pace was the most rapid in 2014 with an increase of 155% against the previous year. The volume of export peaked at X tons in 2019, and then dropped in the following year.

In value terms, tall oil exports shrank rapidly to $X in 2020. In general, exports continue to indicate a pronounced descent. The smallest decline of -13.3% was in 2016. Over the period under review, the exports hit record highs at $X in 2019, and then plummeted in the following year.

Exports by Country

The shipments of the one major exporters of tall oil, namely Cote d'Ivoire, represented more than two-thirds of total export.

Cote d'Ivoire was also the fastest-growing in terms of the tall oil exports, with a CAGR of +25.3% from 2013 to 2020. From 2013 to 2020, the share of Cote d'Ivoire increased by +99 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X) also remains the largest tall oil supplier in ECOWAS.

From 2013 to 2020, the average annual rate of growth in terms of value in Cote d'Ivoire amounted to +11.1%.

Export Prices by Country

In 2020, the export price in ECOWAS amounted to $X per ton, shrinking by -8% against the previous year. Over the period under review, the export price showed a abrupt descent. The pace of growth appeared the most rapid in 2017 when the export price increased by 3,077% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2018 to 2020, the export prices remained at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Cote d'Ivoire.

From 2013 to 2020, the rate of growth in terms of prices for Cote d'Ivoire amounted to -11.3% per year.

Tall Oil Imports

Imports in ECOWAS

For the third year in a row, ECOWAS recorded decline in purchases abroad of tall oil, which decreased by -10.2% to X tons in 2021. Overall, imports continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2016 when imports increased by 68%. The volume of import peaked at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, tall oil imports expanded sharply to $X in 2021. Over the period under review, imports showed a abrupt contraction. The pace of growth appeared the most rapid in 2016 when imports increased by 54% against the previous year. Over the period under review, imports attained the peak figure at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

Senegal prevails in imports structure, finishing at X tons, which was near 87% of total imports in 2021. It was distantly followed by Nigeria (X tons), committing a 7.3% share of total imports. Ghana (X tons) and Cote d'Ivoire (X tons) followed a long way behind the leaders.

Imports into Senegal decreased at an average annual rate of -11.6% from 2012 to 2021. At the same time, Nigeria (+22.9%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +22.9% from 2012-2021. By contrast, Cote d'Ivoire (-1.7%) and Ghana (-5.0%) illustrated a downward trend over the same period. Nigeria (+6.9 p.p.) significantly strengthened its position in terms of the total imports, while Senegal saw its share reduced by -10% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) constitutes the largest market for imported tall oil in ECOWAS, comprising 77% of total imports. The second position in the ranking was taken by Nigeria ($X), with a 12% share of total imports. It was followed by Ghana, with a 6.2% share.

In Senegal, tall oil imports decreased by an average annual rate of -8.3% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Nigeria (+18.0% per year) and Ghana (-6.7% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, growing by 19% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.2%. The pace of growth appeared the most rapid in 2013 when the import price increased by 44%. Over the period under review, import prices reached the maximum at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Ghana ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+3.7%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform