ECOWAS: Vegetable Oils Market 2024

Vegetable Oils Market Size in ECOWAS

The ECOWAS vegetable oils market expanded rapidly to $X in 2022, picking up by X% against the previous year. In general, consumption, however, showed a mild slump. The level of consumption peaked at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Vegetable Oils Production in ECOWAS

In value terms, vegetable oils production fell to $X in 2022 estimated in export price. In general, production continues to indicate a perceptible reduction. The pace of growth appeared the most rapid in 2015 with an increase of X%. As a result, production attained the peak level of $X. From 2016 to 2022, production growth remained at a somewhat lower figure.

Vegetable Oils Exports

Exports in ECOWAS

In 2022, shipments abroad of vegetable fats and oils decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, exports saw a abrupt decline. The most prominent rate of growth was recorded in 2013 when exports increased by X%. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, vegetable oils exports dropped to $X in 2022. Overall, exports continue to indicate a abrupt setback. The most prominent rate of growth was recorded in 2017 when exports increased by X%. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Niger (X tons) represented the largest exporter of vegetable fats and oils, generating X% of total exports. Senegal (X tons) ranks second in terms of the total exports with a X% share, followed by Ghana (X%).

Exports from Niger decreased at an average annual rate of X% from 2012 to 2022. Ghana (X%) and Senegal (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Niger, Senegal and Ghana increased by X, X and X percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Niger ($X) remains the largest vegetable oils supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was held by Senegal ($X), with a X% share of total exports.

In Niger, vegetable oils exports plunged by an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Senegal (X% per year) and Ghana (X% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, increasing by X% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the export price increased by X% against the previous year. The level of export peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

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

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

Vegetable Oils Imports

Imports in ECOWAS

In 2022, vegetable oils imports in ECOWAS rose significantly to X tons, with an increase of X% on 2021. Overall, imports continue to indicate a notable increase. The pace of growth was the most pronounced in 2020 with an increase of X%. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, vegetable oils imports soared to $X in 2022. Over the period under review, imports enjoyed a perceptible increase. The most prominent rate of growth was recorded in 2020 when imports increased by X% against the previous year. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

Nigeria was the main importing country with an import of around X tons, which reached X% of total imports. Senegal (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Burkina Faso (X%) and Ghana (X%).

From 2012 to 2022, average annual rates of growth with regard to vegetable oils imports into Nigeria stood at X%. At the same time, Burkina Faso (X%), Ghana (X%) and Senegal (X%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. Nigeria (X p.p.) and Burkina Faso (X p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported vegetable fats and oils in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Senegal ($X), with a X% share of total imports. It was followed by Ghana, with a X% share.

In Nigeria, vegetable oils imports increased at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Senegal (X% per year) and Ghana (X% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, growing by X% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the import price increased by X% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Ghana ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform