South Africa: Refined Cotton-Seed Oil Market 2024

Refined Cotton-Seed Oil Market Size in South Africa

The South African refined cotton-seed oil market rose sharply to $X in 2022, picking up by 9.8% against the previous year. Overall, consumption, however, saw a slight reduction. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Refined Cotton-Seed Oil Production in South Africa

In value terms, refined cotton-seed oil production rose sharply to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.9% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 50% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Refined Cotton-Seed Oil Exports

Exports from South Africa

For the third consecutive year, South Africa recorded decline in overseas shipments of refined cotton-seed oil, which decreased by -29.8% to X tons in 2022. Overall, exports showed a abrupt slump. The pace of growth appeared the most rapid in 2019 with an increase of 88%. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, refined cotton-seed oil exports shrank sharply to $X in 2022. Over the period under review, exports showed a noticeable contraction. The pace of growth was the most pronounced in 2019 with an increase of 33%. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Botswana (X tons), Lesotho (X tons) and Namibia (X tons) were the main destinations of refined cotton-seed oil exports from South Africa, together comprising 96% of total exports. Ethiopia, Zambia, Swaziland and Zimbabwe lagged somewhat behind, together comprising a further 3.4%.

From 2012 to 2022, the biggest increases were recorded for Ethiopia (with a CAGR of +36.1%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, Botswana ($X) emerged as the key foreign market for refined cotton-seed oil exports from South Africa, comprising 50% of total exports. The second position in the ranking was taken by Lesotho ($X), with a 23% share of total exports. It was followed by Namibia, with a 23% share.

From 2012 to 2022, the average annual growth rate of value to Botswana amounted to +3.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lesotho (-4.3% per year) and Namibia (+0.4% per year).

Export Prices by Country

In 2022, the average refined cotton-seed oil export price amounted to $X per ton, with an increase of 15% against the previous year. Overall, export price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined cotton-seed oil export price increased by +133.8% against 2019 indices. The pace of growth appeared the most rapid in 2020 when the average export price increased by 49% against the previous year. Over the period under review, the average export prices attained the maximum in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Ethiopia ($X per ton), while the average price for exports to Zimbabwe ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Botswana (+7.4%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Cotton-Seed Oil Imports

Imports into South Africa

In 2022, overseas purchases of refined cotton-seed oil increased by 41% to X tons for the first time since 2018, thus ending a three-year declining trend. Over the period under review, imports, however, faced a sharp contraction. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, refined cotton-seed oil imports soared to $X in 2022. Overall, imports, however, showed a dramatic setback. The growth pace was the most rapid in 2017 when imports increased by 35%. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Zimbabwe (X tons) was the main supplier of refined cotton-seed oil to South Africa, accounting for a 93% share of total imports. Moreover, refined cotton-seed oil imports from Zimbabwe exceeded the figures recorded by the second-largest supplier, India (X tons), more than tenfold. Argentina (X tons) ranked third in terms of total imports with a 0.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Zimbabwe amounted to -39.4%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+82.4% per year) and Argentina (-59.9% per year).

In value terms, Zimbabwe ($X) constituted the largest supplier of refined cotton-seed oil to South Africa, comprising 78% of total imports. The second position in the ranking was taken by India ($X), with a 16% share of total imports. It was followed by Argentina, with a 0.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Zimbabwe totaled -54.9%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+76.4% per year) and Argentina (-61.5% per year).

Import Prices by Country

In 2022, the average refined cotton-seed oil import price amounted to $X per ton, shrinking by -6.5% against the previous year. In general, the import price continues to indicate a deep slump. The most prominent rate of growth was recorded in 2016 an increase of 13%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was India ($X per ton), while the price for Zimbabwe ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+0.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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