Western Africa: Animal Fats Market 2024

Animal Fats Market Size in Western Africa

In 2021, after two years of growth, there was significant decline in the West African animal fats market, when its value decreased by -20.7% to $X. Overall, consumption, however, saw a resilient expansion. As a result, consumption reached the peak level of $X, and then fell markedly in the following year.

Animal Fats Production in Western Africa

In value terms, animal fats production dropped significantly to $X in 2021 estimated in export price. Overall, production, however, enjoyed a resilient increase. The most prominent rate of growth was recorded in 2020 with an increase of 63% against the previous year. As a result, production reached the peak level of $X, and then fell markedly in the following year.

Animal Fats Exports

Exports in Western Africa

In 2021, shipments abroad of animal fats and oils was finally on the rise to reach X tons after two years of decline. Overall, exports, however, continue to indicate a abrupt contraction. The growth pace was the most rapid in 2015 when exports increased by 9,243%. The volume of export peaked at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, animal fats exports soared to $X in 2021. In general, exports posted a perceptible expansion. The growth pace was the most rapid in 2014 with an increase of 1,310,300%. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

Cote d'Ivoire prevails in exports structure, resulting at X tons, which was approx. 95% of total exports in 2021. Nigeria (X kg) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to animal fats exports from Cote d'Ivoire stood at -30.0%. At the same time, Nigeria (+28.5%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +28.5% from 2012-2021. Cote d'Ivoire (+95 p.p.) and Nigeria (+3.8 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X) emerged as the largest animal fats supplier in Western Africa, comprising 94% of total exports. The second position in the ranking was taken by Nigeria ($X), with a 1.3% share of total exports.

In Cote d'Ivoire, animal fats exports plunged by an average annual rate of -25.5% over the period from 2012-2021.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, declining by -51.6% against the previous year. In general, the export price, however, recorded a strong expansion. The pace of growth appeared the most rapid in 2014 an increase of 18,620% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2021, the export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while Nigeria amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+6.4%).

Animal Fats Imports

Imports in Western Africa

In 2021, purchases abroad of animal fats and oils decreased by -14% to X tons for the first time since 2016, thus ending a four-year rising trend. Overall, imports, however, continue to indicate significant growth. The pace of growth was the most pronounced in 2020 when imports increased by 219% against the previous year. As a result, imports attained the peak of X tons, and then contracted in the following year.

In value terms, animal fats imports skyrocketed to $X in 2021. Over the period under review, imports, however, showed a resilient increase. The most prominent rate of growth was recorded in 2020 with an increase of 93% against the previous year. The level of import peaked in 2021 and is expected to retain growth in years to come.

Imports by Country

In 2021, Nigeria (X tons) was the key importer of animal fats and oils, creating 79% of total imports. It was distantly followed by Cabo Verde (X tons), mixing up a 15% share of total imports. Mali (X tons) took a little share of total imports.

Nigeria was also the fastest-growing in terms of the animal fats and oils imports, with a CAGR of +72.7% from 2012 to 2021. At the same time, Mali (+62.1%) and Cabo Verde (+33.1%) displayed positive paces of growth. Nigeria (+73 p.p.), Mali (+2.5 p.p.) and Cabo Verde (+1.6 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 ($X) constitutes the largest market for imported animal fats and oils in Western Africa, comprising 58% of total imports. The second position in the ranking was held by Cabo Verde ($X), with a 23% share of total imports.

In Nigeria, animal fats imports increased at an average annual rate of +30.7% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Cabo Verde (+28.4% per year) and Mali (+46.6% per year).

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, growing by 34% against the previous year. Over the period under review, the import price, however, faced a abrupt shrinkage. The most prominent rate of growth was recorded in 2013 when the import price increased by 48% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2021, 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 Mali ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cabo Verde (-3.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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