Western Africa: Chemically Modified Oils Market 2024

Chemically Modified Oils Market Size in Western Africa

The West African chemically modified oils market declined modestly to $X in 2022, dropping by -2.8% against the previous year. In general, consumption, however, enjoyed a resilient expansion. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Chemically Modified Oils Production in Western Africa

In value terms, chemically modified oils production contracted slightly to $X in 2022 estimated in export price. In general, production, however, saw a resilient expansion. The pace of growth appeared the most rapid in 2016 when the production volume increased by 47%. The level of production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Chemically Modified Oils Exports

Exports in Western Africa

In 2022, shipments abroad of animal or vegetable fats and oils chemically modified decreased by -31.3% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports, however, continue to indicate a significant increase. The growth pace was the most rapid in 2020 with an increase of 1,237%. Over the period under review, the exports attained the peak figure at X tons in 2021, and then declined significantly in the following year.

In value terms, chemically modified oils exports contracted sharply to $X in 2022. Overall, exports, however, saw a significant expansion. The pace of growth appeared the most rapid in 2020 when exports increased by 708% against the previous year. Over the period under review, the exports reached the maximum at $X in 2021, and then contracted dramatically in the following year.

Exports by Country

Ghana prevails in exports structure, accounting for X tons, which was near 86% of total exports in 2022. It was distantly followed by Cote d'Ivoire (X tons), comprising a 9.4% share of total exports. The following exporters - Togo (X tons) and Burkina Faso (X tons) - each finished at a 3.8% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to chemically modified oils exports from Ghana stood at +65.6%. At the same time, Togo (+66.5%), Burkina Faso (+34.0%) and Cote d'Ivoire (+21.9%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +66.5% from 2012-2022. Ghana (+81 p.p.) and Togo (+2.1 p.p.) significantly strengthened its position in terms of the total exports, while Cote d'Ivoire saw its share reduced by -2.1% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) remains the largest chemically modified oils supplier in Western Africa, comprising 89% of total exports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 5.7% share of total exports. It was followed by Togo, with a 3.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Ghana stood at +64.8%. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+13.1% per year) and Togo (+74.4% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, reducing by -24.1% against the previous year. In general, the export price recorded a slight decline. The most prominent rate of growth was recorded in 2018 when the export price increased by 182%. As a result, the export price reached the peak level of $X per ton. From 2019 to 2022, 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 Togo ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (+4.8%), while the other leaders experienced a decline in the export price figures.

Chemically Modified Oils Imports

Imports in Western Africa

In 2022, imports of animal or vegetable fats and oils chemically modified in Western Africa surged to X tons, rising by 21% against the previous year's figure. In general, imports, however, showed a abrupt downturn. The most prominent rate of growth was recorded in 2019 with an increase of 113% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, chemically modified oils imports shrank to $X in 2022. Over the period under review, imports, however, faced a abrupt downturn. The most prominent rate of growth was recorded in 2019 with an increase of 118% against the previous year. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Burkina Faso represented the main importer of animal or vegetable fats and oils chemically modified in Western Africa, with the volume of imports accounting for X tons, which was approx. 42% of total imports in 2022. Cote d'Ivoire (X tons) took the second position in the ranking, followed by Nigeria (X tons), Benin (X tons) and Mauritania (X tons). All these countries together took near 47% share of total imports. The following importers - Ghana (X tons) and Guinea (X tons) - each amounted to a 6.2% share of total imports.

Imports into Burkina Faso increased at an average annual rate of +20.6% from 2012 to 2022. At the same time, Benin (+35.7%), Mauritania (+14.8%), Guinea (+12.9%) and Cote d'Ivoire (+1.6%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +35.7% from 2012-2022. By contrast, Ghana (-16.6%) and Nigeria (-21.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Burkina Faso, Cote d'Ivoire, Benin, Mauritania and Guinea increased by +39, +13, +5.6, +4.8 and +2.4 percentage points, respectively.

In value terms, the largest chemically modified oils importing markets in Western Africa were Cote d'Ivoire ($X), Nigeria ($X) and Burkina Faso ($X), with a combined 66% share of total imports. Benin, Ghana, Guinea and Mauritania lagged somewhat behind, together accounting for a further 25%.

Among the main importing countries, Benin, with a CAGR of +32.8%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, reducing by -24.3% against the previous year. Overall, the import price recorded a deep setback. The most prominent rate of growth was recorded in 2020 an increase of 13%. The level of import peaked at $X per ton in 2012; however, from 2013 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 ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guinea (+7.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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