Western Africa: Coconut Oil Market 2024

Coconut Oil Market Size in Western Africa

In 2022, the West African coconut oil market increased by 8.9% to $X, rising for the second year in a row after five years of decline. Overall, consumption recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market remained at a somewhat lower figure.

Coconut Oil Production in Western Africa

In value terms, coconut oil production fell to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.3% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2014 with an increase of 26%. Over the period under review, production hit record highs at $X in 2015; however, from 2016 to 2022, production failed to regain momentum.

Coconut Oil Exports

Exports in Western Africa

In 2022, shipments abroad of coconut (copra) oil decreased by -1.1% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, exports, however, saw a noticeable increase. The growth pace was the most rapid in 2016 when exports increased by 110%. The volume of export peaked at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, coconut oil exports soared to $X in 2022. In general, exports, however, recorded a strong increase. The most prominent rate of growth was recorded in 2016 with an increase of 151% against the previous year. Over the period under review, the exports attained the maximum at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Cote d'Ivoire (X tons) represented the major exporter of coconut (copra) oil, generating 70% of total exports. Nigeria (X tons) held the second position in the ranking, distantly followed by Benin (X tons). All these countries together held approx. 28% share of total exports.

Exports from Cote d'Ivoire decreased at an average annual rate of -1.1% from 2012 to 2022. At the same time, Nigeria (+108.8%) and Benin (+83.3%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +108.8% from 2012-2022. While the share of Nigeria (+23 p.p.) and Benin (+5.4 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Cote d'Ivoire (-28.2 p.p.) displayed negative dynamics.

In value terms, Cote d'Ivoire ($X) remains the largest coconut oil supplier in Western Africa, comprising 88% of total exports. The second position in the ranking was taken by Benin ($X), with a 3% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Cote d'Ivoire amounted to +7.4%. The remaining exporting countries recorded the following average annual rates of exports growth: Benin (+52.9% per year) and Nigeria (+52.2% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, increasing by 24% against the previous year. In general, the export price enjoyed a strong increase. The most prominent rate of growth was recorded in 2017 an increase of 46% against the previous year. Over the period under review, the export prices reached the maximum at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+8.7%), while the other leaders experienced a decline in the export price figures.

Coconut Oil Imports

Imports in Western Africa

In 2022, approx. X tons of coconut (copra) oil were imported in Western Africa; stabilizing at 2021. In general, imports showed measured growth. The pace of growth was the most pronounced in 2020 when imports increased by 191% against the previous year. The volume of import peaked at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, coconut oil imports amounted to $X in 2022. Over the period under review, imports showed resilient growth. The pace of growth was the most pronounced in 2020 with an increase of 316%. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Mali prevails in imports structure, recording X tons, which was approx. 92% of total imports in 2022. Ghana (X tons) took a relatively small share of total imports.

Mali was also the fastest-growing in terms of the coconut (copra) oil imports, with a CAGR of +59.6% from 2012 to 2022. At the same time, Ghana (+50.1%) displayed positive paces of growth. Mali (+90 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, Mali ($X) constitutes the largest market for imported coconut (copra) oil in Western Africa, comprising 90% of total imports. The second position in the ranking was taken by Ghana ($X), with a 1.3% share of total imports.

In Mali, coconut oil imports expanded at an average annual rate of +64.3% over the period from 2012-2022.

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, flattening at the previous year. Overall, the import price, however, posted buoyant growth. The growth pace was the most rapid in 2018 when the import price increased by 96%. As a result, import price attained the peak level of $X per ton. From 2019 to 2022, the import prices failed to regain momentum.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Mali ($X per ton), while Ghana totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mali (+3.0%).

Source: IndexBox Platform

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