Western Africa: Cotton-Seed Oil Market 2024

Cotton-Seed Oil Market Size in Western Africa

The West African cotton-seed oil market reduced modestly to $X in 2021, with a decrease of -2.6% against the previous year. Overall, consumption, however, saw a noticeable decrease. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Cotton-Seed Oil Production in Western Africa

In value terms, cotton-seed oil production reduced modestly to $X in 2021 estimated in export price. In general, production, however, saw a mild slump. The most prominent rate of growth was recorded in 2019 when the production volume increased by 40% against the previous year. The level of production peaked at $X in 2016; however, from 2017 to 2021, production remained at a lower figure.

Cotton-Seed Oil Exports

Exports in Western Africa

In 2021, approx. X tons of cotton-seed oil were exported in Western Africa; declining by -16.2% against the previous year. In general, exports saw a deep reduction. The pace of growth appeared the most rapid in 2017 when exports increased by 106%. As a result, the exports reached the peak of X tons. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, cotton-seed oil exports reduced to $X in 2021. Overall, exports continue to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2017 when exports increased by 120% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Burkina Faso (X tons) and Benin (X tons) prevails in exports structure, together making up 90% of total exports. It was distantly followed by Ghana (X tons), making up a 6.3% share of total exports. Cote d'Ivoire (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Ghana (with a CAGR of +105.6%), while the other leaders experienced more modest paces of growth.

In value terms, the largest cotton-seed oil supplying countries in Western Africa were Benin ($X), Burkina Faso ($X) and Ghana ($X), with a combined 98% share of total exports.

Among the main exporting countries, Ghana, with a CAGR of +83.3%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, increasing by 10% against the previous year. Over the period under review, the export price, however, continues to indicate a mild descent. The most prominent rate of growth was recorded in 2020 an increase of 21%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Burkina Faso (+0.7%), while the other leaders experienced mixed trends in the export price figures.

Cotton-Seed Oil Imports

Imports in Western Africa

Cotton-seed oil imports declined sharply to X tons in 2021, with a decrease of -28.2% against the previous year's figure. In general, imports saw a deep contraction. The most prominent rate of growth was recorded in 2017 when imports increased by 203% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2021, the growth of imports remained at a lower figure.

In value terms, cotton-seed oil imports shrank dramatically to $X in 2021. Overall, imports saw a abrupt setback. The most prominent rate of growth was recorded in 2017 with an increase of 226%. As a result, imports attained the peak of $X. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Benin represented the major importer of cotton-seed oil in Western Africa, with the volume of imports amounting to X tons, which was approx. 54% of total imports in 2021. It was distantly followed by Nigeria (X tons), Mali (X tons) and Togo (X tons), together committing a 44% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to cotton-seed oil imports into Benin stood at +7.4%. At the same time, Togo (+19.3%) and Mali (+5.4%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +19.3% from 2012-2021. By contrast, Nigeria (-16.1%) illustrated a downward trend over the same period. Benin (+37 p.p.), Mali (+11 p.p.) and Togo (+4.1 p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by -41% from 2012 to 2021, respectively.

In value terms, the largest cotton-seed oil importing markets in Western Africa were Nigeria ($X), Benin ($X) and Mali ($X), together accounting for 90% of total imports. Togo lagged somewhat behind, accounting for a further 6.7%.

Togo, with a CAGR of +24.5%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2021, dropping by -1.6% against the previous year. Over the period under review, the import price saw a noticeable descent. The growth pace was the most rapid in 2016 an increase of 10%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Togo (+4.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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