Western Africa: Cotton-Seed Oil Market 2024

Cotton-Seed Oil Market Size in Western Africa

The West African cotton-seed oil market dropped to $X in 2021, which is down by -9.7% against the previous year. The market value increased at an average annual rate of +4.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X, and then dropped in the following year.

Cotton-Seed Oil Production in Western Africa

In value terms, cotton-seed oil production reduced to $X in 2021 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of 35% against the previous year. As a result, production reached the peak level of $X, and then contracted in the following year.

Cotton-Seed Oil Exports

Exports in Western Africa

For the ninth year in a row, Western Africa recorded decline in overseas shipments of crude cotton-seed oil, which decreased by -10.8% to X tons in 2021. Over the period under review, exports faced a dramatic decline. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, cotton-seed oil exports contracted dramatically to $X in 2021. In general, exports saw a precipitous setback. The smallest decline of -13.6% was in 2017. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Benin represented the largest exporter of crude cotton-seed oil in Western Africa, with the volume of exports reaching X tons, which was approx. 60% of total exports in 2021. It was distantly followed by Burkina Faso (X tons), comprising a 36% share of total exports. Cote d'Ivoire (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of +24.5%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, the largest cotton-seed oil supplying countries in Western Africa were Benin ($X), Burkina Faso ($X) and Cote d'Ivoire ($X).

In terms of the main exporting countries, Cote d'Ivoire, with a CAGR of +25.4%, 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 mixed trends in the exports figures.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, shrinking by -8.2% against the previous year. Overall, the export price continues to indicate a perceptible curtailment. The pace of growth appeared the most rapid in 2020 an increase of 56% against the previous year. Over the period under review, the export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Burkina Faso ($X per ton), while Cote d'Ivoire ($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 (+4.9%), while the other leaders experienced mixed trends in the export price figures.

Cotton-Seed Oil Imports

Imports in Western Africa

Cotton-seed oil imports soared to X tons in 2021, increasing by 139% against the previous year's figure. Over the period under review, imports posted a buoyant expansion. The pace of growth appeared the most rapid in 2016 with an increase of 550% against the previous year. Over the period under review, imports reached the maximum in 2021 and are likely to see gradual growth in the near future.

In value terms, cotton-seed oil imports reached $X in 2021. Overall, imports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of 260%. As a result, imports reached the peak of $X. From 2017 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Mali represented the major importing country with an import of about X tons, which resulted at 80% of total imports. It was distantly followed by Nigeria (X tons), creating a 16% share of total imports. Togo (X tons) held a relatively small share of total imports.

Mali was also the fastest-growing in terms of the crude cotton-seed oil imports, with a CAGR of +77.2% from 2012 to 2021. Togo experienced a relatively flat trend pattern. Nigeria (-3.4%) illustrated a downward trend over the same period. Mali (+78 p.p.) significantly strengthened its position in terms of the total imports, while Togo and Nigeria saw its share reduced by -6.5% and -72.6% from 2012 to 2021, respectively.

In value terms, the largest cotton-seed oil importing markets in Western Africa were Nigeria ($X), Mali ($X) and Togo ($X), with a combined 91% share of total imports.

Mali, with a CAGR of +38.8%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2021, which is down by -53.9% against the previous year. In general, the import price faced a deep reduction. The most prominent rate of growth was recorded in 2017 an increase of 65%. The level of import peaked at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of destination: 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 Nigeria (-1.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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