Western Africa: Crude Groundnut Oil Market 2024

Crude Groundnut Oil Market Size in Western Africa

The West African crude groundnut oil market expanded to $X in 2022, surging by 3.3% against the previous year. The market value increased at an average annual rate of +1.5% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Crude Groundnut Oil Production in Western Africa

In value terms, crude groundnut oil production expanded markedly to $X in 2022 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the production volume increased by 24%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Crude Groundnut Oil Exports

Exports in Western Africa

In 2022, crude groundnut oil exports in Western Africa declined to X tons, with a decrease of -9.5% compared with the previous year's figure. Over the period under review, exports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when exports increased by 84% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude groundnut oil exports declined significantly to $X in 2022. In general, exports continue to indicate a slight slump. The most prominent rate of growth was recorded in 2021 when exports increased by 65% against the previous year. The level of export peaked at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Senegal (X tons) was the main exporter of crude groundnut oil, committing 67% of total exports. Nigeria (X tons) held the second position in the ranking, followed by Gambia (X tons). All these countries together took near 29% share of total exports. Guinea (X tons) took a little share of total exports.

Exports from Senegal decreased at an average annual rate of -2.5% from 2012 to 2022. At the same time, Nigeria (+89.1%) and Guinea (+3.4%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +89.1% from 2012-2022. By contrast, Gambia (-1.3%) illustrated a downward trend over the same period. Nigeria (+15 p.p.) significantly strengthened its position in terms of the total exports, while Senegal saw its share reduced by -15.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) remains the largest crude groundnut oil supplier in Western Africa, comprising 67% of total exports. The second position in the ranking was held by Nigeria ($X), with a 15% share of total exports. It was followed by Gambia, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Senegal amounted to -3.8%. The remaining exporting countries recorded the following average annual rates of exports growth: Nigeria (+140.7% per year) and Gambia (+2.2% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, reducing by -11% against the previous year. Overall, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the export price increased by 31% against the previous year. As a result, the export price attained the peak level of $X per ton, and then declined in the following year.

Average prices varied noticeably amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Gambia ($X per ton) and Nigeria ($X per ton), while Guinea ($X per ton) and Senegal ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+27.3%), while the other leaders experienced more modest paces of growth.

Crude Groundnut Oil Imports

Imports in Western Africa

In 2022, crude groundnut oil imports in Western Africa dropped remarkably to X tons, with a decrease of -57% against the previous year's figure. Overall, imports faced a significant curtailment. The most prominent rate of growth was recorded in 2020 with an increase of 278% against the previous year. The volume of import peaked at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, crude groundnut oil imports contracted remarkably to $X in 2022. Over the period under review, imports continue to indicate a sharp reduction. The most prominent rate of growth was recorded in 2020 with an increase of 172% against the previous year. The level of import peaked at $X in 2016; however, from 2017 to 2022, imports failed to regain momentum.

Imports by Country

Benin (X tons) and Ghana (X tons) represented roughly 58% of total imports in 2022. Niger (X tons) ranks next in terms of the total imports with a 14% share, followed by Senegal (12%) and Liberia (7%). The following importers - Burkina Faso (X tons) and Nigeria (X tons) - each resulted at a 7.6% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Nigeria (with a CAGR of +46.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Niger ($X), Ghana ($X) and Benin ($X) constituted the countries with the highest levels of imports in 2022, together accounting for 73% of total imports. Liberia, Nigeria, Senegal and Burkina Faso lagged somewhat behind, together comprising a further 23%.

Among the main importing countries, Nigeria, with a CAGR of +58.3%, saw the highest growth rate of 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

The import price in Western Africa stood at $X per ton in 2022, surging by 39% against the previous year. Overall, the import price showed a prominent increase. The pace of growth appeared the most rapid in 2021 when the import price increased by 81%. Over the period under review, import prices hit record highs in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Niger (+12.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :