Western Africa: Crude Maize Oil Market 2024

Crude Maize Oil Market Size in Western Africa

The West African crude maize oil market soared to $X in 2022, with an increase of 42% against the previous year. In general, consumption recorded a significant increase. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Crude Maize Oil Production in Western Africa

In value terms, crude maize oil production expanded to $X in 2022 estimated in export price. The total production indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -1.8% against 2020 indices. The most prominent rate of growth was recorded in 2013 with an increase of 100%. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

Crude Maize Oil Exports

Exports in Western Africa

In 2022, overseas shipments of crude maize (corn) oil were finally on the rise to reach X kg for the first time since 2019, thus ending a two-year declining trend. Overall, exports, however, recorded a abrupt setback. The pace of growth appeared the most rapid in 2013 when exports increased by 223% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, crude maize oil exports surged to $X in 2022. In general, exports, however, continue to indicate a deep setback. The growth pace was the most rapid in 2013 when exports increased by 905% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Nigeria (X kg) and Ghana (X kg) prevails in exports structure, together generating 98% of total exports. Senegal (X kg) held a relatively small share of total exports.

From 2012 to 2022, the biggest increases were recorded for Nigeria (with a CAGR of -2.7%), while shipments for the other leaders experienced a decline in the exports figures.

In value terms, the largest crude maize oil supplying countries in Western Africa were Nigeria ($X), Ghana ($X) and Senegal ($X), with a combined 99.9% share of total exports.

Ghana, with a CAGR of +1.1%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, falling by -2% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 an increase of 211% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Senegal ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+9.7%), while the other leaders experienced a decline in the export price figures.

Crude Maize Oil Imports

Imports in Western Africa

In 2022, the amount of crude maize (corn) oil imported in Western Africa soared to X tons, rising by 36% compared with the previous year. In general, imports showed a significant increase. The most prominent rate of growth was recorded in 2018 with an increase of 415% against the previous year. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, crude maize oil imports soared to $X in 2022. Overall, imports showed a significant expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 297% against the previous year. Over the period under review, imports reached the maximum at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Nigeria prevails in imports structure, amounting to X tons, which was approx. 93% of total imports in 2022. It was distantly followed by Ghana (X tons), generating a 5.3% share of total imports.

Nigeria was also the fastest-growing in terms of the crude maize (corn) oil imports, with a CAGR of +58.3% from 2012 to 2022. At the same time, Ghana (+47.9%) displayed positive paces of growth. While the share of Nigeria (+71 p.p.) and Ghana (+2.7 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported crude maize (corn) oil in Western Africa, comprising 89% of total imports. The second position in the ranking was taken by Ghana ($X), with a 9.3% share of total imports.

In Nigeria, crude maize oil imports expanded at an average annual rate of +49.2% over the period from 2012-2022.

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2022, reducing by -7.7% against the previous year. Over the period under review, the import price showed a abrupt shrinkage. The growth pace was the most rapid in 2017 when the import price increased by 16%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 Ghana ($X per ton), while Nigeria amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+0.9%).

Source: IndexBox Platform

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