Western Africa: Crude Palm Oil Market 2024

Crude Palm Oil Market Size in Western Africa

The West African crude palm oil market amounted to $X in 2022, growing by 4.1% against the previous year. Over the period under review, consumption showed modest growth. Over the period under review, the market attained the maximum level at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Crude Palm Oil Production in Western Africa

In value terms, crude palm oil production expanded rapidly to $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 49% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Crude Palm Oil Exports

Exports in Western Africa

In 2022, crude palm oil exports in Western Africa declined markedly to X tons, shrinking by -27.4% against the previous year's figure. Overall, exports, however, recorded a buoyant expansion. The most prominent rate of growth was recorded in 2014 when exports increased by 123%. The volume of export peaked at X tons in 2021, and then contracted notably in the following year.

In value terms, crude palm oil exports reduced rapidly to $X in 2022. Over the period under review, exports, however, posted a buoyant expansion. The pace of growth appeared the most rapid in 2021 when exports increased by 200% against the previous year. As a result, the exports reached the peak of $X, and then shrank remarkably in the following year.

Exports by Country

Cote d'Ivoire (X tons) and Liberia (X tons) prevails in exports structure, together committing 86% of total exports. Ghana (X tons) ranks next in terms of the total exports with a 6.9% share, followed by Sierra Leone (4.7%).

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Sierra Leone (with a CAGR of +60.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest crude palm oil supplying countries in Western Africa were Cote d'Ivoire ($X), Liberia ($X) and Ghana ($X), together comprising 93% of total exports. These countries were followed by Sierra Leone, which accounted for a further 4.7%.

In terms of the main exporting countries, Sierra Leone, with a CAGR of +70.1%, recorded the highest growth rate of 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

The export price in Western Africa stood at $X per ton in 2022, which is down by -9.2% against the previous year. Overall, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the export price increased by 46%. As a result, the export price attained the peak level of $X per ton, and then reduced in the following year.

Average prices varied noticeably amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Ghana ($X per ton) and Cote d'Ivoire ($X per ton), while Liberia ($X per ton) and Sierra Leone ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sierra Leone (+6.2%), while the other leaders experienced mixed trends in the export price figures.

Crude Palm Oil Imports

Imports in Western Africa

In 2022, crude palm oil imports in Western Africa contracted remarkably to X tons, which is down by -16.8% on the previous year. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when imports increased by 66% against the previous year. As a result, imports attained the peak of X tons. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, crude palm oil imports contracted dramatically to $X in 2022. In general, imports, however, posted a modest expansion. The growth pace was the most rapid in 2014 with an increase of 60% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Nigeria was the key importer of crude palm oil in Western Africa, with the volume of imports recording X tons, which was approx. 44% of total imports in 2022. Senegal (X tons) ranks second in terms of the total imports with a 22% share, followed by Cote d'Ivoire (11%), Ghana (5.7%), Benin (5.1%) and Togo (5.1%). Sierra Leone (X tons) followed a long way behind the leaders.

Imports into Nigeria increased at an average annual rate of +11.6% from 2012 to 2022. At the same time, Sierra Leone (+53.5%) and Senegal (+23.1%) displayed positive paces of growth. Moreover, Sierra Leone emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +53.5% from 2012-2022. Benin experienced a relatively flat trend pattern. By contrast, Togo (-1.8%), Cote d'Ivoire (-11.4%) and Ghana (-12.2%) illustrated a downward trend over the same period. While the share of Nigeria (+29 p.p.), Senegal (+19 p.p.) and Sierra Leone (+3 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Ghana (-16.3 p.p.) and Cote d'Ivoire (-27.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported crude palm oil in Western Africa, comprising 69% of total imports. The second position in the ranking was taken by Senegal ($X), with a 12% share of total imports. It was followed by Cote d'Ivoire, with a 7.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria amounted to +11.0%. The remaining importing countries recorded the following average annual rates of imports growth: Senegal (+17.3% per year) and Cote d'Ivoire (-13.9% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2022, dropping by -15.4% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the import price increased by 42% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2021, and then plummeted in the following year.

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 Nigeria ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (+2.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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