Western Africa: Crude Soybean Oil Market 2025

Crude Soybean Oil Market Size in Western Africa

After four years of growth, the West African crude soybean oil market decreased by -7% to $X in 2022. Over the period under review, consumption, however, showed a relatively flat trend pattern. The level of consumption peaked at $X in 2021, and then contracted in the following year.

Crude Soybean Oil Production in Western Africa

In value terms, crude soybean oil production shrank slightly to $X in 2022 estimated in export price. The total production indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +6.7% 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 -7.5% against 2019 indices. The growth pace was the most rapid in 2013 when the production volume increased by 43%. The level of production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Crude Soybean Oil Exports

Exports in Western Africa

In 2022, after two years of decline, there was significant growth in shipments abroad of crude soybean oil, when their volume increased by 1,539% to X tons. Overall, exports showed a prominent increase. Over the period under review, the exports attained the maximum at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, crude soybean oil exports soared to $X in 2022. In general, exports saw a resilient increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Togo prevails in exports structure, reaching X tons, which was approx. 93% of total exports in 2022. It was distantly followed by Nigeria (X tons), creating a 6% share of total exports.

Togo was also the fastest-growing in terms of the crude soybean oil exports, with a CAGR of +164.7% from 2012 to 2022. Nigeria (-13.3%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Togo increased by +93 percentage points.

In value terms, Togo ($X) emerged as the largest crude soybean oil supplier in Western Africa, comprising 98% of total exports. The second position in the ranking was taken by Nigeria ($X), with a 2.1% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Togo totaled +271.6%.

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, rising by 164% against the previous year. Overall, the export price showed strong growth. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Togo ($X per ton), while Nigeria stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (+40.3%).

Crude Soybean Oil Imports

Imports in Western Africa

In 2022, supplies from abroad of crude soybean oil decreased by -6.9% to X tons, falling for the second year in a row after three years of growth. In general, imports recorded a noticeable decrease. The pace of growth appeared the most rapid in 2020 when imports increased by 119%. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, crude soybean oil imports contracted sharply to $X in 2022. Overall, imports saw a abrupt downturn. The most prominent rate of growth was recorded in 2020 when imports increased by 217% against the previous year. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Senegal dominates imports structure, recording X tons, which was near 96% of total imports in 2022. The following importers - Nigeria (X tons) and Mauritania (X tons) - each finished at a 4% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to crude soybean oil imports into Senegal stood at -4.1%. At the same time, Nigeria (+99.2%) and Mauritania (+5.0%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +99.2% from 2012-2022. From 2012 to 2022, the share of Nigeria increased by +2.2 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) constitutes the largest market for imported crude soybean oil in Western Africa, comprising 81% of total imports. The second position in the ranking was held by Nigeria ($X), with a 16% share of total imports.

In Senegal, crude soybean oil imports decreased by an average annual rate of -7.9% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Nigeria (+151.3% per year) and Mauritania (+2.7% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, with a decrease of -30.8% against the previous year. Over the period under review, the import price recorded a perceptible downturn. The pace of growth was the most pronounced in 2020 when the import price increased by 45% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2021, and then shrank rapidly 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 ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+26.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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