Western Africa: Market for Crude Sunflower-Seed And Safflower Oil 2024

Market Size for Crude Sunflower-Seed And Safflower Oil in Western Africa

The West African market for crude sunflower-seed and safflower oil contracted to $X in 2022, reducing by -13.9% against the previous year. Over the period under review, consumption, however, enjoyed a strong expansion. Over the period under review, the market attained the peak level at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Production of Crude Sunflower-Seed And Safflower Oil in Western Africa

In value terms, crude sunflower-seed and safflower oil production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.3% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2016 with an increase of 32% against the previous year. Over the period under review, production reached the peak level at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Exports of Crude Sunflower-Seed And Safflower Oil

Exports in Western Africa

In 2022, shipments abroad of crude sunflower-seed and safflower oil increased by 93% to X tons, rising for the second consecutive year after two years of decline. Overall, exports, however, recorded a drastic downturn. The growth pace was the most rapid in 2016 with an increase of 1,192%. Over the period under review, the exports reached the peak figure at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, crude sunflower-seed and safflower oil exports soared to $X in 2022. Over the period under review, exports, however, showed a abrupt decrease. The most prominent rate of growth was recorded in 2016 with an increase of 2,474% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Sierra Leone (X tons) represented the major exporter of crude sunflower-seed and safflower oil, making up 50% of total exports. It was distantly followed by Cote d'Ivoire (X tons), Nigeria (X tons), Liberia (X tons) and Ghana (X tons), together achieving a 49% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of +6.5%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Sierra Leone ($X) emerged as the largest crude sunflower-seed and safflower oil supplier in Western Africa, comprising 72% of total exports. The second position in the ranking was held by Liberia ($X), with a 13% share of total exports. It was followed by Cote d'Ivoire, with a 7.4% share.

In Sierra Leone, crude sunflower-seed and safflower oil exports plunged by an average annual rate of -19.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Liberia (-51.5% per year) and Cote d'Ivoire (+2.9% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, growing by 116% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The level of export peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Liberia ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sierra Leone (+1.8%), while the other leaders experienced a decline in the export price figures.

Imports of Crude Sunflower-Seed And Safflower Oil

Imports in Western Africa

In 2022, approx. X tons of crude sunflower-seed and safflower oil were imported in Western Africa; with a decrease of -8.2% compared with the previous year's figure. Overall, imports, however, showed strong growth. The growth pace was the most rapid in 2017 when imports increased by 103% against the previous year. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, crude sunflower-seed and safflower oil imports fell sharply to $X in 2022. In general, imports, however, showed resilient growth. The pace of growth appeared the most rapid in 2017 when imports increased by 74%. Over the period under review, imports reached the maximum at $X in 2021, and then contracted significantly in the following year.

Imports by Country

Ghana was the main importing country with an import of around X tons, which recorded 34% of total imports. It was distantly followed by Nigeria (X tons), Cote d'Ivoire (X tons), Guinea (X tons), Togo (X tons) and Liberia (X tons), together generating a 49% share of total imports. Mali (X tons) followed a long way behind the leaders.

Imports into Ghana increased at an average annual rate of +23.9% from 2012 to 2022. At the same time, Guinea (+71.6%), Nigeria (+25.6%), Mali (+14.5%), Cote d'Ivoire (+14.5%), Togo (+14.4%) and Liberia (+2.2%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +71.6% from 2012-2022. While the share of Ghana (+22 p.p.), Guinea (+12 p.p.), Nigeria (+9.4 p.p.) and Cote d'Ivoire (+2.7 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Liberia (-6.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) constitutes the largest market for imported crude sunflower-seed and safflower oil in Western Africa, comprising 32% of total imports. The second position in the ranking was taken by Nigeria ($X), with a 15% share of total imports. It was followed by Guinea, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Ghana amounted to +20.6%. The remaining importing countries recorded the following average annual rates of imports growth: Nigeria (+17.9% per year) and Guinea (+63.8% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, shrinking by -12.4% against the previous year. In general, the import price saw a mild descent. The pace of growth was the most pronounced in 2021 when the import price increased by 38%. Over the period under review, import prices attained the maximum at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Nigeria ($X per ton), while Liberia ($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 (-1.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :