Western Africa: Essential Oils Market 2024

Essential Oils Market Size in Western Africa

The West African essential oils market shrank to $X in 2022, which is down by -6.1% against the previous year. The total consumption indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -43.7% against 2016 indices. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Essential Oils Production in Western Africa

In value terms, essential oils production totaled $X in 2022 estimated in export price. Overall, production posted a perceptible expansion. The most prominent rate of growth was recorded in 2014 when the production volume increased by 48%. The level of production peaked at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Essential Oils Exports

Exports in Western Africa

In 2022, approx. X tons of essential oils were exported in Western Africa; growing by 29% against 2021. Over the period under review, exports posted a prominent expansion. The pace of growth appeared the most rapid in 2020 when exports increased by 48%. Over the period under review, the exports reached the peak figure in 2022 and are likely to see steady growth in the immediate term.

In value terms, essential oils exports fell remarkably to $X in 2022. In general, exports posted a modest expansion. The pace of growth was the most pronounced in 2021 with an increase of 136% against the previous year. As a result, the exports attained the peak of $X, and then reduced sharply in the following year.

Exports by Country

In 2022, Nigeria (X tons) represented the key exporter of essential oils, achieving 52% of total exports. Ghana (X tons) ranks second in terms of the total exports with a 25% share, followed by Cote d'Ivoire (18%). Gambia (X tons) and Senegal (X tons) took a little share of total exports.

Nigeria was also the fastest-growing in terms of the essential oils exports, with a CAGR of +26.8% from 2012 to 2022. At the same time, Ghana (+20.1%) and Cote d'Ivoire (+13.0%) displayed positive paces of growth. Senegal experienced a relatively flat trend pattern. By contrast, Gambia (-8.0%) illustrated a downward trend over the same period. While the share of Nigeria (+35 p.p.) and Ghana (+11 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Senegal (-5.1 p.p.) and Gambia (-17.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X) remains the largest essential oils supplier in Western Africa, comprising 90% of total exports. The second position in the ranking was held by Ghana ($X), with a 4.5% share of total exports. It was followed by Nigeria, with a 1.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Cote d'Ivoire totaled +1.4%. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (+6.4% per year) and Nigeria (+6.7% per year).

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, waning by -60.7% against the previous year. In general, the export price recorded a abrupt decrease. The growth pace was the most rapid in 2021 an increase of 170% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+15.3%), while the other leaders experienced mixed trends in the export price figures.

Essential Oils Imports

Imports in Western Africa

In 2022, purchases abroad of essential oils decreased by -24.1% to X tons, falling for the third year in a row after two years of growth. In general, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of 421%. As a result, imports attained the peak of X tons. From 2020 to 2022, the growth of imports failed to regain momentum.

In value terms, essential oils imports shrank markedly to $X in 2022. Overall, imports continue to indicate a perceptible decline. The most prominent rate of growth was recorded in 2019 when imports increased by 233%. As a result, imports attained the peak of $X. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Nigeria dominates imports structure, reaching X tons, which was approx. 80% of total imports in 2022. It was distantly followed by Senegal (X tons), mixing up a 7.6% share of total imports. Ghana (X tons), Cote d'Ivoire (X tons), Mali (X tons) and Mauritania (X tons) held a little share of total imports.

Imports into Nigeria increased at an average annual rate of +1.7% from 2012 to 2022. At the same time, Senegal (+11.2%), Mauritania (+7.0%) and Cote d'Ivoire (+5.7%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +11.2% from 2012-2022. By contrast, Mali (-1.1%) and Ghana (-13.3%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Nigeria and Senegal increased by +11 and +4.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported essential oils in Western Africa, comprising 53% of total imports. The second position in the ranking was held by Ghana ($X), with an 11% share of total imports. It was followed by Cote d'Ivoire, with an 11% share.

In Nigeria, essential oils imports shrank by an average annual rate of -1.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Ghana (-11.9% per year) and Cote d'Ivoire (+11.4% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2022, reducing by -6.4% against the previous year. Over the period under review, the import price recorded a noticeable slump. The pace of growth appeared the most rapid in 2015 an increase of 39%. As a result, import price attained the peak level of $X per ton. From 2016 to 2022, the import prices remained at a somewhat lower figure.

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 Cote d'Ivoire ($X per ton), while Mauritania ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+5.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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