Western Africa: Groundnut Oil Market 2024

Groundnut Oil Market Size in Western Africa

The West African groundnut oil market shrank slightly to $X in 2021, remaining relatively unchanged against the previous year. The market value increased at an average annual rate of +3.9% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2020, and then shrank slightly in the following year.

Groundnut Oil Production in Western Africa

In value terms, groundnut oil production dropped to $X in 2021 estimated in export price. The total production indicated a pronounced expansion from 2012 to 2021: its value increased at an average annual rate of +4.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +58.4% against 2015 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by 20% against the previous year. Over the period under review, production reached the peak level at $X in 2020, and then declined slightly in the following year.

Groundnut Oil Exports

Exports in Western Africa

In 2021, the amount of groundnut oil exported in Western Africa skyrocketed to X tons, jumping by 30% against the previous year's figure. Over the period under review, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when exports increased by 119%. Over the period under review, the exports attained the maximum at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, groundnut oil exports soared to $X in 2021. In general, exports saw a relatively flat trend pattern. The level of export peaked at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Senegal was the largest exporting country with an export of about X tons, which recorded 75% of total exports. It was distantly followed by Nigeria (X tons) and Gambia (X tons), together creating a 21% share of total exports. Guinea (X tons) took a relatively small share of total exports.

Senegal experienced a relatively flat trend pattern with regard to volume of exports of groundnut oil. At the same time, Nigeria (+54.7%) and Guinea (+3.9%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +54.7% from 2012-2021. By contrast, Gambia (-9.8%) illustrated a downward trend over the same period. While the share of Nigeria (+15 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Senegal (-3.5 p.p.) and Gambia (-8.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) remains the largest groundnut oil supplier in Western Africa, comprising 77% of total exports. The second position in the ranking was held by Nigeria ($X), with a 14% share of total exports. It was followed by Gambia, with a 5.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Senegal was relatively modest. The remaining exporting countries recorded the following average annual rates of exports growth: Nigeria (+92.1% per year) and Gambia (-6.1% per year).

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, increasing by 32% against the previous year. In general, the export price showed a relatively flat trend pattern. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in Senegal ($X per ton) and Gambia ($X per ton), while Guinea ($X per ton) and Nigeria ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+24.2%), while the other leaders experienced more modest paces of growth.

Groundnut Oil Imports

Imports in Western Africa

Groundnut oil imports fell modestly to X tons in 2021, dropping by -3.3% compared with 2020 figures. Overall, imports recorded a slight decline. The growth pace was the most rapid in 2017 with an increase of 200%. As a result, imports reached the peak of X tons. From 2018 to 2021, the growth of imports remained at a lower figure.

In value terms, groundnut oil imports fell to $X in 2021. In general, imports saw a abrupt descent. The growth pace was the most rapid in 2017 when imports increased by 148% against the previous year. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Benin represented the major importing country with an import of around X tons, which accounted for 86% of total imports. It was distantly followed by Togo (X tons), mixing up a 12% share of total imports.

Benin experienced a relatively flat trend pattern with regard to volume of imports of groundnut oil. Togo (-8.4%) illustrated a downward trend over the same period. Benin (+14 p.p.) significantly strengthened its position in terms of the total imports, while Togo saw its share reduced by -10.4% from 2012 to 2021, respectively.

In value terms, Benin ($X) constitutes the largest market for imported groundnut oil in Western Africa, comprising 74% of total imports. The second position in the ranking was held by Togo ($X), with a 14% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value in Benin amounted to -10.8%.

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2021, declining by -8.4% against the previous year. In general, the import price recorded a abrupt descent. The most prominent rate of growth was recorded in 2013 an increase of 28% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2021, the import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Togo ($X per ton), while Benin totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Togo (-1.6%).

Source: IndexBox Platform

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