Western Africa: Industrial Oleic Acid Market 2024

Industrial Oleic Acid Market Size in Western Africa

In 2021, the West African industrial oleic acid market decreased by -12.2% to $X for the first time since 2017, thus ending a three-year rising trend. The market value increased at an average annual rate of +1.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X, and then dropped in the following year.

Industrial Oleic Acid Production in Western Africa

In value terms, industrial oleic acid production declined to $X in 2021 estimated in export price. The total production indicated a noticeable increase from 2012 to 2021: its value increased at an average annual rate of +2.3% 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 +59.1% against 2014 indices. The pace of growth appeared the most rapid in 2018 when the production volume increased by 19%. Over the period under review, production attained the maximum level at $X in 2020, and then contracted in the following year.

Industrial Oleic Acid Exports

Exports in Western Africa

In 2021, industrial oleic acid exports in Western Africa fell remarkably to X tons, with a decrease of -80.3% against the previous year's figure. Over the period under review, exports continue to indicate a sharp curtailment. The pace of growth appeared the most rapid in 2020 with an increase of 331%. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, industrial oleic acid exports fell remarkably to $X in 2021. In general, exports saw a abrupt curtailment. The pace of growth appeared the most rapid in 2020 when exports increased by 82% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Cote d'Ivoire (X tons) was the largest exporter of industrial oleic acid, comprising 69% of total exports. It was distantly followed by Senegal (X tons), making up a 31% share of total exports.

Exports from Cote d'Ivoire decreased at an average annual rate of -33.2% from 2012 to 2021. At the same time, Senegal (+22.9%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +22.9% from 2012-2021. While the share of Senegal (+31 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Cote d'Ivoire (-31.3 p.p.) displayed negative dynamics.

In value terms, Cote d'Ivoire ($X) remains the largest industrial oleic acid supplier in Western Africa, comprising 85% of total exports. The second position in the ranking was taken by Senegal ($X), with a 15% share of total exports.

In Cote d'Ivoire, industrial oleic acid exports plunged by an average annual rate of -19.0% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, increasing by 116% against the previous year. In general, the export price enjoyed a strong increase. The pace of growth was the most pronounced in 2017 an increase of 244%. Over the period under review, the export prices hit record highs at $X per ton in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Cote d'Ivoire ($X per ton), while Senegal totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+21.2%).

Industrial Oleic Acid Imports

Imports in Western Africa

In 2021, purchases abroad of industrial oleic acid decreased by -72.5% to X tons, falling for the second year in a row after two years of growth. Over the period under review, imports continue to indicate a deep slump. The pace of growth was the most pronounced in 2013 with an increase of 176%. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports remained at a lower figure.

In value terms, industrial oleic acid imports dropped markedly to $X in 2021. Overall, imports recorded a abrupt curtailment. The most prominent rate of growth was recorded in 2013 when imports increased by 185%. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, Nigeria (X tons) represented the major importer of industrial oleic acid, generating 50% of total imports. Senegal (X tons) ranks second in terms of the total imports with a 28% share, followed by Cote d'Ivoire (12%). The following importers - Burkina Faso (X tons), Liberia (X tons) and Cabo Verde (X tons) - each accounted for a 9% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Liberia (with a CAGR of +29.2%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, Nigeria ($X) constitutes the largest market for imported industrial oleic acid in Western Africa, comprising 66% of total imports. The second position in the ranking was taken by Senegal ($X), with a 15% share of total imports. It was followed by Cote d'Ivoire, with a 12% share.

From 2012 to 2021, the average annual growth rate of value in Nigeria was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: Senegal (-18.3% per year) and Cote d'Ivoire (-6.8% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2021, picking up by 53% against the previous year. Over the period under review, the import price recorded resilient growth. The most prominent rate of growth was recorded in 2017 when the import price increased by 58%. Over the period under review, import prices attained the maximum in 2021 and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Nigeria ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+9.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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