Western Africa: Market for Industrial Tall Oil Fatty Acids 2024

Market Size for Industrial Tall Oil Fatty Acids in Western Africa

The West African tall oil fatty acids market contracted markedly to $X in 2021, shrinking by -28% against the previous year. The total consumption indicated a slight expansion from 2012 to 2021: its value increased at an average annual rate of +1.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +27.1% against 2019 indices. As a result, consumption attained the peak level of $X, and then contracted dramatically in the following year.

Production of Industrial Tall Oil Fatty Acids in Western Africa

In value terms, tall oil fatty acids production contracted slightly to $X in 2021 estimated in export price. The total production indicated a temperate expansion from 2012 to 2021: its value increased at an average annual rate of +4.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +34.7% against 2017 indices. The most prominent rate of growth was recorded in 2019 with an increase of 23% against the previous year. Over the period under review, production hit record highs at $X in 2016; however, from 2017 to 2021, production remained at a lower figure.

Exports of Industrial Tall Oil Fatty Acids

Exports in Western Africa

In 2021, tall oil fatty acids exports in Western Africa declined remarkably to X tons, waning by -64.8% against 2020. Overall, exports, however, posted a strong increase. The most prominent rate of growth was recorded in 2013 when exports increased by 520%. Over the period under review, the exports attained the peak figure at X tons in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, tall oil fatty acids exports dropped to $X in 2021. In general, exports, however, enjoyed a significant increase. The most prominent rate of growth was recorded in 2013 with an increase of 730%. The level of export peaked at $X in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

Exports by Country

Senegal was the major exporter of industrial tall oil fatty acids in Western Africa, with the volume of exports recording X tons, which was near 67% of total exports in 2021. Mauritania (X tons) held the second position in the ranking, distantly followed by Cote d'Ivoire (X tons). All these countries together took approx. 33% share of total exports.

Senegal experienced a relatively flat trend pattern with regard to volume of exports of industrial tall oil fatty acids. Mauritania experienced a relatively flat trend pattern. Cote d'Ivoire (-39.2%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Mauritania and Cote d'Ivoire increased by +25 and +7.7 percentage points, respectively.

In value terms, Senegal ($X) remains the largest tall oil fatty acids supplier in Western Africa, comprising 76% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 13% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Senegal totaled +20.6%. The remaining exporting countries recorded the following average annual rates of exports growth: Cote d'Ivoire (-21.0% per year) and Mauritania (0.0% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, jumping by 143% against the previous year. Over the period under review, the export price continues to indicate a prominent expansion. Over the period under review, the export prices attained the maximum at $X per ton in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of origin: 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 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+30.0%).

Imports of Industrial Tall Oil Fatty Acids

Imports in Western Africa

Tall oil fatty acids imports skyrocketed to X tons in 2021, jumping by 16% on the year before. In general, imports saw a prominent increase. The pace of growth appeared the most rapid in 2020 when imports increased by 113% against the previous year. The volume of import peaked in 2021 and is likely to see steady growth in the immediate term.

In value terms, tall oil fatty acids imports fell dramatically to $X in 2021. Overall, imports, however, recorded a mild reduction. The most prominent rate of growth was recorded in 2020 with an increase of 98%. As a result, imports attained the peak of $X, and then shrank markedly in the following year.

Imports by Country

Gambia prevails in imports structure, reaching X tons, which was approx. 81% of total imports in 2021. Niger (X tons) held the second position in the ranking, followed by Mali (X tons). All these countries together held approx. 11% share of total imports. Nigeria (X tons) and Ghana (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to tall oil fatty acids imports into Gambia stood at +7.9%. At the same time, Niger (+38.2%), Mali (+18.2%) and Ghana (+12.0%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +38.2% from 2012-2021. By contrast, Nigeria (-14.9%) illustrated a downward trend over the same period. While the share of Gambia (+12 p.p.), Niger (+5.7 p.p.) and Mali (+3.2 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Nigeria (-23.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Gambia ($X) constitutes the largest market for imported industrial tall oil fatty acids in Western Africa, comprising 49% of total imports. The second position in the ranking was taken by Ghana ($X), with a 22% share of total imports. It was followed by Nigeria, with a 10% share.

From 2012 to 2021, the average annual growth rate of value in Gambia was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+28.6% per year) and Nigeria (-16.6% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2021, waning by -49.3% against the previous year. Overall, the import price showed a abrupt curtailment. The most prominent rate of growth was recorded in 2013 an increase of 36% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2015; however, from 2016 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+14.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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