Western Africa: Maize Oil Market 2024

Maize Oil Market Size in Western Africa

The West African maize oil market skyrocketed to $X in 2022, growing by 22% against the previous year. Overall, consumption posted a perceptible increase. Over the period under review, the market reached the peak level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Maize Oil Production in Western Africa

In value terms, maize oil production dropped slightly to $X in 2022 estimated in export price. Overall, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 12%. The level of production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Maize Oil Exports

Exports in Western Africa

After three years of growth, shipments abroad of maize oil decreased by -14.2% to X tons in 2022. Overall, exports faced a precipitous slump. The pace of growth was the most pronounced in 2015 when exports increased by 383%. Over the period under review, the exports attained the maximum at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, maize oil exports dropped dramatically to $X in 2022. In general, exports continue to indicate a precipitous shrinkage. The pace of growth appeared the most rapid in 2015 when exports increased by 158% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Ghana was the key exporter of maize oil in Western Africa, with the volume of exports finishing at X tons, which was near 77% of total exports in 2022. It was distantly followed by Togo (X tons), creating a 20% share of total exports. Nigeria (X kg) followed a long way behind the leaders.

Exports from Ghana decreased at an average annual rate of -22.6% from 2012 to 2022. Nigeria (-3.6%) and Togo (-30.7%) illustrated a downward trend over the same period. Ghana (+22 p.p.) and Nigeria (+2.2 p.p.) significantly strengthened its position in terms of the total exports, while Togo saw its share reduced by -23.8% from 2012 to 2022, respectively.

In value terms, Ghana ($X) remains the largest maize oil supplier in Western Africa, comprising 77% of total exports. The second position in the ranking was held by Togo ($X), with an 18% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Ghana amounted to -19.2%. The remaining exporting countries recorded the following average annual rates of exports growth: Togo (-30.2% per year) and Nigeria (-5.2% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, with a decrease of -66.3% against the previous year. Over the period under review, the export price, however, enjoyed a tangible expansion. The most prominent rate of growth was recorded in 2020 an increase of 97% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2021, and then dropped dramatically in the following year.

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 Nigeria ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+4.4%), while the other leaders experienced mixed trends in the export price figures.

Maize Oil Imports

Imports in Western Africa

In 2022, imports of maize oil in Western Africa soared to X tons, with an increase of 33% on the previous year's figure. Over the period under review, imports, however, saw a pronounced curtailment. The pace of growth was the most pronounced in 2019 with an increase of 172%. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, maize oil imports soared to $X in 2022. Overall, imports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of 102%. Over the period under review, imports reached the peak figure at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

Nigeria prevails in imports structure, amounting to X tons, which was near 80% of total imports in 2022. Mauritania (X tons) took a 7% share (based on physical terms) of total imports, which put it in second place, followed by Ghana (5.7%). Burkina Faso (X tons) followed a long way behind the leaders.

Nigeria was also the fastest-growing in terms of the maize oil imports, with a CAGR of +36.6% from 2012 to 2022. At the same time, Burkina Faso (+12.1%), Ghana (+10.2%) and Mauritania (+6.8%) displayed positive paces of growth. While the share of Nigeria (+77 p.p.), Mauritania (+4.1 p.p.), Ghana (+4 p.p.) and Burkina Faso (+2.2 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported maize oil in Western Africa, comprising 66% of total imports. The second position in the ranking was held by Mauritania ($X), with a 12% share of total imports. It was followed by Ghana, with an 8.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria stood at +25.0%. In the other countries, the average annual rates were as follows: Mauritania (+9.5% per year) and Ghana (+11.8% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2022, waning by -8.8% against the previous year. Import price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, maize oil import price increased by +4.3% against 2020 indices. The most prominent rate of growth was recorded in 2014 when the import price increased by 46%. The level of import peaked at $X per ton in 2016; however, from 2017 to 2022, import prices stood 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 Burkina Faso ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mauritania (+2.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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