Western Africa: Margarine And Shortening Market 2025

Margarine And Shortening Market Size in Western Africa

In 2022, the West African margarine and shortening market increased by 1.1% to $X, rising for the sixth year in a row after two years of decline. Overall, consumption enjoyed a prominent increase. Over the period under review, the market reached the peak level in 2022 and is expected to retain growth in the near future.

Margarine And Shortening Production in Western Africa

In value terms, margarine and shortening production declined slightly to $X in 2022 estimated in export price. In general, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the production volume increased by 65%. As a result, production attained the peak level of $X. From 2018 to 2022, production growth remained at a lower figure.

Margarine And Shortening Exports

Exports in Western Africa

After five years of decline, overseas shipments of margarine and shortening increased by 4.5% to X tons in 2022. Over the period under review, exports, however, recorded a abrupt curtailment. The most prominent rate of growth was recorded in 2013 with an increase of 19% against the previous year. The volume of export peaked at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, margarine and shortening exports reduced to $X in 2022. Overall, exports, however, recorded a abrupt decrease. The most prominent rate of growth was recorded in 2016 when exports increased by 32%. Over the period under review, the exports attained the peak figure at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Senegal represented the key exporter of margarine and shortening in Western Africa, with the volume of exports resulting at X tons, which was near 55% of total exports in 2022. Ghana (X tons) ranks second in terms of the total exports with a 20% share, followed by Cote d'Ivoire (9%), Togo (6.2%) and Benin (5.1%). Nigeria (X tons) held a minor share of total exports.

Exports from Senegal increased at an average annual rate of +25.3% from 2012 to 2022. At the same time, Nigeria (+39.0%), Benin (+11.5%) and Togo (+6.4%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +39.0% from 2012-2022. By contrast, Cote d'Ivoire (-20.3%) and Ghana (-22.6%) illustrated a downward trend over the same period. While the share of Senegal (+53 p.p.), Togo (+5.3 p.p.), Benin (+4.6 p.p.) and Nigeria (+3.9 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Cote d'Ivoire (-15.3 p.p.) and Ghana (-52.5 p.p.) displayed negative dynamics.

In value terms, Senegal ($X) remains the largest margarine and shortening supplier in Western Africa, comprising 68% of total exports. The second position in the ranking was held by Ghana ($X), with a 19% share of total exports. It was followed by Cote d'Ivoire, with a 4.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Senegal amounted to +27.2%. In the other countries, the average annual rates were as follows: Ghana (-23.0% per year) and Cote d'Ivoire (-24.6% per year).

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, waning by -5.3% against the previous year. In general, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 18%. Over the period under review, the export prices hit record highs at $X per ton in 2021, and then shrank 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 Senegal ($X per ton), while Benin ($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 (+1.6%), while the other leaders experienced a decline in the export price figures.

Margarine And Shortening Imports

Imports in Western Africa

In 2022, margarine and shortening imports in Western Africa expanded remarkably to X tons, picking up by 7% compared with 2021 figures. In general, imports saw buoyant growth. The growth pace was the most rapid in 2021 with an increase of 71% against the previous year. The volume of import peaked in 2022 and is likely to see gradual growth in the immediate term.

In value terms, margarine and shortening imports contracted modestly to $X in 2022. Overall, imports posted resilient growth. The pace of growth was the most pronounced in 2021 with an increase of 65% against the previous year. As a result, imports reached the peak of $X, and then contracted slightly in the following year.

Imports by Country

In 2022, Nigeria (X tons) represented the major importer of margarine and shortening, comprising 65% of total imports. It was distantly followed by Ghana (X tons), constituting a 21% share of total imports. The following importers - Guinea (X tons), Mauritania (X tons) and Gambia (X tons) - together made up 7.1% of total imports.

Nigeria was also the fastest-growing in terms of the margarine and shortening imports, with a CAGR of +18.6% from 2012 to 2022. At the same time, Guinea (+15.5%), Ghana (+8.2%), Mauritania (+4.0%) and Gambia (+3.8%) displayed positive paces of growth. Nigeria (+27 p.p.) significantly strengthened its position in terms of the total imports, while Gambia, Mauritania and Ghana saw its share reduced by -1.9%, -2.1% and -9.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X), Ghana ($X) and Guinea ($X) were the countries with the highest levels of imports in 2022, together accounting for 81% of total imports.

In terms of the main importing countries, Nigeria, with a CAGR of +14.0%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2022, with a decrease of -9.7% against the previous year. Overall, the import price saw a noticeable contraction. The pace of growth was the most pronounced in 2014 an increase of 18%. As a result, import price reached the peak level of $X per ton. From 2015 to 2022, the import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Mauritania ($X per ton), while Nigeria ($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 (+6.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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