Western Africa: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in Western Africa

In 2022, after two years of decline, there was significant growth in the West African virgin olive oil market, when its value increased by 9.8% to $X. Overall, consumption saw a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Virgin Olive Oil Production in Western Africa

In value terms, virgin olive oil production expanded significantly to $X in 2022 estimated in export price. In general, production recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the production volume increased by 24% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Virgin Olive Oil Exports

Exports in Western Africa

In 2022, shipments abroad of virgin olive oil was finally on the rise to reach X tons after two years of decline. Over the period under review, exports, however, recorded a abrupt slump. The pace of growth appeared the most rapid in 2019 when exports increased by 85% against the previous year. As a result, the exports attained the peak of X tons. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, virgin olive oil exports soared to $X in 2022. Overall, exports, however, recorded a abrupt contraction. The most prominent rate of growth was recorded in 2014 when exports increased by 188% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The shipments of the three major exporters of virgin olive oil, namely Nigeria, Sierra Leone and Senegal, represented more than two-thirds of total export. It was distantly followed by Togo (X kg), generating an 8.4% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Senegal (with a CAGR of +10.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest virgin olive oil supplying countries in Western Africa were Togo ($X), Sierra Leone ($X) and Senegal ($X), with a combined 79% share of total exports.

Togo, with a CAGR of +37.7%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, which is down by -21.3% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the export price increased by 115% against the previous year. The level of export peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (+26.0%), while the other leaders experienced mixed trends in the export price figures.

Virgin Olive Oil Imports

Imports in Western Africa

In 2022, supplies from abroad of virgin olive oil was finally on the rise to reach X tons after two years of decline. Over the period under review, imports, however, saw a abrupt decline. The pace of growth was the most pronounced in 2016 when imports increased by 85% against the previous year. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, virgin olive oil imports expanded markedly to $X in 2022. Total imports indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -17.1% against 2020 indices. The most prominent rate of growth was recorded in 2016 when imports increased by 106% against the previous year. As a result, imports reached the peak of $X. From 2017 to 2022, the growth of imports failed to regain momentum.

Imports by Country

The purchases of the six major importers of virgin olive oil, namely Ghana, Nigeria, Cabo Verde, Cote d'Ivoire, Senegal and Mauritania, represented more than two-thirds of total import. It was distantly followed by Burkina Faso (X tons), constituting a 4.7% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Burkina Faso (with a CAGR of +18.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest virgin olive oil importing markets in Western Africa were Ghana ($X), Cabo Verde ($X) and Senegal ($X), together accounting for 51% of total imports.

In terms of the main importing countries, Cabo Verde, with a CAGR of +16.3%, saw the highest rates of growth with regard to 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

In 2022, the import price in Western Africa amounted to $X per ton, declining by -5.5% against the previous year. Import price indicated a strong increase from 2012 to 2022: its price increased at an average annual rate of +7.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, virgin olive oil import price increased by +36.7% against 2019 indices. The growth pace was the most rapid in 2014 an increase of 39% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2021, and then reduced in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Senegal ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+3.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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