Western Africa: Preserved Olive Market 2024

Preserved Olive Market Size in Western Africa

In 2021, after six years of growth, there was decline in the West African preserved olive market, when its value decreased by -0.9% to $X. In general, consumption, however, saw a buoyant increase. The level of consumption peaked at $X in 2020, and then contracted modestly in the following year.

Preserved Olive Production in Western Africa

In value terms, preserved olive production dropped modestly to $X in 2021 estimated in export price. In general, production, however, recorded a significant expansion. The growth pace was the most rapid in 2013 when the production volume increased by 89%. Over the period under review, production hit record highs at $X in 2020, and then shrank slightly in the following year.

Preserved Olive Exports

Exports in Western Africa

After four years of growth, overseas shipments of olives prepared or preserved decreased by -8.8% to X tons in 2021. In general, exports, however, posted a significant increase. The most prominent rate of growth was recorded in 2018 with an increase of 171% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2020, and then declined in the following year.

In value terms, preserved olive exports fell to $X in 2021. Over the period under review, exports, however, enjoyed significant growth. The most prominent rate of growth was recorded in 2018 when exports increased by 174% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Mauritania dominates exports structure, reaching X tons, which was approx. 91% of total exports in 2021. Sierra Leone (X tons), Guinea (X tons) and Senegal (X tons) held a little share of total exports.

From 2012 to 2021, average annual rates of growth with regard to preserved olive exports from Mauritania stood at +37.9%. At the same time, Guinea (+190.2%) and Sierra Leone (+39.1%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +190.2% from 2012-2021. Senegal experienced a relatively flat trend pattern. From 2012 to 2021, the share of Mauritania, Sierra Leone and Guinea increased by +28, +3.8 and +3.2 percentage points, respectively.

In value terms, Mauritania ($X) remains the largest preserved olive supplier in Western Africa, comprising 82% of total exports. The second position in the ranking was taken by Guinea ($X), with a 9.7% share of total exports. It was followed by Sierra Leone, with a 4.1% share.

From 2012 to 2021, the average annual growth rate of value in Mauritania amounted to +35.0%. In the other countries, the average annual rates were as follows: Guinea (+196.9% per year) and Sierra Leone (+38.8% per year).

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, reducing by -5.4% against the previous year. In general, the export price saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2016 when the export price increased by 79%. As a result, the export price attained the peak level of $X per ton. From 2017 to 2021, the export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Guinea ($X per ton), while Mauritania ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Guinea (+2.3%), while the other leaders experienced a decline in the export price figures.

Preserved Olive Imports

Imports in Western Africa

Preserved olive imports soared to X tons in 2021, increasing by 55% compared with the previous year's figure. Total imports indicated strong growth from 2012 to 2021: its volume increased at an average annual rate of +8.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +110.2% against 2013 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, preserved olive imports soared to $X in 2021. Total imports indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +8.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Senegal was the key importer of olives prepared or preserved in Western Africa, with the volume of imports amounting to X tons, which was approx. 43% of total imports in 2021. It was distantly followed by Cabo Verde (X tons), Cote d'Ivoire (X tons) and Mauritania (X tons), together creating a 32% share of total imports. Ghana (X tons), Niger (X tons), Burkina Faso (X tons), Nigeria (X tons), Benin (X tons), Mali (X tons), Gambia (X tons) and Guinea (X tons) took a little share of total imports.

From 2012 to 2021, average annual rates of growth with regard to preserved olive imports into Senegal stood at +12.6%. At the same time, Mauritania (+44.6%), Guinea (+16.9%), Gambia (+13.5%), Mali (+13.1%), Ghana (+12.5%), Cabo Verde (+8.8%), Cote d'Ivoire (+6.1%), Niger (+4.9%) and Nigeria (+3.8%) displayed positive paces of growth. Moreover, Mauritania emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +44.6% from 2012-2021. By contrast, Benin (-6.9%) and Burkina Faso (-10.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Senegal and Mauritania increased by +13 and +6.3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) constitutes the largest market for imported olives prepared or preserved in Western Africa, comprising 44% of total imports. The second position in the ranking was taken by Cabo Verde ($X), with a 16% share of total imports. It was followed by Cote d'Ivoire, with an 8.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Senegal amounted to +10.6%. The remaining importing countries recorded the following average annual rates of imports growth: Cabo Verde (+9.0% per year) and Cote d'Ivoire (+0.4% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2021, increasing by 1.7% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 an increase of 7.5% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2021, the import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Benin (+9.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :