Western Africa: Rapeseed Oil Market 2024

Rapeseed Oil Market Size in Western Africa

In 2022, the West African rapeseed oil market decreased by -3.4% to $X, falling for the second consecutive year after two years of growth. In general, consumption, however, recorded a perceptible shrinkage. Over the period under review, the market reached the peak level at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Rapeseed Oil Production in Western Africa

In value terms, rapeseed oil production reached $X in 2022 estimated in export price. Over the period under review, production, however, showed a slight downturn. The pace of growth was the most pronounced in 2013 with an increase of 125% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

Rapeseed Oil Exports

Exports in Western Africa

In 2022, rapeseed oil exports in Western Africa surged to X tons, picking up by 189% against the previous year. Over the period under review, exports recorded notable growth. The growth pace was the most rapid in 2013 with an increase of 1,113%. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, rapeseed oil exports soared to $X in 2022. Overall, exports saw tangible growth. The most prominent rate of growth was recorded in 2013 with an increase of 928%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

In 2022, Benin (X tons) represented the largest exporter of rapeseed oil, achieving 68% of total exports. Ghana (X tons) took a 25% share (based on physical terms) of total exports, which put it in second place, followed by Togo (6.1%).

Benin was also the fastest-growing in terms of the rapeseed oil exports, with a CAGR of +296.4% from 2012 to 2022. At the same time, Togo (+91.4%) displayed positive paces of growth. By contrast, Ghana (-9.5%) illustrated a downward trend over the same period. Benin (+68 p.p.) and Togo (+6.1 p.p.) significantly strengthened its position in terms of the total exports, while Ghana saw its share reduced by -72% from 2012 to 2022, respectively.

In value terms, Benin ($X) emerged as the largest rapeseed oil supplier in Western Africa, comprising 89% of total exports. The second position in the ranking was taken by Ghana ($X), with a 9.5% share of total exports.

In Benin, rapeseed oil exports expanded at an average annual rate of +231.5% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (-17.4% per year) and Togo (+53.0% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, increasing by 214% against the previous year. In general, the export price recorded a relatively flat trend pattern. Over the period under review, the export prices reached the maximum at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Benin ($X per ton), while Togo ($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 (-8.8%), while the other leaders experienced a decline in the export price figures.

Rapeseed Oil Imports

Imports in Western Africa

In 2022, imports of rapeseed oil in Western Africa soared to X tons, growing by 36% against the previous year's figure. In general, imports, however, saw a pronounced decline. The growth pace was the most rapid in 2020 when imports increased by 95% 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, rapeseed oil imports skyrocketed to $X in 2022. Overall, imports, however, recorded a abrupt slump. The most prominent rate of growth was recorded in 2020 with an increase of 73%. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Ghana (X tons), Nigeria (X tons), Burkina Faso (X tons) and Cote d'Ivoire (X tons) was the largest importer of rapeseed oil in Western Africa, making up 85% of total import. It was distantly followed by Togo (X tons), achieving a 7.2% share of total imports. The following importers - Guinea (X tons) and Benin (X tons) - each reached a 4.2% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Guinea (with a CAGR of +23.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X), Cote d'Ivoire ($X) and Nigeria ($X) were the countries with the highest levels of imports in 2022, with a combined 66% share of total imports.

Among the main importing countries, Cote d'Ivoire, with a CAGR of +22.3%, recorded 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

The import price in Western Africa stood at $X per ton in 2022, falling by -8.3% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 24% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cote d'Ivoire ($X per ton), while Ghana ($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 (+1.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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