Western Africa: Refined Groundnut Oil Market 2024

Refined Groundnut Oil Market Size in Western Africa

After two years of growth, the West African refined groundnut oil market decreased by -1.7% to $X in 2021. In general, consumption, however, enjoyed a remarkable increase. The level of consumption peaked at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Refined Groundnut Oil Production in Western Africa

In value terms, refined groundnut oil production reduced modestly to $X in 2021 estimated in export price. In general, production, however, saw strong growth. The most prominent rate of growth was recorded in 2016 when the production volume increased by 75%. The level of production peaked at $X in 2017; however, from 2018 to 2021, production failed to regain momentum.

Refined Groundnut Oil Exports

Exports in Western Africa

In 2021, exports of refined groundnut oil in Western Africa declined sharply to X tons, with a decrease of -38.8% compared with the previous year's figure. Over the period under review, exports faced a significant decline. The most prominent rate of growth was recorded in 2014 when exports increased by 396%. As a result, the exports attained the peak of X tons. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, refined groundnut oil exports reduced remarkably to $X in 2021. In general, exports faced a precipitous descent. The most prominent rate of growth was recorded in 2020 when exports increased by 133%. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Senegal was the largest exporter of refined groundnut oil in Western Africa, with the volume of exports accounting for X tons, which was approx. 56% of total exports in 2021. Mauritania (X tons) ranks second in terms of the total exports with an 18% share, followed by Cote d'Ivoire (7.8%), Togo (7.7%) and Ghana (6%). The following exporters - Nigeria (X tons) and Burkina Faso (X tons) - each recorded a 4% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to refined groundnut oil exports from Senegal stood at -13.8%. At the same time, Burkina Faso (+9.0%) and Ghana (+5.6%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +9.0% from 2012-2021. By contrast, Cote d'Ivoire (-7.4%), Mauritania (-10.4%), Togo (-19.4%) and Nigeria (-24.8%) illustrated a downward trend over the same period. Senegal (+41 p.p.), Mauritania (+14 p.p.), Cote d'Ivoire (+6.7 p.p.), Ghana (+5.8 p.p.), Togo (+4 p.p.) and Burkina Faso (+1.8 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) remains the largest refined groundnut oil supplier in Western Africa, comprising 75% of total exports. The second position in the ranking was taken by Mauritania ($X), with a 12% share of total exports. It was followed by Ghana, with a 3.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Senegal totaled -14.6%. The remaining exporting countries recorded the following average annual rates of exports growth: Mauritania (-5.6% per year) and Ghana (+9.2% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, dropping by -4.8% against the previous year. In general, the export price recorded a mild setback. The most prominent rate of growth was recorded in 2020 when the export price increased by 98%. Over the period under review, the export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Senegal ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+6.6%), while the other leaders experienced more modest paces of growth.

Refined Groundnut Oil Imports

Imports in Western Africa

In 2021, approx. X tons of refined groundnut oil were imported in Western Africa; surging by 6% on 2020. In general, imports recorded a noticeable increase. The most prominent rate of growth was recorded in 2017 when imports increased by 180% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2021, the growth of imports remained at a lower figure.

In value terms, refined groundnut oil imports dropped to $X in 2021. Overall, imports, however, continue to indicate a abrupt contraction. The pace of growth appeared the most rapid in 2017 when imports increased by 160% against the previous year. The level of import peaked at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

Benin was the major importing country with an import of around X tons, which recorded 86% of total imports. It was distantly followed by Mauritania (X tons), comprising a 13% share of total imports.

Imports into Benin increased at an average annual rate of +6.1% from 2012 to 2021. At the same time, Mauritania (+17.2%) displayed positive paces of growth. Moreover, Mauritania emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +17.2% from 2012-2021. From 2012 to 2021, the share of Benin and Mauritania increased by +20 and +8.7 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Benin ($X) constitutes the largest market for imported refined groundnut oil in Western Africa, comprising 65% of total imports. The second position in the ranking was taken by Mauritania ($X), with a 22% share of total imports.

From 2012 to 2021, the average annual growth rate of value in Benin amounted to -6.9%.

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, dropping by -13.1% against the previous year. Overall, the import price recorded a abrupt setback. The pace of growth was the most pronounced in 2013 an increase of 29%. As a result, import price attained the peak level of $X per ton. From 2014 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, the country with the highest price was Mauritania ($X per ton), while Benin stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mauritania (+4.1%).

Source: IndexBox Platform

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