Western Africa: Refined Maize Oil Market 2024

Refined Maize Oil Market Size in Western Africa

In 2021, the West African refined maize oil market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. The total consumption indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +6.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -24.6% against 2018 indices. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Refined Maize Oil Production in Western Africa

In value terms, refined maize oil production soared to $X in 2021 estimated in export price. Over the period under review, production saw a buoyant expansion. The pace of growth appeared the most rapid in 2015 when the production volume increased by 44%. The level of production peaked at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Refined Maize Oil Exports

Exports in Western Africa

In 2021, overseas shipments of refined maize (corn) oil increased by 33% to X tons, rising for the second year in a row after four years of decline. Overall, exports, however, faced a precipitous contraction. The most prominent rate of growth was recorded in 2015 with an increase of 394% against the previous year. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, refined maize oil exports skyrocketed to $X in 2021. In general, exports, however, saw a abrupt slump. The pace of growth was the most pronounced in 2015 with an increase of 161% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

Ghana was the major exporting country with an export of around X tons, which recorded 65% of total exports. It was distantly followed by Senegal (X tons), achieving a 35% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Senegal (with a CAGR of +10.1%).

In value terms, Senegal ($X) emerged as the largest refined maize oil supplier in Western Africa, comprising 78% of total exports. The second position in the ranking was held by Ghana ($X), with a 21% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Senegal amounted to +15.5%.

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, with an increase of 24% against the previous year. Over the period under review, the export price showed a prominent increase. The pace of growth appeared the most rapid in 2020 when the export price increased by 108% against the previous year. Over the period under review, the export prices reached the peak figure in 2021 and is likely to see gradual growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+4.9%).

Refined Maize Oil Imports

Imports in Western Africa

In 2021, supplies from abroad of refined maize (corn) oil decreased by -30.9% to X tons for the first time since 2018, thus ending a two-year rising trend. Over the period under review, imports recorded a dramatic decline. The pace of growth was the most pronounced in 2020 with an increase of 26% against the previous year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, refined maize oil imports shrank markedly to $X in 2021. Overall, imports faced a abrupt contraction. The growth pace was the most rapid in 2020 when imports increased by 29%. The level of import peaked at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

Mauritania was the major importer of refined maize (corn) oil in Western Africa, with the volume of imports reaching X tons, which was near 42% of total imports in 2021. Burkina Faso (X tons) ranks second in terms of the total imports with a 16% share, followed by Guinea (12%), Nigeria (10%), Liberia (5.4%) and Ghana (5.1%). Togo (X tons) held a little share of total imports.

Imports into Mauritania increased at an average annual rate of +6.2% from 2012 to 2021. At the same time, Burkina Faso (+11.0%), Liberia (+4.8%) and Guinea (+1.2%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +11.0% from 2012-2021. By contrast, Nigeria (-6.4%), Ghana (-9.8%) and Togo (-45.8%) illustrated a downward trend over the same period. While the share of Mauritania (+39 p.p.), Burkina Faso (+16 p.p.), Guinea (+11 p.p.), Nigeria (+7.9 p.p.), Liberia (+5 p.p.) and Ghana (+3.5 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Togo (-82.4 p.p.) displayed negative dynamics.

In value terms, Mauritania ($X) constitutes the largest market for imported refined maize (corn) oil in Western Africa, comprising 39% of total imports. The second position in the ranking was taken by Guinea ($X), with a 15% share of total imports. It was followed by Burkina Faso, with a 15% share.

In Mauritania, refined maize oil imports expanded at an average annual rate of +10.6% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Guinea (+4.8% per year) and Burkina Faso (+9.9% per year).

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, growing by 14% against the previous year. Import price indicated strong growth from 2012 to 2021: its price increased at an average annual rate of +11.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, refined maize oil import price increased by +164.6% against 2012 indices. The most prominent rate of growth was recorded in 2014 when the import price increased by 49%. Over the period under review, import prices attained the maximum in 2021 and is likely to see steady growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Togo (+11.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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