Western Africa: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in Western Africa

The West African refined olive oil market fell to $X in 2022, which is down by -2.9% against the previous year. In general, consumption continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when the market value increased by 9%. The level of consumption peaked at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Refined Olive Oil Production in Western Africa

In value terms, refined olive oil production fell modestly to $X in 2022 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 with an increase of 13% against the previous year. The level of production peaked at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

Refined Olive Oil Exports

Exports in Western Africa

In 2022, approx. X tons of refined olive oil were exported in Western Africa; falling by -42.2% against 2021. In general, exports, however, enjoyed a prominent increase. The most prominent rate of growth was recorded in 2014 with an increase of 1,845%. As a result, the exports attained the peak of X tons. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, refined olive oil exports fell dramatically to $X in 2022. Overall, exports, however, saw a remarkable increase. The pace of growth was the most pronounced in 2014 with an increase of 362%. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Senegal dominates exports structure, reaching X tons, which was near 72% of total exports in 2022. Sierra Leone (X tons) held the second position in the ranking, followed by Nigeria (X tons) and Cote d'Ivoire (X tons). All these countries together took approx. 19% share of total exports. The following exporters - Cabo Verde (X tons) and Ghana (X tons) - each accounted for an 8.3% share of total exports.

Senegal was also the fastest-growing in terms of the refined olive oil exports, with a CAGR of +38.9% from 2012 to 2022. At the same time, Nigeria (+5.6%), Sierra Leone (+2.5%) and Cote d'Ivoire (+1.7%) displayed positive paces of growth. By contrast, Cabo Verde (-7.2%) and Ghana (-19.1%) illustrated a downward trend over the same period. While the share of Senegal (+68 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Cote d'Ivoire (-1.8 p.p.), Sierra Leone (-2.2 p.p.), Cabo Verde (-10.4 p.p.) and Ghana (-49.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) remains the largest refined olive oil supplier in Western Africa, comprising 73% of total exports. The second position in the ranking was held by Cabo Verde ($X), with a 5.9% share of total exports. It was followed by Nigeria, with a 5.8% share.

In Senegal, refined olive oil exports expanded at an average annual rate of +32.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Cabo Verde (-2.9% per year) and Nigeria (+20.2% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, rising by 2.4% against the previous year. In general, the export price recorded a buoyant expansion. The growth pace was the most rapid in 2013 when the export price increased by 189%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, 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 Cabo Verde ($X per ton), while Sierra Leone ($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 (+13.9%), while the other leaders experienced more modest paces of growth.

Refined Olive Oil Imports

Imports in Western Africa

In 2022, after four years of growth, there was significant decline in overseas purchases of refined olive oil, when their volume decreased by -19.7% to X tons. Total imports indicated tangible growth from 2012 to 2022: its volume increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +5.0% against 2016 indices. The pace of growth appeared the most rapid in 2016 with an increase of 63%. The volume of import peaked at X tons in 2021, and then reduced dramatically in the following year.

In value terms, refined olive oil imports declined rapidly to $X in 2022. Over the period under review, imports, however, showed a notable increase. The growth pace was the most rapid in 2021 with an increase of 104% against the previous year. As a result, imports attained the peak of $X, and then dropped notably in the following year.

Imports by Country

Cote d'Ivoire (X tons) and Cabo Verde (X tons) were the largest importers of refined olive oil in 2022, amounting to near 41% and 33% of total imports, respectively. It was distantly followed by Ghana (X tons), committing a 14% share of total imports. Nigeria (X tons), Niger (X tons) and Senegal (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Niger (with a CAGR of +27.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest refined olive oil importing markets in Western Africa were Cote d'Ivoire ($X), Cabo Verde ($X) and Ghana ($X), together comprising 91% of total imports. Niger, Senegal and Nigeria lagged somewhat behind, together accounting for a further 4.5%.

Among the main importing countries, Niger, with a CAGR of +23.2%, 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

In 2022, the import price in Western Africa amounted to $X per ton, shrinking by -6.7% against the previous year. Import price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined olive oil import price increased by +34.5% against 2020 indices. The pace of growth was the most pronounced in 2021 when the import price increased by 44%. The level of import peaked at $X per ton in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Ghana ($X per ton), while Nigeria ($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 (+3.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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