Western Africa: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in Western Africa

After three years of growth, the West African refined palm oil market decreased by -1.5% to $X in 2022. The total consumption indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +82.2% against 2013 indices. The level of consumption peaked at $X in 2021, and then shrank slightly in the following year.

Refined Palm Oil Production in Western Africa

In value terms, refined palm oil production stood at $X in 2022 estimated in export price. The total production indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.4% against 2020 indices. The pace of growth was the most pronounced in 2015 with an increase of 33%. The level of production peaked at $X in 2020; afterwards, it flattened through to 2022.

Refined Palm Oil Exports

Exports in Western Africa

In 2022, overseas shipments of refined palm oil were finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 58%. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, refined palm oil exports expanded modestly to $X in 2022. In general, exports, however, saw a perceptible decrease. The most prominent rate of growth was recorded in 2015 with an increase of 52%. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The shipments of the three major exporters of refined palm oil, namely Ghana, Togo and Cote d'Ivoire, represented more than two-thirds of total export. Niger (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Ghana (with a CAGR of +25.4%), while the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X), Cote d'Ivoire ($X) and Togo ($X) were the countries with the highest levels of exports in 2022, with a combined 93% share of total exports.

Ghana, with a CAGR of +27.1%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, falling by -4.2% against the previous year. Overall, the export price recorded a slight decrease. The pace of growth was the most pronounced in 2021 when the export price increased by 15%. Over the period under review, the export prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Niger ($X per ton), while Togo ($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 (+1.4%), while the other leaders experienced mixed trends in the export price figures.

Refined Palm Oil Imports

Imports in Western Africa

In 2022, refined palm oil imports in Western Africa dropped slightly to X tons, which is down by -1.6% on 2021 figures. Total imports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +8.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -10.9% against 2019 indices. The most prominent rate of growth was recorded in 2014 with an increase of 45% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, refined palm oil imports reduced rapidly to $X in 2022. Total imports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.8% 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 +18.3% against 2018 indices. The most prominent rate of growth was recorded in 2014 with an increase of 48%. The level of import peaked at $X in 2021, and then declined notably in the following year.

Imports by Country

Nigeria was the largest importing country with an import of about X tons, which resulted at 32% of total imports. Ghana (X tons) held the second position in the ranking, followed by Togo (X tons), Niger (X tons), Senegal (X tons), Guinea (X tons), Mali (X tons) and Benin (X tons). All these countries together held near 60% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to refined palm oil imports into Nigeria stood at +11.1%. At the same time, Togo (+42.0%), Ghana (+16.4%), Niger (+13.2%), Mali (+9.2%), Guinea (+8.0%) and Senegal (+2.1%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +42.0% from 2012-2022. Benin experienced a relatively flat trend pattern. From 2012 to 2022, the share of Togo, Ghana, Nigeria and Niger increased by +11, +7.8, +7.3 and +3.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported refined palm oil in Western Africa, comprising 39% of total imports. The second position in the ranking was held by Ghana ($X), with a 16% share of total imports. It was followed by Senegal, with an 8% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria stood at +11.0%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+12.5% per year) and Senegal (-1.3% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, reducing by -16.4% against the previous year. Overall, the import price showed a noticeable reduction. The pace of growth was the most pronounced in 2021 when the import price increased by 35% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Mali ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mali (+3.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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