Western Africa: Soybean Oil Market 2024

Soybean Oil Market Size in Western Africa

In 2022, after three years of growth, there was significant decline in the West African soybean oil market, when its value decreased by -10.4% to $X. The total consumption indicated mild growth from 2012 to 2022: its value increased at an average annual rate of +1.8% 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 +62.8% against 2018 indices. As a result, consumption reached the peak level of $X, and then declined in the following year.

Soybean Oil Production in Western Africa

In value terms, soybean oil production declined to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +5.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 when the production volume increased by 45% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Soybean Oil Exports

Exports in Western Africa

In 2022, shipments abroad of soybean oil increased by 85% to X tons for the first time since 2019, thus ending a two-year declining trend. In general, exports, however, recorded a noticeable downturn. The growth pace was the most rapid in 2018 with an increase of 93%. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, soybean oil exports skyrocketed to $X in 2022. Over the period under review, exports, however, recorded a relatively flat trend pattern. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Togo represented the key exporting country with an export of around X tons, which accounted for 72% of total exports. Mali (X tons) took a 19% share (based on physical terms) of total exports, which put it in second place, followed by Nigeria (4.6%). Mauritania (X tons) followed a long way behind the leaders.

Togo was also the fastest-growing in terms of the soybean oil exports, with a CAGR of +118.3% from 2012 to 2022. At the same time, Mali (+13.9%) displayed positive paces of growth. By contrast, Mauritania (-9.3%) and Nigeria (-13.3%) illustrated a downward trend over the same period. Togo (+72 p.p.) and Mali (+15 p.p.) significantly strengthened its position in terms of the total exports, while Mauritania and Nigeria saw its share reduced by -2.3% and -10.9% from 2012 to 2022, respectively.

In value terms, Togo ($X) emerged as the largest soybean oil supplier in Western Africa, comprising 89% of total exports. The second position in the ranking was taken by Mali ($X), with a 5.4% share of total exports. It was followed by Nigeria, with a 2% share.

In Togo, soybean oil exports expanded at an average annual rate of +107.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Mali (+8.2% per year) and Nigeria (-13.8% per year).

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, growing by 143% against the previous year. Export price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, soybean oil export price decreased by -4.0% against 2020 indices. The level of export peaked at $X per ton in 2020; afterwards, it flattened through to 2022.

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 Togo ($X per ton), while Mali ($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 (-0.5%), while the other leaders experienced a decline in the export price figures.

Soybean Oil Imports

Imports in Western Africa

In 2022, supplies from abroad of soybean oil decreased by -8.1% to X tons for the first time since 2018, thus ending a three-year rising trend. Overall, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when imports increased by 87% against the previous year. The volume of import peaked at X tons in 2021, and then contracted in the following year.

In value terms, soybean oil imports shrank sharply to $X in 2022. Over the period under review, imports saw a mild descent. The most prominent rate of growth was recorded in 2020 when imports increased by 123% against the previous year. Over the period under review, imports reached the maximum at $X in 2021, and then shrank notably in the following year.

Imports by Country

In 2022, Senegal (X tons) was the key importer of soybean oil, comprising 51% of total imports. Mauritania (X tons) took the second position in the ranking, followed by Ghana (X tons) and Cabo Verde (X tons). All these countries together held near 39% share of total imports. Guinea-Bissau (X tons) followed a long way behind the leaders.

Imports into Senegal decreased at an average annual rate of -3.8% from 2012 to 2022. At the same time, Guinea-Bissau (+19.4%), Ghana (+14.3%), Mauritania (+8.5%) and Cabo Verde (+3.4%) displayed positive paces of growth. Moreover, Guinea-Bissau emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +19.4% from 2012-2022. Ghana (+9.5 p.p.), Mauritania (+8.5 p.p.), Guinea-Bissau (+3.5 p.p.) and Cabo Verde (+3.1 p.p.) significantly strengthened its position in terms of the total imports, while Senegal saw its share reduced by -24.9% from 2012 to 2022, respectively.

In value terms, Senegal ($X) constitutes the largest market for imported soybean oil in Western Africa, comprising 42% of total imports. The second position in the ranking was taken by Mauritania ($X), with a 15% share of total imports. It was followed by Ghana, with a 14% share.

In Senegal, soybean oil imports declined by an average annual rate of -6.6% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Mauritania (+5.6% per year) and Ghana (+14.4% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, dropping by -20.5% against the previous year. In general, the import price continues to indicate a slight setback. The pace of growth appeared the most rapid in 2021 when the import price increased by 36%. As a result, import price attained the peak level of $X per ton, and then reduced dramatically in the following year.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Cabo Verde ($X per ton) and Guinea-Bissau ($X per ton), while Senegal ($X per ton) and Mauritania ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+0.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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