Western Africa: Market for Sunflower-Seed And Safflower Oil 2024

Market Size for Sunflower-Seed And Safflower Oil in Western Africa

The West African sunflower-seed and safflower oil market expanded rapidly to $X in 2022, picking up by 6.3% against the previous year. Over the period under review, consumption showed a significant increase. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Production of Sunflower-Seed And Safflower Oil in Western Africa

In value terms, sunflower-seed and safflower oil production declined to $X in 2022 estimated in export price. Over the period under review, production posted a resilient expansion. The most prominent rate of growth was recorded in 2018 with an increase of 328% against the previous year. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Exports of Sunflower-Seed And Safflower Oil

Exports in Western Africa

In 2022, the amount of sunflower-seed and safflower oil exported in Western Africa surged to X tons, rising by 25% compared with 2021. Over the period under review, exports enjoyed prominent growth. The most prominent rate of growth was recorded in 2018 with an increase of 80%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, sunflower-seed and safflower oil exports soared to $X in 2022. Overall, exports continue to indicate strong growth. The most prominent rate of growth was recorded in 2018 when exports increased by 70% against the previous year. The level of export peaked in 2022 and is likely to continue growth in the immediate term.

Exports by Country

Benin was the key exporting country with an export of around X tons, which amounted to 84% of total exports. It was distantly followed by Senegal (X tons), generating a 13% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to sunflower-seed and safflower oil exports from Benin stood at +24.4%. At the same time, Senegal (+64.9%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +64.9% from 2012-2022. Benin (+52 p.p.) and Senegal (+13 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, Benin ($X) remains the largest sunflower-seed and safflower oil supplier in Western Africa, comprising 80% of total exports. The second position in the ranking was held by Senegal ($X), with a 17% share of total exports.

In Benin, sunflower-seed and safflower oil exports expanded at an average annual rate of +22.7% over the period from 2012-2022.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, increasing by 3.1% against the previous year. In general, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when the export price increased by 20%. The level of export peaked in 2022 and is likely to see steady growth in the near future.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Senegal ($X per ton), while Benin amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+3.8%).

Imports of Sunflower-Seed And Safflower Oil

Imports in Western Africa

Sunflower-seed and safflower oil imports soared to X tons in 2022, rising by 17% against 2021. In general, imports saw a significant expansion. The growth pace was the most rapid in 2017 when imports increased by 147% against the previous year. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, sunflower-seed and safflower oil imports shrank slightly to $X in 2022. Over the period under review, imports recorded resilient growth. The pace of growth was the most pronounced in 2017 when imports increased by 136%. Over the period under review, imports attained the maximum at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

Ghana was the key importing country with an import of about X tons, which accounted for 43% of total imports. Senegal (X tons) held the second position in the ranking, followed by Cote d'Ivoire (X tons) and Togo (X tons). All these countries together held near 45% share of total imports. Guinea (X tons), Cabo Verde (X tons) and Nigeria (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Togo (with a CAGR of +48.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X) constitutes the largest market for imported sunflower-seed and safflower oil in Western Africa, comprising 44% of total imports. The second position in the ranking was held by Senegal ($X), with a 22% share of total imports. It was followed by Cote d'Ivoire, with a 17% share.

In Ghana, sunflower-seed and safflower oil imports increased at an average annual rate of +35.7% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Senegal (+31.8% per year) and Cote d'Ivoire (+7.0% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2022, reducing by -15.6% against the previous year. Over the period under review, the import price recorded a pronounced shrinkage. The growth pace was the most rapid in 2021 when the import price increased by 41%. Over the period under review, import prices hit record highs at $X per ton in 2013; however, from 2014 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 Guinea ($X per ton), while Togo ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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