Africa: Coconut Oil Market 2024

Coconut Oil Market Size in Africa

The African coconut oil market dropped to $X in 2022, with a decrease of X% against the previous year. Overall, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Coconut Oil Production in Africa

In value terms, coconut oil production totaled $X in 2022 estimated in export price. The total production indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by X% against 2019 indices. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Coconut Oil Exports

Exports in Africa

In 2022, the amount of coconut (copra) oil exported in Africa soared to X tons, jumping by X% on 2021 figures. Total exports indicated a perceptible expansion from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2016 with an increase of X% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in the immediate term.

In value terms, coconut oil exports expanded sharply to $X in 2022. In general, exports showed buoyant growth. The growth pace was the most rapid in 2016 with an increase of X%. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the near future.

Exports by Country

Nigeria was the major exporter of coconut (copra) oil in Africa, with the volume of exports resulting at X tons, which was approx. X% of total exports in 2022. Cote d'Ivoire (X tons) ranks second in terms of the total exports with a X% share, followed by Mozambique (X%). The following exporters - Ghana (X tons) and Benin (X tons) - each accounted for an X% share of total exports.

Nigeria was also the fastest-growing in terms of the coconut (copra) oil exports, with a CAGR of X% from 2012 to 2022. At the same time, Benin (X%), Ghana (X%) and Mozambique (X%) displayed positive paces of growth. By contrast, Cote d'Ivoire (X%) illustrated a downward trend over the same period. Nigeria (X p.p.), Benin (X p.p.) and Ghana (X p.p.) significantly strengthened its position in terms of the total exports, while Cote d'Ivoire saw its share reduced by X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest coconut oil supplying countries in Africa were Nigeria ($X), Cote d'Ivoire ($X) and Mozambique ($X), with a combined X% share of total exports.

Among the main exporting countries, Nigeria, with a CAGR of X%, recorded the highest growth rate of the value of exports, 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 Africa stood at $X per ton in 2022, falling by X% against the previous year. Export price indicated a prominent increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, coconut oil export price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the export price increased by X%. As a result, the export price reached the peak level of $X per ton, and then reduced dramatically in the following year.

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 Ghana ($X per ton), while Benin ($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 (X%), while the other leaders experienced more modest paces of growth.

Coconut Oil Imports

Imports in Africa

In 2022, overseas purchases of coconut (copra) oil increased by X% to X tons, rising for the second year in a row after two years of decline. Total imports indicated slight growth from 2012 to 2022: its volume increased at an average annual rate of X% 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 X% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of X%. The volume of import peaked at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, coconut oil imports surged to $X in 2022. Overall, imports enjoyed a strong expansion. The growth pace was the most rapid in 2021 with an increase of X%. Over the period under review, imports reached the peak figure at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Tunisia (X tons), distantly followed by South Africa (X tons), Somalia (X tons), Egypt (X tons), Algeria (X tons), Madagascar (X tons) and Mali (X tons) represented the major importers of coconut (copra) oil, together mixing up X% of total imports.

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

In value terms, the largest coconut oil importing markets in Africa were Tunisia ($X), South Africa ($X) and Egypt ($X), with a combined X% share of total imports. Somalia, Algeria, Madagascar and Mali lagged somewhat behind, together accounting for a further X%.

Mali, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Africa stood at $X per ton in 2022, with an increase of X% against the previous year. Import price indicated a temperate expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, coconut oil import price increased by X% against 2019 indices. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. Over the period under review, import prices reached the peak figure in 2022 and is expected to retain growth in the immediate term.

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 Egypt ($X per ton), while Madagascar ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Africa (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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