Africa: Crude Palm Oil Market 2024

Crude Palm Oil Market Size in Africa

In 2022, the African crude palm oil market increased by X% to $X, rising for the third year in a row after two years of decline. The total consumption indicated prominent growth 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, consumption increased by X% against 2019 indices. The level of consumption peaked in 2022 and is likely to see gradual growth in years to come.

Crude Palm Oil Production in Africa

In value terms, crude palm oil production expanded significantly to $X in 2022 estimated in export price. The total production indicated a temperate increase 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 decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2017 with an increase of X%. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Crude Palm Oil Exports

Exports in Africa

In 2022, approx. X tons of crude palm oil were exported in Africa; increasing by X% compared with 2021. Overall, exports showed a prominent increase. The most prominent rate of growth was recorded in 2014 with an increase of X%. Over the period under review, the exports attained the maximum in 2022 and are likely to see gradual growth in years to come.

In value terms, crude palm oil exports skyrocketed to $X in 2022. In general, exports posted prominent growth. The most prominent rate of growth was recorded in 2021 when exports increased by X%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Cote d'Ivoire was the main exporter of crude palm oil in Africa, with the volume of exports reaching X tons, which was near X% of total exports in 2022. Liberia (X tons) held a X% share (based on physical terms) of total exports, which put it in second place, followed by Gabon (X%). The following exporters - Ghana (X tons) and Sao Tome and Principe (X tons) - each accounted for a X% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to crude palm oil exports from Cote d'Ivoire stood at X%. At the same time, Sao Tome and Principe (X%), Liberia (X%) and Gabon (X%) displayed positive paces of growth. Moreover, Sao Tome and Principe emerged as the fastest-growing exporter exported in Africa, with a CAGR of X% from 2012-2022. By contrast, Ghana (X%) illustrated a downward trend over the same period. While the share of Cote d'Ivoire (X p.p.), Liberia (X p.p.), Gabon (X p.p.) and Sao Tome and Principe (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Ghana (X p.p.) displayed negative dynamics.

In value terms, Cote d'Ivoire ($X) remains the largest crude palm oil supplier in Africa, comprising X% of total exports. The second position in the ranking was held by Liberia ($X), with a X% share of total exports. It was followed by Gabon, with a X% share.

In Cote d'Ivoire, crude palm oil exports expanded at an average annual rate of X% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Liberia (X% per year) and Gabon (X% per year).

Export Prices by Country

The export price in Africa stood at $X per ton in 2022, shrinking by X% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per ton, and then fell modestly 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 Sao Tome and Principe ($X per ton), while Gabon ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sao Tome and Principe (X%), while the other leaders experienced mixed trends in the export price figures.

Crude Palm Oil Imports

Imports in Africa

In 2022, imports of crude palm oil in Africa stood at X tons, remaining constant against the previous year's figure. In general, imports saw strong growth. The pace of growth appeared the most rapid in 2013 when imports increased by X%. Over the period under review, imports attained the peak figure at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, crude palm oil imports rose sharply to $X in 2022. Overall, imports showed a buoyant increase. The pace of growth appeared the most rapid in 2013 when imports increased by X%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Kenya (X tons) was the key importer of crude palm oil, constituting X% of total imports. Uganda (X tons) took the second position in the ranking, followed by Mozambique (X tons), Nigeria (X tons) and Madagascar (X tons). All these countries together held approx. X% share of total imports. The following importers - Tanzania (X tons), Ethiopia (X tons), Cameroon (X tons), Algeria (X tons), Cote d'Ivoire (X tons), Morocco (X tons), Senegal (X tons) and Ghana (X tons) - together made up X% of total imports.

Imports into Kenya increased at an average annual rate of X% from 2012 to 2022. At the same time, Ethiopia (X%), Tanzania (X%), Madagascar (X%), Senegal (X%), Mozambique (X%), Nigeria (X%), Uganda (X%), Algeria (X%), Morocco (X%) and Cameroon (X%) displayed positive paces of growth. Moreover, Ethiopia emerged as the fastest-growing importer imported in Africa, with a CAGR of X% from 2012-2022. By contrast, Ghana (X%) and Cote d'Ivoire (X%) illustrated a downward trend over the same period. While the share of Kenya (X p.p.), Mozambique (X p.p.), Tanzania (X p.p.), Ethiopia (X p.p.), Madagascar (X p.p.) and Nigeria (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Algeria (X p.p.), Morocco (X p.p.), Uganda (X p.p.), Cameroon (X p.p.), Ghana (X p.p.) and Cote d'Ivoire (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Kenya ($X) constitutes the largest market for imported crude palm oil in Africa, comprising X% of total imports. The second position in the ranking was held by Mozambique ($X), with an X% share of total imports. It was followed by Uganda, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Kenya amounted to X%. In the other countries, the average annual rates were as follows: Mozambique (X% per year) and Uganda (X% per year).

Import Prices by Country

The import price in Africa stood at $X per ton in 2022, rising by X% against the previous year. Import price indicated a mild 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, crude palm oil import price increased by X% against 2019 indices. The pace of growth appeared the most rapid in 2021 an increase of X%. Over the period under review, import prices hit record highs in 2022 and is likely to see steady growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Ethiopia ($X per ton), while Tanzania ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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