ECOWAS: Industrial Oleic Acid Market 2024

Industrial Oleic Acid Market Size in ECOWAS

The ECOWAS industrial oleic acid market rose slightly to $X in 2022, growing by X% against the previous year. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Industrial Oleic Acid Production in ECOWAS

In value terms, industrial oleic acid production rose significantly to $X in 2022 estimated in export price. The total production indicated a modest 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 pace of growth was the most pronounced in 2015 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2016 to 2022, production growth remained at a somewhat lower figure.

Industrial Oleic Acid Exports

Exports in ECOWAS

In 2020, overseas shipments of industrial oleic acid increased by X% to X tons, rising for the second consecutive year after four years of decline. Over the period under review, exports saw prominent growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, industrial oleic acid exports soared to $X in 2020. Overall, exports, however, continue to indicate a deep slump. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2020, the exports remained at a lower figure.

Exports by Country

Nigeria was the main exporter of industrial oleic acid in ECOWAS, with the volume of exports amounting to X tons, which was approx. X% of total exports in 2020. It was distantly followed by Ghana (X tons), constituting a X% share of total exports.

Nigeria experienced a relatively flat trend pattern with regard to volume of exports of industrial oleic acid. At the same time, Ghana (X%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2014-2020. While the share of Nigeria (X p.p.) and Ghana (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In Nigeria, industrial oleic acid exports remained relatively stable over the period from 2014-2020.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2020, declining by X% against the previous year. Over the period under review, the export price showed a abrupt curtailment. The growth pace was the most rapid in 2017 an increase of X%. Over the period under review, the export prices hit record highs at $X per ton in 2019, and then declined rapidly in the following year.

Average prices varied noticeably amongst the major exporting countries. In 2020, amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Nigeria totaled $X per ton.

From 2014 to 2020, the most notable rate of growth in terms of prices was attained by Ghana (X%).

Industrial Oleic Acid Imports

Imports in ECOWAS

In 2022, overseas purchases of industrial oleic acid decreased by X% to X tons, falling for the second consecutive year after two years of growth. In general, imports showed a deep setback. The most prominent rate of growth was recorded in 2013 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, industrial oleic acid imports declined significantly to $X in 2022. Over the period under review, imports, however, recorded a perceptible expansion. The growth pace was the most rapid in 2013 with an increase of X% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Nigeria (X tons) and Senegal (X tons) dominates imports structure, together achieving X% of total imports. Cote d'Ivoire (X tons) took a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for Nigeria (with a CAGR of X%), while purchases for the other leaders experienced a decline in the imports figures.

In value terms, Nigeria ($X) constitutes the largest market for imported industrial oleic acid in ECOWAS, comprising X% of total imports. The second position in the ranking was taken by Senegal ($X), with a X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria stood at X%. The remaining importing countries recorded the following average annual rates of imports growth: Senegal (X% per year) and Cote d'Ivoire (X% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, jumping by X% against the previous year. In general, the import price showed a resilient expansion. The pace of growth appeared the most rapid in 2021 when the import price increased by X% against the previous year. Over the period under review, import prices hit record highs in 2022 and is likely to continue 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 Nigeria ($X per ton), while Senegal ($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 (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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