ECOWAS: Olive Oil Market 2024

Olive Oil Market Size in ECOWAS

In 2022, the ECOWAS olive oil market decreased by X% to $X, falling for the second consecutive year after two years of growth. Over the period under review, consumption recorded a perceptible contraction. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market remained at a lower figure.

Olive Oil Production in ECOWAS

In value terms, olive oil production expanded significantly to $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Olive Oil Exports

Exports in ECOWAS

In 2022, after two years of decline, there was significant growth in overseas shipments of olive oil and its fractions, when their volume increased by X% to X tons. Overall, exports, however, continue to indicate a deep slump. The pace of growth was the most pronounced in 2013 when exports increased by X% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, olive oil exports soared to $X in 2022. In general, exports, however, saw a deep slump. The pace of growth was the most pronounced in 2013 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

In 2022, Sierra Leone (X tons) was the major exporter of olive oil and its fractions, mixing up X% of total exports. Cote d'Ivoire (X kg) held a X% share (based on physical terms) of total exports, which put it in second place, followed by Ghana (X%).

Exports from Sierra Leone decreased at an average annual rate of X% from 2012 to 2022. At the same time, Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Ghana (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Cote d'Ivoire and Ghana increased by X and X percentage points, respectively.

In value terms, Sierra Leone ($X), Cote d'Ivoire ($X) and Ghana ($X) constituted the countries with the highest levels of exports in 2022, together accounting for X% of total exports.

In terms of the main exporting countries, Cote d'Ivoire, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, shrinking by X% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the export price increased by X% against the previous year. The level of export peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while Ghana ($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 a decline in the export price figures.

Olive Oil Imports

Imports in ECOWAS

In 2022, supplies from abroad of olive oil and its fractions decreased by X% to X tons, falling for the second year in a row after two years of growth. Overall, imports saw a deep downturn. The growth pace was the most rapid in 2016 when imports increased by X%. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports remained at a lower figure.

In value terms, olive oil imports dropped dramatically to $X in 2022. Over the period under review, imports saw a pronounced descent. The growth pace was the most rapid in 2016 with an increase of X% against the previous year. As a result, imports attained the peak of $X. From 2017 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Cote d'Ivoire (X tons), distantly followed by Ghana (X tons), Cabo Verde (X tons), Liberia (X tons) and Senegal (X tons) were the largest importers of olive oil and its fractions, together creating X% of total imports. The following importers - Mali (X tons), Benin (X tons), Guinea-Bissau (X tons), Guinea (X tons), Nigeria (X tons), Niger (X tons), Gambia (X tons) and Togo (X tons) - together made up X% of total imports.

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

In value terms, the largest olive oil importing markets in ECOWAS were Cote d'Ivoire ($X), Ghana ($X) and Cabo Verde ($X), with a combined X% share of total imports. Liberia, Senegal, Benin, Guinea-Bissau, Mali, Guinea, Gambia, Togo, Nigeria and Niger lagged somewhat behind, together comprising a further X%.

Gambia, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, among 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 ECOWAS stood at $X per ton in 2022, picking up by X% against the previous year. Import price indicated buoyant growth 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, olive oil import price increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2014 an increase of X%. Over the period under review, import prices attained the maximum 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 Benin ($X per ton), while Niger ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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