ECOWAS: Refined Coconut Oil Market 2024

Refined Coconut Oil Market Size in ECOWAS

The ECOWAS refined coconut oil market reached $X in 2022, remaining relatively unchanged against the previous year. The total consumption indicated a buoyant 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, consumption decreased by X% against 2020 indices. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Refined Coconut Oil Production in ECOWAS

In value terms, refined coconut oil production amounted to $X in 2022 estimated in export price. The total production indicated a tangible 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 decreased by X% against 2020 indices. The growth pace was the most rapid in 2016 with an increase of X%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Refined Coconut Oil Exports

Exports in ECOWAS

Refined coconut oil exports skyrocketed to X tons in 2022, growing by X% on 2021 figures. Overall, exports saw a relatively flat trend pattern. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, refined coconut oil exports skyrocketed to $X in 2022. Over the period under review, exports continue to indicate a strong increase. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. The level of export peaked at $X in 2017; afterwards, it flattened through to 2022.

Exports by Country

Cote d'Ivoire (X tons) and Benin (X tons) dominates exports structure, together generating X% of total exports. It was distantly followed by Nigeria (X tons), achieving a X% share of total exports. Ghana (X tons) held a relatively small share of total exports.

From 2012 to 2022, the biggest increases were recorded for Benin (with a CAGR of X%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Cote d'Ivoire ($X), Ghana ($X) and Benin ($X) were the countries with the highest levels of exports in 2022, with a combined X% share of total exports.

Benin, with a CAGR of X%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, waning by X% against the previous year. Overall, the export price, however, showed a remarkable increase. The pace of growth was the most pronounced in 2021 an increase of X%. As a result, the export price reached the peak level of $X per ton, and then fell remarkably in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Nigeria ($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 mixed trends in the export price figures.

Refined Coconut Oil Imports

Imports in ECOWAS

In 2022, purchases abroad of refined coconut (copra) oil was finally on the rise to reach X tons for the first time since 2016, thus ending a five-year declining trend. Over the period under review, imports, however, recorded a abrupt contraction. The pace of growth was the most pronounced in 2014 with an increase of X%. The volume of import peaked at X tons in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, refined coconut oil imports fell dramatically to $X in 2022. Overall, imports, however, faced a drastic downturn. The growth pace was the most rapid in 2014 when imports increased by X% against the previous year. The level of import peaked at $X in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Burkina Faso (X tons) was the key importer of refined coconut (copra) oil, committing X% of total imports. It was distantly followed by Senegal (X tons), comprising a X% share of total imports. Gambia (X tons) and Cabo Verde (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Cabo Verde (with a CAGR of X%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, the largest refined coconut oil importing markets in ECOWAS were Senegal ($X), Cabo Verde ($X) and Burkina Faso ($X), with a combined X% share of total imports.

Among the main importing countries, Cabo Verde, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, with a decrease of X% against the previous year. In general, the import price, however, enjoyed a measured increase. The growth pace was the most rapid in 2020 when the import price increased by X% against the previous year. The level of import peaked at $X per ton in 2021, and then reduced sharply in the following year.

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 Cabo Verde ($X per ton), while Burkina Faso ($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 (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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