ECOWAS: Refined Groundnut Oil Market 2024

Refined Groundnut Oil Market Size in ECOWAS

The ECOWAS refined groundnut oil market contracted modestly to $X in 2022, declining by X% against the previous year. In general, consumption, however, continues to indicate resilient growth. Over the period under review, the market reached the peak level at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Refined Groundnut Oil Production in ECOWAS

In value terms, refined groundnut oil production fell slightly to $X in 2022 estimated in export price. Over the period under review, production showed resilient growth. The growth pace was the most rapid in 2016 with an increase of X% against the previous year. The level of production peaked at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

Refined Groundnut Oil Exports

Exports in ECOWAS

In 2022, the amount of refined groundnut oil exported in ECOWAS soared to X tons, increasing by X% on the previous year. Overall, exports, however, faced a deep downturn. The pace of growth appeared the most rapid in 2020 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, refined groundnut oil exports soared to $X in 2022. Over the period under review, exports, however, showed a abrupt decline. The most prominent rate of growth was recorded in 2020 with an increase of X%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Senegal was the main exporting country with an export of about X tons, which recorded X% of total exports. It was distantly followed by Burkina Faso (X tons), committing a X% share of total exports. The following exporters - Togo (X tons), Ghana (X tons) and Nigeria (X tons) - together made up X% of total exports.

Exports from Senegal decreased at an average annual rate of X% from 2012 to 2022. At the same time, Burkina Faso (X%) and Ghana (X%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Togo (X%) and Nigeria (X%) illustrated a downward trend over the same period. Senegal (X p.p.), Burkina Faso (X p.p.) and Ghana (X p.p.) significantly strengthened its position in terms of the total exports, while Nigeria and Togo saw its share reduced by X% and X% from 2012 to 2022, respectively.

In value terms, Senegal ($X) remains the largest refined groundnut oil supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was taken by Burkina Faso ($X), with a X% share of total exports. It was followed by Togo, with a X% share.

In Senegal, refined groundnut oil exports contracted by 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: Burkina Faso (X% per year) and Togo (X% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, increasing by X% against the previous year. Export 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. The pace of growth was the most pronounced in 2019 when the export price increased by X% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2020 to 2022, the export prices remained at a lower figure.

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 Senegal ($X per ton), while Togo ($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 a decline in the export price figures.

Refined Groundnut Oil Imports

Imports in ECOWAS

After two years of growth, purchases abroad of refined groundnut oil decreased by X% to X tons in 2022. In general, imports saw a sharp shrinkage. The pace of growth was the most pronounced in 2017 when imports increased by X% against the previous year. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, refined groundnut oil imports declined dramatically to $X in 2022. Over the period under review, imports continue to indicate a sharp decrease. The pace of growth was the most pronounced in 2017 when imports increased by X%. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Togo (X tons) represented the main importer of refined groundnut oil, mixing up X% of total imports. Gambia (X tons) ranks second in terms of the total imports with a X% share, followed by Mali (X%) and Burkina Faso (X%). Ghana (X tons), Nigeria (X tons) and Benin (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to refined groundnut oil imports into Togo stood at X%. At the same time, Ghana (X%), Gambia (X%) and Mali (X%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Burkina Faso (X%), Nigeria (X%) and Benin (X%) illustrated a downward trend over the same period. While the share of Togo (X p.p.), Gambia (X p.p.), Mali (X p.p.), Ghana (X p.p.) and Burkina Faso (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Benin (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Gambia ($X), Mali ($X) and Togo ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined X% share of total imports.

In terms of the main importing countries, Gambia, with a CAGR of X%, recorded the highest growth rate of the value of imports, 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, jumping by X% against the previous year. Overall, the import price showed a buoyant increase. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

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

Source: IndexBox Platform

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