ECOWAS: Refined Maize Oil Market 2024

Refined Maize Oil Market Size in ECOWAS

The ECOWAS refined maize oil market fell to $X in 2022, with a decrease of X% against the previous year. The total consumption indicated a noticeable 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, consumption increased by X% against 2020 indices. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Refined Maize Oil Production in ECOWAS

In value terms, refined maize oil production contracted to $X in 2022 estimated in export price. The total production indicated a slight 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 increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Refined Maize Oil Exports

Exports in ECOWAS

In 2022, refined maize oil exports in ECOWAS shrank modestly to X tons, waning by X% compared with 2021 figures. In general, exports showed a significant decline. 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 failed to regain momentum.

In value terms, refined maize oil exports shrank sharply to $X in 2022. Overall, exports saw a deep contraction. The most prominent rate of growth was recorded in 2016 when exports increased by X% against the previous year. Over the period under review, the exports attained the maximum at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Ghana was the key exporter of refined maize (corn) oil in ECOWAS, with the volume of exports recording X tons, which was approx. X% of total exports in 2022. It was distantly followed by Guinea (X tons), comprising a X% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to refined maize oil exports from Ghana stood at X%. At the same time, Guinea (X%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. While the share of Ghana (X p.p.) and Guinea (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Guinea ($X) and Ghana ($X) were the countries with the highest levels of exports in 2022.

Guinea, with a CAGR of X%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, declining by X% against the previous year. Over the period under review, the export price, however, saw a prominent expansion. The most prominent rate of growth was recorded in 2020 an increase of X%. Over the period under review, the export prices reached the peak figure at $X per ton in 2021, and then dropped markedly 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 Guinea ($X per ton), while Ghana stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guinea (X%).

Refined Maize Oil Imports

Imports in ECOWAS

In 2022, approx. X tons of refined maize (corn) oil were imported in ECOWAS; leveling off at the year before. In general, imports saw a deep downturn. The most prominent rate of growth was recorded in 2013 when imports increased by X%. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports failed to regain momentum.

In value terms, refined maize oil imports soared to $X in 2022. Over the period under review, imports recorded a abrupt setback. The pace of growth was the most pronounced in 2013 with an increase of X%. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Nigeria (X tons) and Ghana (X tons) were the main importers of refined maize (corn) oil in 2022, amounting to near X% and X% of total imports, respectively. Guinea (X tons) took the next position in the ranking, followed by Liberia (X tons). All these countries together took near X% share of total imports. Mali (X tons) and Benin (X tons) held a relatively small share of total imports.

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

In value terms, Nigeria ($X) constitutes the largest market for imported refined maize (corn) oil in ECOWAS, comprising X% of total imports. The second position in the ranking was taken by Ghana ($X), with an X% share of total imports. It was followed by Guinea, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria totaled X%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (X% per year) and Guinea (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. Import price indicated a perceptible expansion 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, refined maize oil import price increased by X% against 2016 indices. As a result, import price attained 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 Nigeria ($X per ton), while Benin ($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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