ECOWAS: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in ECOWAS

In 2022, the ECOWAS refined palm oil market decreased by X% to $X, falling for the third consecutive year after six years of growth. The total consumption indicated noticeable growth 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 2019 indices. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Refined Palm Oil Production in ECOWAS

In value terms, refined palm oil production expanded modestly to $X in 2022 estimated in export price. The total production indicated a noticeable 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 pace of growth was the most pronounced in 2017 when the production volume increased by X% against the previous year. Over the period under review, production hit record highs at $X in 2020; afterwards, it flattened through to 2022.

Refined Palm Oil Exports

Exports in ECOWAS

In 2022, shipments abroad of refined palm oil was finally on the rise to reach X tons after two years of decline. The total export volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when exports increased by X%. The volume of export peaked in 2022 and is likely to continue growth in years to come.

In value terms, refined palm oil exports skyrocketed to $X in 2022. Total exports indicated a notable 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, exports increased by X% against 2019 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Cote d'Ivoire was the key exporting country with an export of around X tons, which accounted for X% of total exports. Ghana (X tons) held the second position in the ranking, followed by Togo (X tons). All these countries together held near X% share of total exports. Niger (X tons) took a relatively small share of total exports.

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

In value terms, Cote d'Ivoire ($X) emerged as the largest refined palm oil supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was held by Ghana ($X), with a X% share of total exports. It was followed by Togo, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Cote d'Ivoire was relatively modest. In the other countries, the average annual rates were as follows: Ghana (X% per year) and Togo (X% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, increasing by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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 Cote d'Ivoire ($X per ton), while Togo ($X per ton) was amongst the lowest.

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

Refined Palm Oil Imports

Imports in ECOWAS

For the third year in a row, ECOWAS recorded decline in purchases abroad of refined palm oil, which decreased by X% to X tons in 2022. Overall, imports, however, showed buoyant growth. The pace of growth was the most pronounced in 2015 when imports increased by X%. The volume of import peaked at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, refined palm oil imports declined markedly to $X in 2022. In general, imports, however, posted a moderate increase. The pace of growth was the most pronounced in 2015 with an increase of X%. Over the period under review, imports attained the maximum at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

The purchases of the eight major importers of refined palm oil, namely Ghana, Togo, Niger, Nigeria, Senegal, Benin, Mali and Guinea, represented more than two-thirds of total import.

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

In value terms, the largest refined palm oil importing markets in ECOWAS were Ghana ($X), Nigeria ($X) and Senegal ($X), with a combined X% share of total imports. Mali, Niger, Guinea, Togo and Benin lagged somewhat behind, together comprising a further X%.

Togo, with a CAGR of X%, saw the highest growth rate of the value of imports, in terms of 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, reducing by X% against the previous year. Over the period under review, the import price continues to indicate a noticeable descent. The growth pace was the most rapid in 2021 when the import price increased by X% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 Mali ($X per ton), while Togo ($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 mixed trends in the import price figures.

Source: IndexBox Platform

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