ECOWAS: Refined Rapeseed Oil Market 2024

Refined Rapeseed Oil Market Size in ECOWAS

The ECOWAS refined rapeseed oil market expanded slightly to $X in 2022, increasing by X% against the previous year. In general, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Refined Rapeseed Oil Production in ECOWAS

In value terms, refined rapeseed oil production expanded to $X in 2022 estimated in export price. Over the period under review, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 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 Rapeseed Oil Exports

Exports in ECOWAS

In 2022, shipments abroad of refined rape, colza or mustard oil increased by X% to X tons, rising for the sixth year in a row after three years of decline. Overall, exports recorded a temperate increase. The most prominent rate of growth was recorded in 2013 with an increase of X%. 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, refined rapeseed oil exports soared to $X in 2022. Over the period under review, exports saw a pronounced expansion. The most prominent rate of growth was recorded 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 somewhat lower figure.

Exports by Country

In 2022, Benin (X tons) was the main exporter of refined rape, colza or mustard oil, making up X% of total exports. It was distantly followed by Ghana (X tons) and Togo (X tons), together making up a X% share of total exports.

Benin was also the fastest-growing in terms of the refined rape, colza or mustard oil exports, with a CAGR of X% from 2012 to 2022. At the same time, Togo (X%) displayed positive paces of growth. By contrast, Ghana (X%) illustrated a downward trend over the same period. Benin (X p.p.) and Togo (X p.p.) significantly strengthened its position in terms of the total exports, while Ghana saw its share reduced by X% from 2012 to 2022, respectively.

In value terms, Benin ($X) emerged as the largest refined rapeseed oil supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was taken by Ghana ($X), with an X% share of total exports.

In Benin, refined rapeseed oil exports expanded at an average annual rate of X% over the period from 2012-2022. 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, jumping by X% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The level of export peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

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 Benin ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (X%), while the other leaders experienced a decline in the export price figures.

Refined Rapeseed Oil Imports

Imports in ECOWAS

In 2022, overseas purchases of refined rape, colza or mustard oil decreased by X% to X tons, falling for the second year in a row after two years of growth. Over the period under review, imports saw a perceptible setback. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, refined rapeseed oil imports soared to $X in 2022. Overall, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of X%. The level of import peaked at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Cote d'Ivoire represented the key importing country with an import of around X tons, which recorded X% of total imports. Nigeria (X tons) took the second position in the ranking, followed by Ghana (X tons) and Burkina Faso (X tons). All these countries together took near X% share of total imports. Benin (X tons) followed a long way behind the leaders.

Cote d'Ivoire was also the fastest-growing in terms of the refined rape, colza or mustard oil imports, with a CAGR of X% from 2012 to 2022. At the same time, Nigeria (X%), Burkina Faso (X%) and Ghana (X%) displayed positive paces of growth. By contrast, Benin (X%) illustrated a downward trend over the same period. Cote d'Ivoire (X p.p.), Nigeria (X p.p.), Ghana (X p.p.) and Burkina Faso (X p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest refined rapeseed oil importing markets in ECOWAS were Cote d'Ivoire ($X), Nigeria ($X) and Ghana ($X), with a combined X% share of total imports.

In terms of the main importing countries, Cote d'Ivoire, with a CAGR of X%, saw the highest rates of growth with regard to 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, rising by X% against the previous year. Import price indicated a tangible 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. Based on 2022 figures, refined rapeseed oil import price increased by X% against 2019 indices. 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 Nigeria ($X per ton), while Cote d'Ivoire ($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 mixed trends in the import price figures.

Source: IndexBox Platform

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