ECOWAS: Soybean Oil Market 2024

Soybean Oil Market Size in ECOWAS

After three years of growth, the ECOWAS soybean oil market decreased by X% to $X in 2022. Over the period under review, consumption saw a relatively flat trend pattern. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Soybean Oil Production in ECOWAS

In value terms, soybean oil production reduced to $X in 2022 estimated in export price. Overall, production faced a abrupt decrease. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Soybean Oil Exports

Exports in ECOWAS

In 2022, exports of soybean oil in ECOWAS surged to X tons, rising by X% on the year before. Overall, exports continue to indicate temperate growth. The most prominent rate of growth was recorded in 2018 when exports increased by X%. As a result, the exports reached the peak of X tons. From 2019 to 2022, the growth of the exports remained at a lower figure.

In value terms, soybean oil exports surged to $X in 2022. In general, exports saw resilient growth. The growth pace was the most rapid in 2018 when exports increased by X%. The level of export peaked in 2022 and is likely to continue growth in the immediate term.

Exports by Country

Togo was the largest exporting country with an export of about X tons, which recorded X% of total exports. Senegal (X tons) held a X% share (based on physical terms) of total exports, which put it in second place, followed by Gambia (X%). The following exporters - Mali (X tons) and Nigeria (X tons) - each recorded a X% share of total exports.

Togo was also the fastest-growing in terms of the soybean oil exports, with a CAGR of X% from 2012 to 2022. At the same time, Nigeria (X%) and Gambia (X%) displayed positive paces of growth. By contrast, Senegal (X%) and Mali (X%) illustrated a downward trend over the same period. While the share of Togo (X p.p.), Gambia (X p.p.) and Nigeria (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Mali (X p.p.) and Senegal (X p.p.) displayed negative dynamics.

In value terms, Togo ($X) emerged as the largest soybean oil supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was held by Senegal ($X), with a X% share of total exports. It was followed by Gambia, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Togo amounted to X%. The remaining exporting countries recorded the following average annual rates of exports growth: Senegal (X% per year) and Gambia (X% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, picking up by X% against the previous year. In general, the export price showed a slight expansion. As a result, the export price reached 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 Mali ($X per ton), while Gambia ($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 export price figures.

Soybean Oil Imports

Imports in ECOWAS

In 2022, supplies from abroad of soybean 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 continue to indicate a slight downturn. The most prominent rate of growth was recorded in 2020 with an increase of X%. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, soybean oil imports declined to $X in 2022. In general, imports showed a mild curtailment. The pace of growth appeared the most rapid in 2020 with an increase of X% against the previous year. Over the period under review, imports reached the maximum at $X in 2021, and then dropped in the following year.

Imports by Country

Senegal represented the main importing country with an import of about X tons, which reached X% of total imports. Ghana (X tons) held a X% share (based on physical terms) of total imports, which put it in second place, followed by Cabo Verde (X%) and Guinea-Bissau (X%). Nigeria (X tons) followed a long way behind the leaders.

Imports into Senegal decreased at an average annual rate of X% from 2012 to 2022. At the same time, Nigeria (X%), Guinea-Bissau (X%) and Ghana (X%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Cabo Verde (X%) illustrated a downward trend over the same period. Ghana (X p.p.), Guinea-Bissau (X p.p.) and Nigeria (X p.p.) significantly strengthened its position in terms of the total imports, while Senegal saw its share reduced by X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

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

In Senegal, soybean oil imports decreased by 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 Nigeria (X% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, which is down by X% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of X%. As a result, import price attained the peak level of $X per ton, and then shrank 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 Nigeria ($X per ton), while Senegal ($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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