Report Update Apr 16, 2024

Western Africa - Animal Fats and Oils - Market Analysis, Forecast, Size, Trends and Insights

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Western Africa: Animal Fats Market 2024

Animal Fats Market Size in Western Africa

The West African animal fats market skyrocketed to $X in 2023, growing by X% against the previous year. In general, consumption, however, enjoyed a tangible increase. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2023, consumption failed to regain momentum.

Animal Fats Production in Western Africa

In value terms, animal fats production reduced to $X in 2023 estimated in export price. Overall, production, however, showed a strong increase. The pace of growth was the most pronounced in 2014 with an increase of X% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2023, production remained at a lower figure.

Animal Fats Exports

Exports in Western Africa

Animal fats exports reduced markedly to X kg in 2023, with a decrease of X% on the previous year. Overall, exports continue to indicate a precipitous curtailment. The most prominent rate of growth was recorded in 2016 with an increase of X%. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2023, the exports remained at a lower figure.

In value terms, animal fats exports declined notably to $X in 2023. Over the period under review, exports recorded a significant contraction. The most prominent rate of growth was recorded in 2021 when exports increased by X%. The level of export peaked at $X in 2018; however, from 2019 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

Ghana prevails in exports structure, reaching X kg, which was approx. X% of total exports in 2023. Nigeria (X kg) took a little share of total exports.

From 2012 to 2023, average annual rates of growth with regard to animal fats exports from Ghana stood at X%. Nigeria (X%) illustrated a downward trend over the same period. While the share of Ghana (X p.p.) and Nigeria (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) remains the largest animal fats supplier in Western Africa, comprising X% of total exports. The second position in the ranking was taken by Nigeria ($X), with a X% share of total exports.

In Ghana, animal fats exports decreased by an average annual rate of X% over the period from 2012-2023.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2023, increasing by X% against the previous year. Overall, the export price showed a remarkable increase. The pace of growth appeared the most rapid in 2017 when the export price increased by X%. As a result, the export price reached the peak level of $X per ton; afterwards, it flattened through to 2023.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Nigeria amounted to $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Ghana (X%).

Animal Fats Imports

Imports in Western Africa

Animal fats imports soared to X tons in 2023, increasing by X% against the previous year's figure. In general, imports enjoyed a significant expansion. The pace of growth was the most pronounced in 2014 when imports increased by X% against the previous year. Over the period under review, imports hit record highs in 2023 and are likely to continue growth in the immediate term.

In value terms, animal fats imports soared to $X in 2023. Overall, imports posted a significant increase. The most prominent rate of growth was recorded in 2014 when imports increased by X%. The level of import peaked in 2023 and is likely to continue growth in the near future.

Imports by Country

The purchases of the one major importers of animal fats and oils, namely Nigeria, represented more than two-thirds of total import.

Nigeria was also the fastest-growing in terms of the animal fats and oils imports, with a CAGR of X% from 2012 to 2023. While the share of Nigeria (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported animal fats and oils in Western Africa.

In Nigeria, animal fats imports expanded at an average annual rate of X% over the period from 2012-2023.

Import Prices by Country

In 2023, the import price in Western Africa amounted to $X per ton, waning by X% against the previous year. Over the period under review, the import price saw a abrupt decrease. The growth pace was the most rapid in 2015 an increase of X%. Over the period under review, import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2023, import prices failed to regain momentum.

As there is only one major supplying country, the average price level is determined by prices for Nigeria.

From 2012 to 2023, the rate of growth in terms of prices for Nigeria amounted to X% per year.

Source: IndexBox Platform

This report provides an in-depth analysis of the animal fats market in Western Africa. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 10416030 - Animal fats and oils and their fractions partly or wholly hydrogenated, inter-esterified, re-esterified or elaidinised, but not further prepared (including refined)

Country coverage:

Benin
Burkina Faso
Cabo Verde
Cote d'Ivoire
Gambia
Ghana
Guinea
Guinea-Bissau
Liberia
Mali
Mauritania
Niger
Nigeria
Saint Helena, Ascension and Tristan da Cunha
Senegal
Sierra Leone
Togo

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Production in Western Africa, split by region and country
Trade (exports and imports) in Western Africa
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. CONSUMPTION BY COUNTRY
3. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
2. PRODUCTION BY COUNTRY
8. IMPORTS
The Largest Importers on The Market and How They Succeed
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Exporters on The Market and How They Succeed
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
11. COUNTRY PROFILES

The Largest Markets And Their Profiles
This Chapter is Available Only for the Professional Edition PRO
- Benin
- Burkina Faso
- Cabo Verde
- Gambia
- Ghana
- Guinea
- Guinea-Bissau
- Liberia
- Mali
- Mauritania
- Niger
- Nigeria
- Saint Helena, Ascension and Tristan da Cunha
- Senegal
- Sierra Leone
- Togo
- Cote d'Ivoire
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption, By Country, 2018–2023
5. Production, In Physical Terms, By Country, 2012–2023
6. Imports, In Physical Terms, By Country, 2012–2023
7. Imports, In Value Terms, By Country, 2012–2023
8. Import Prices, By Country Of Destination, 2012–2023
9. Exports, In Physical Terms, By Country, 2012–2023
10. Exports, In Value Terms, By Country, 2012–2023
11. Export Prices, By Country Of Origin, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Consumption, By Country, 2023
4. Market Volume Forecast to 2030
5. Market Value Forecast to 2030
6. Products: Market Size And Growth, By Type
7. Products: Average Per Capita Consumption, By Type
8. Products: Exports And Growth, By Type
9. Products: Export Prices And Growth, By Type
10. Production Volume And Growth
11. Exports And Growth
12. Export Prices And Growth
13. Market Size And Growth
14. Per Capita Consumption
15. Imports And Growth
16. Import Prices
17. Production, In Physical Terms, 2012–2023
18. Production, In Value Terms, 2012–2023
19. Production, By Country, 2023
20. Production, In Physical Terms, By Country, 2012–2023
21. Imports, In Physical Terms, 2012–2023
22. Imports, In Value Terms, 2012–2023
23. Imports, In Physical Terms, By Country, 2023
24. Imports, In Physical Terms, By Country, 2012–2023
25. Imports, In Value Terms, By Country, 2012–2023
26. Import Prices, By Country, 2012–2023
27. Exports, In Physical Terms, 2012–2023
28. Exports, In Value Terms, 2012–2023
29. Exports, In Physical Terms, By Country, 2023
30. Exports, In Physical Terms, By Country, 2012–2023
31. Exports, In Value Terms, By Country, 2012–2023
32. Export Prices, 2012–2023