Report Update Apr 1, 2024

Western Africa - Crude Soybean Oil - Market Analysis, Forecast, Size, Trends and Insights

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Western Africa: Crude Soybean Oil Market 2024

Crude Soybean Oil Market Size in Western Africa

The West African crude soybean oil market reduced to $X in 2022, which is down by X% against the previous year. In general, consumption recorded a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2021, and then declined in the following year.

Crude Soybean Oil Production in Western Africa

In value terms, crude soybean oil production shrank to $X in 2022 estimated in export price. Overall, production showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Crude Soybean Oil Exports

Exports in Western Africa

In 2022, approx. X tons of crude soybean oil were exported in Western Africa; jumping by X% against 2021 figures. In general, exports showed significant growth. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude soybean oil exports skyrocketed to $X in 2022. Over the period under review, exports posted significant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Togo represented the key exporting country with an export of about X tons, which accounted for X% of total exports. It was distantly followed by Senegal (X tons), achieving a X% share of total exports. Nigeria (X tons) held a little share of total exports.

From 2012 to 2022, average annual rates of growth with regard to crude soybean oil exports from Togo stood at X%. At the same time, Senegal (X%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of X% from 2012-2022. By contrast, Nigeria (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Togo and Senegal increased by X and X percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In Togo, crude soybean 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: Senegal (X% per year) and Nigeria (X% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, declining by X% against the previous year. Over the period under review, the export price recorded a pronounced reduction. The most prominent rate of growth was recorded in 2021 when the export price increased by X% against the previous year. Over the period under review, the export prices reached the maximum at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Togo ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

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

Crude Soybean Oil Imports

Imports in Western Africa

In 2022, overseas purchases of crude soybean oil decreased by X% to X tons, falling for the second year in a row after three years of growth. Over the period under review, imports recorded a noticeable downturn. The growth pace was the most rapid in 2020 with an increase of X% against the previous year. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, crude soybean oil imports shrank significantly to $X in 2022. Overall, imports continue to indicate a perceptible decline. The most prominent rate of growth was recorded in 2020 with an increase of X%. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Senegal prevails in imports structure, reaching X tons, which was approx. X% of total imports in 2022. It was distantly followed by Nigeria (X tons), generating a X% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to crude soybean oil imports into Senegal stood at X%. At the same time, Nigeria (X%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing importer imported in Western Africa, with a CAGR of X% from 2012-2022. From 2012 to 2022, the share of Nigeria increased by X percentage points.

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

In Senegal, crude soybean oil imports contracted by an average annual rate of X% over the period from 2012-2022.

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2022, reducing by X% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the import price increased by X% against the previous year. The level of import peaked at $X per ton in 2021, and then contracted 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 amounted to $X per ton.

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

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for crude soybean oil in Western Africa?

Nigeria constituted the country with the largest volume of crude soybean oil consumption, comprising approx. 73% of total volume. Moreover, crude soybean oil consumption in Nigeria exceeded the figures recorded by the second-largest consumer, Senegal, fourfold.

What are the largest producers of crude soybean oil in Western Africa?

Nigeria remains the largest crude soybean oil producing country in Western Africa, accounting for 86% of total volume. Moreover, crude soybean oil production in Nigeria exceeded the figures recorded by the second-largest producer, Benin, eightfold.

What are the leading importers of crude soybean oil in Western Africa?

In value terms, Senegal constitutes the largest market for imported crude soybean oil in Western Africa, comprising 72% of total imports. The second position in the ranking was held by Nigeria, with a 27% share of total imports.

What is the average export price for crude soybean oil in Western Africa?

In 2022, the export price in Western Africa amounted to $1,364 per ton, falling by -38.4% against the previous year.

What is the average import price for crude soybean oil in Western Africa?

In 2022, the import price in Western Africa amounted to $1,283 per ton, dropping by -10.3% against the previous year.

This report provides an in-depth analysis of the crude soybean oil 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:

FCL 237 - Oil of Soybeans

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