Western Africa: Olive Oil Market 2024

Olive Oil Market Size in Western Africa

In 2022, the West African olive oil market decreased by X% to $X, falling for the second year in a row after two years of growth. Overall, consumption saw a pronounced setback. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market remained at a somewhat lower figure.

Olive Oil Production in Western Africa

In value terms, olive oil production expanded markedly to $X in 2022 estimated in export price. In general, production recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Olive Oil Exports

Exports in Western Africa

In 2022, shipments abroad of olive oil and its fractions was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Overall, exports, however, showed a abrupt contraction. The pace of growth appeared the most rapid in 2013 when exports increased by X%. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, olive oil exports skyrocketed to $X in 2022. Over the period under review, exports, however, showed a abrupt decline. The pace of growth appeared the most rapid in 2013 when exports increased by X%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

In 2022, Sierra Leone (X tons) represented the key exporter of olive oil and its fractions, committing X% of total exports. Cote d'Ivoire (X kg) took the second position in the ranking, followed by Ghana (X kg). All these countries together took approx. X% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to olive oil exports from Sierra Leone stood at X%. At the same time, Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of X% from 2012-2022. By contrast, Ghana (X%) illustrated a downward trend over the same period. Cote d'Ivoire (X p.p.) and Ghana (X p.p.) significantly strengthened its position in terms of the total exports, while Sierra Leone saw its share reduced by X% from 2012 to 2022, respectively.

In value terms, Sierra Leone ($X), Cote d'Ivoire ($X) and Ghana ($X) constituted the countries with the highest levels of exports in 2022, together comprising X% of total exports.

Cote d'Ivoire, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, which is down by X% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the export price increased by X% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while Ghana ($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.

Olive Oil Imports

Imports in Western Africa

In 2022, purchases abroad of olive oil and its fractions decreased by X% to X tons, falling for the second year in a row after two years of growth. In general, imports saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2016 when imports increased by X% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports remained at a lower figure.

In value terms, olive oil imports reduced dramatically to $X in 2022. Overall, imports recorded a noticeable decline. The pace of growth was the most pronounced in 2016 with an increase of X%. As a result, imports attained the peak of $X. From 2017 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Cote d'Ivoire (X tons), distantly followed by Ghana (X tons), Cabo Verde (X tons), Liberia (X tons), Senegal (X tons) and Mauritania (X tons) represented the major importers of olive oil and its fractions, together achieving X% of total imports. Mali (X tons), Benin (X tons), Guinea-Bissau (X tons), Guinea (X tons), Nigeria (X tons) and Niger (X tons) followed a long way behind the leaders.

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

In value terms, the largest olive oil importing markets in Western Africa were Cote d'Ivoire ($X), Ghana ($X) and Cabo Verde ($X), together accounting for X% of total imports. Liberia, Senegal, Benin, Guinea-Bissau, Mali, Mauritania, Guinea, Nigeria and Niger lagged somewhat behind, together accounting for a further X%.

Among the main importing countries, Mali, with a CAGR of X%, recorded the highest growth rate of 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 Western Africa stood at $X per ton in 2022, picking up by X% against the previous year. Import price indicated a strong expansion 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, olive oil import price increased by X% against 2019 indices. The growth pace was the most rapid in 2014 when the import price increased by X%. Over the period under review, import prices attained the peak figure in 2022 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Benin ($X per ton), while Niger ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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