Western Africa: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in Western Africa

In 2022, the West African virgin olive oil market decreased by X% to $X, falling for the second year in a row after three years of growth. Overall, consumption continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market failed to regain momentum.

Virgin Olive Oil Production in Western Africa

In value terms, virgin olive oil production declined significantly to $X in 2022 estimated in export price. Over the period under review, production, however, posted a pronounced expansion. The pace of growth appeared the most rapid in 2019 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Virgin Olive Oil Exports

Exports in Western Africa

In 2022, overseas shipments of virgin olive oil were finally on the rise to reach X tons after two years of decline. In general, exports, however, saw a deep slump. The most prominent rate of growth was recorded in 2013 when exports increased by X% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, virgin olive oil exports expanded significantly to $X in 2022. Over the period under review, exports, however, faced a deep setback. The growth pace was the most rapid in 2013 with an increase of X% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Sierra Leone represented the major exporter of virgin olive oil in Western Africa, with the volume of exports resulting at X tons, which was approx. X% of total exports in 2022. Ghana (X kg) held the second position in the ranking, followed by Cote d'Ivoire (X kg). All these countries together held near X% share of total exports.

Exports from Sierra Leone decreased at an average annual rate of X% from 2012 to 2022. 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 ($X) remains the largest virgin olive oil supplier in Western Africa, comprising X% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a X% share of total exports.

In Sierra Leone, virgin olive oil exports shrank by an average annual rate of X% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Cote d'Ivoire (X% per year) and Ghana (X% per year).

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, shrinking by X% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 an increase of X% against the previous year. The level of export peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, 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.

Virgin Olive Oil Imports

Imports in Western Africa

In 2022, supplies from abroad of virgin olive oil decreased by X% to X tons, falling for the second consecutive year after three years of growth. Over the period under review, imports saw a abrupt decline. The pace of growth was the most pronounced in 2016 with an increase of X% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, virgin olive oil imports declined to $X in 2022. In general, imports saw a mild curtailment. The growth pace was the most rapid in 2016 when imports increased by 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

Cote d'Ivoire (X tons) and Ghana (X tons) represented roughly X% of total imports in 2022. Cabo Verde (X tons) took an X% share (based on physical terms) of total imports, which put it in second place, followed by Liberia (X%), Guinea-Bissau (X%), Mali (X%), Senegal (X%) and Mauritania (X%).

From 2012 to 2022, the biggest increases were recorded for Mali (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X), Ghana ($X) and Liberia ($X) were the countries with the highest levels of imports in 2022, with a combined X% share of total imports. Cabo Verde, Guinea-Bissau, Mali, Senegal and Mauritania lagged somewhat behind, together comprising a further X%.

Mali, with a CAGR of X%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, picking up by X% against the previous year. Import price indicated strong growth 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, virgin 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%. The level of import peaked in 2022 and is likely to see gradual growth in the near future.

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

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

Source: IndexBox Platform

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