Western Africa: Palm Oil Market 2024

Palm Oil Market Size in Western Africa

The West African palm oil market contracted to $X in 2022, falling by X% against the previous year. The total consumption indicated a tangible expansion from 2012 to 2022: its value 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, consumption decreased by X% against 2019 indices. Over the period under review, the market attained the maximum level at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Palm Oil Production in Western Africa

In value terms, palm oil production expanded slightly to $X in 2022 estimated in export price. Over the period under review, production posted a notable increase. The most prominent rate of growth was recorded in 2017 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Palm Oil Exports

Exports in Western Africa

In 2022, exports of palm oil in Western Africa skyrocketed to X tons, jumping by X% compared with the previous year's figure. Total exports indicated a buoyant expansion from 2012 to 2022: its volume 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, exports increased by X% against 2020 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, palm oil exports surged to $X in 2022. Over the period under review, exports showed prominent growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Cote d'Ivoire was the key exporting country with an export of around X tons, which recorded X% of total exports. Ghana (X tons) held the second position in the ranking, followed by Togo (X tons) and Liberia (X tons). All these countries together held approx. X% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to palm oil exports from Cote d'Ivoire stood at X%. At the same time, Liberia (X%), Ghana (X%) and Togo (X%) displayed positive paces of growth. Moreover, Liberia emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of X% from 2012-2022. From 2012 to 2022, the share of Liberia, Ghana and Togo increased by X, X and X percentage points, respectively.

In value terms, Cote d'Ivoire ($X) remains the largest palm oil supplier in Western Africa, comprising X% of total exports. The second position in the ranking was held by Ghana ($X), with a X% share of total exports. It was followed by Liberia, with a X% share.

In Cote d'Ivoire, palm 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: Ghana (X% per year) and Liberia (X% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, rising by X% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of X%. Over the period under review, the export prices attained the peak figure in 2022 and is likely to see gradual growth in years to come.

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

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

Palm Oil Imports

Imports in Western Africa

For the third consecutive year, Western Africa recorded decline in overseas purchases of palm oil, which decreased by X% to X tons in 2022. Overall, imports, however, continue to indicate buoyant growth. The pace of growth was the most pronounced in 2014 when imports increased by X%. The volume of import peaked at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, palm oil imports dropped rapidly to $X in 2022. Total imports indicated a moderate expansion from 2012 to 2022: its value 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. The pace of growth appeared the most rapid in 2014 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

Ghana (X tons), Nigeria (X tons), Togo (X tons), Niger (X tons) and Senegal (X tons) represented roughly X% of total imports in 2022. It was distantly followed by Benin (X tons), Mali (X tons) and Guinea (X tons), together committing a X% share of total imports.

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

In value terms, Nigeria ($X), Ghana ($X) and Senegal ($X) were the countries with the highest levels of imports in 2022, together accounting for X% of total imports. Mali, Niger, Togo, Guinea and Benin lagged somewhat behind, together accounting for a further X%.

Among the main importing countries, Togo, with a CAGR of X%, saw 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, declining by X% against the previous year. In general, the import price continues to indicate a slight descent. The most prominent rate of growth was recorded in 2021 when the import price increased by X% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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 ($X per ton), while Togo ($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 import price figures.

Source: IndexBox Platform

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