Western Africa: Refined Maize Oil Market 2024

Refined Maize Oil Market Size in Western Africa

The West African refined maize oil market shrank to $X in 2022, waning 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 increased by X% against 2020 indices. Over the period under review, the market attained the peak level at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Refined Maize Oil Production in Western Africa

In value terms, refined maize oil production contracted to $X in 2022 estimated in export price. The total production indicated a slight 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, production increased by X% against 2020 indices. The pace of growth was the most pronounced in 2015 with an increase of X%. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Refined Maize Oil Exports

Exports in Western Africa

In 2022, refined maize oil exports in Western Africa contracted slightly to X tons, waning by X% against 2021. Over the period under review, exports faced a sharp shrinkage. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, refined maize oil exports fell notably to $X in 2022. In general, exports saw a deep reduction. The pace of growth was the most pronounced in 2016 with an increase of X%. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Ghana (X tons) was the key exporter of refined maize (corn) oil, committing X% of total exports. It was distantly followed by Guinea (X tons), mixing up a X% share of total exports.

Exports from Ghana decreased at an average annual rate of X% from 2012 to 2022. At the same time, Guinea (X%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of X% from 2012-2022. While the share of Ghana (X p.p.) and Guinea (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest refined maize oil supplying countries in Western Africa were Guinea ($X) and Ghana ($X).

In terms of the main exporting countries, Guinea, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, over the period under review.

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, shrinking by X% against the previous year. In general, the export price, however, posted a prominent expansion. The pace of growth appeared the most rapid in 2020 when the export price increased by X% against the previous year. The level of export peaked at $X per ton in 2021, and then dropped dramatically in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Guinea ($X per ton), while Ghana amounted to $X per ton.

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

Refined Maize Oil Imports

Imports in Western Africa

In 2022, supplies from abroad of refined maize (corn) oil increased by X% to X tons, rising for the fourth consecutive year after two years of decline. Over the period under review, imports, however, showed a perceptible descent. The most prominent rate of growth was recorded in 2013 with an increase of X%. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, refined maize oil imports soared to $X in 2022. Overall, imports, however, continue to indicate a noticeable setback. The most prominent rate of growth was recorded in 2013 when imports increased by X%. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Mauritania dominates imports structure, recording X tons, which was near X% of total imports in 2022. It was distantly followed by Nigeria (X tons) and Ghana (X tons), together making up a X% share of total imports. The following importers - Guinea (X tons) and Liberia (X tons) - each finished at a X% share of total imports.

Mauritania was also the fastest-growing in terms of the refined maize (corn) oil imports, with a CAGR of X% from 2012 to 2022. At the same time, Liberia (X%), Ghana (X%) and Nigeria (X%) displayed positive paces of growth. By contrast, Guinea (X%) illustrated a downward trend over the same period. While the share of Mauritania (X p.p.), Nigeria (X p.p.) and Ghana (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mauritania ($X) constitutes the largest market for imported refined maize (corn) oil in Western Africa, comprising X% of total imports. The second position in the ranking was taken by Nigeria ($X), with a X% share of total imports. It was followed by Ghana, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Mauritania stood at X%. In the other countries, the average annual rates were as follows: Nigeria (X% per year) and Ghana (X% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2022, growing by X% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of X%. 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 ($X per ton), while Mauritania ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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