Western Africa: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in Western Africa

In 2022, the West African refined palm oil market decreased by X% to $X, falling for the third year in a row after six years of growth. 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. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Refined Palm Oil Production in Western Africa

In value terms, refined palm oil production rose to $X in 2022 estimated in export price. The total production indicated a moderate increase 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 decreased by X% against 2020 indices. The pace of growth was the most pronounced in 2017 when the production volume increased by X%. Over the period under review, production attained the maximum level at $X in 2020; afterwards, it flattened through to 2022.

Refined Palm Oil Exports

Exports in Western Africa

In 2022, overseas shipments of refined palm oil increased by X% to X tons for the first time since 2019, thus ending a two-year declining trend. The total export volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when exports increased by X% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are likely to see steady growth in the immediate term.

In value terms, refined palm oil exports soared to $X in 2022. Total exports indicated noticeable growth 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, exports increased by X% against 2019 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Cote d'Ivoire represented the major exporter of refined palm oil in Western Africa, with the volume of exports accounting for X tons, which was near X% of total exports in 2022. Ghana (X tons) held a X% share (based on physical terms) of total exports, which put it in second place, followed by Togo (X%). Niger (X tons) held a little share of total exports.

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

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

From 2012 to 2022, the average annual growth rate of value in Cote d'Ivoire was relatively modest. In the other countries, the average annual rates were as follows: Ghana (X% per year) and Togo (X% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, with an increase of X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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.

Refined Palm Oil Imports

Imports in Western Africa

In 2022, the amount of refined palm oil imported in Western Africa reduced to X tons, which is down by X% compared with the previous year's figure. In general, imports, however, continue to indicate a prominent expansion. The growth pace was the most rapid in 2015 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, refined palm oil imports reduced notably to $X in 2022. Over the period under review, imports, however, enjoyed tangible growth. The pace of growth was the most pronounced in 2015 with an increase of X% against the previous year. Over the period under review, imports hit record highs at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Ghana (X tons), Togo (X tons), Niger (X tons), Nigeria (X tons), Senegal (X tons), Benin (X tons), Mali (X tons) and Guinea (X tons) was the major importer of refined palm oil in Western Africa, creating X% of total import.

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

In value terms, the largest refined palm oil importing markets in Western Africa were Ghana ($X), Nigeria ($X) and Senegal ($X), together comprising X% of total imports. Mali, Niger, Guinea, Togo and Benin lagged somewhat behind, together accounting for a further X%.

Togo, with a CAGR of X%, saw the highest rates of growth with regard to 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, falling by X% against the previous year. In general, the import price saw a pronounced decrease. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Mali ($X per ton), while Togo ($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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