Western Africa: Refined Rapeseed Oil Market 2024

Refined Rapeseed Oil Market Size in Western Africa

The West African refined rapeseed oil market totaled $X in 2022, growing by X% against the previous year. Overall, consumption saw a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Refined Rapeseed Oil Production in Western Africa

In value terms, refined rapeseed oil production rose to $X in 2022 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. The level of production peaked at $X in 2020; afterwards, it flattened through to 2022.

Refined Rapeseed Oil Exports

Exports in Western Africa

In 2022, shipments abroad of refined rape, colza or mustard oil increased by X% to X tons, rising for the sixth consecutive year after three years of decline. Overall, exports continue to indicate a perceptible increase. The most prominent rate of growth was recorded in 2013 with an increase of X%. 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 rapeseed oil exports skyrocketed to $X in 2022. Over the period under review, exports recorded a noticeable increase. The most prominent rate of growth was recorded in 2013 when exports increased by X%. 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

Benin represented the key exporter of refined rape, colza or mustard oil in Western Africa, with the volume of exports resulting at X tons, which was approx. X% of total exports in 2022. Ghana (X tons) ranks second in terms of the total exports with a X% share, followed by Togo (X%).

Benin was also the fastest-growing in terms of the refined rape, colza or mustard oil exports, with a CAGR of X% from 2012 to 2022. At the same time, Togo (X%) displayed positive paces of growth. By contrast, Ghana (X%) illustrated a downward trend over the same period. Benin (X p.p.) and Togo (X p.p.) significantly strengthened its position in terms of the total exports, while Ghana saw its share reduced by X% from 2012 to 2022, respectively.

In value terms, Benin ($X) emerged as the largest refined rapeseed oil supplier in Western Africa, comprising X% of total exports. The second position in the ranking was held by Ghana ($X), with an X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Benin stood at X%. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (X% per year) and Togo (X% per year).

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, jumping by X% against the previous year. In general, the export price recorded a relatively flat trend pattern. Over the period under review, the export prices reached the maximum at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (X%), while the other leaders experienced a decline in the export price figures.

Refined Rapeseed Oil Imports

Imports in Western Africa

In 2022, supplies from abroad of refined rape, colza or mustard oil decreased by X% to X tons, falling for the second year in a row after two years of growth. Overall, imports recorded a deep downturn. The most prominent rate of growth was recorded in 2017 when imports increased by X%. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, refined rapeseed oil imports skyrocketed to $X in 2022. In general, imports saw a perceptible decline. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Cote d'Ivoire represented the largest importing country with an import of around X tons, which accounted for X% of total imports. Nigeria (X tons) held the second position in the ranking, followed by Ghana (X tons) and Burkina Faso (X tons). All these countries together took approx. X% share of total imports. The following importers - Benin (X tons) and Mauritania (X tons) - each accounted for a X% share of total imports.

Cote d'Ivoire was also the fastest-growing in terms of the refined rape, colza or mustard oil imports, with a CAGR of X% from 2012 to 2022. At the same time, Nigeria (X%), Burkina Faso (X%) and Ghana (X%) displayed positive paces of growth. By contrast, Benin (X%) and Mauritania (X%) illustrated a downward trend over the same period. Cote d'Ivoire (X p.p.), Nigeria (X p.p.), Ghana (X p.p.) and Burkina Faso (X p.p.) significantly strengthened its position in terms of the total imports, while Mauritania saw its share reduced by X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest refined rapeseed oil importing markets in Western Africa were Cote d'Ivoire ($X), Nigeria ($X) and Ghana ($X), with a combined X% share of total imports.

Cote d'Ivoire, with a CAGR of X%, recorded the highest growth rate of the value of imports, among 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, growing by X% against the previous year. Import price indicated a slight 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, refined rapeseed oil import price increased by X% against 2019 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: 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 mixed trends in the import price figures.

Source: IndexBox Platform

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