Africa: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in Africa

The African refined palm oil market contracted modestly to $X in 2022, shrinking by X% against the previous year. The total consumption indicated a pronounced 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. The level of consumption peaked at $X in 2021, and then reduced in the following year.

Refined Palm Oil Production in Africa

In value terms, refined palm oil production declined to $X in 2022 estimated in export price. The total production indicated a temperate 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 most prominent rate of growth was recorded in 2017 when the production volume increased by X%. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Refined Palm Oil Exports

Exports in Africa

Refined palm oil exports expanded markedly to X tons in 2022, picking up by X% compared with the previous year. Total exports indicated a strong increase 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 2014 indices. The pace of growth appeared the most rapid in 2015 when exports increased by X% against the previous year. The volume of export peaked in 2022 and is likely to see steady growth in the near future.

In value terms, refined palm oil exports soared to $X in 2022. In general, exports continue to indicate buoyant growth. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. The level of export peaked in 2022 and is likely to see gradual growth in the immediate term.

Exports by Country

In 2022, Cote d'Ivoire (X tons), distantly followed by Djibouti (X tons), Ghana (X tons), Togo (X tons), Kenya (X tons), Uganda (X tons) and Rwanda (X tons) represented the main exporters of refined palm oil, together making up X% of total exports.

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

In value terms, the largest refined palm oil supplying countries in Africa were Cote d'Ivoire ($X), Kenya ($X) and Djibouti ($X), together accounting for X% of total exports. Ghana, Rwanda, Uganda and Togo lagged somewhat behind, together accounting for a further X%.

Rwanda, with a CAGR of X%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Africa amounted to $X per ton, growing by X% against the previous year. Export price indicated a mild 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 palm oil export price increased by X% against 2019 indices. The pace of growth was the most pronounced in 2021 when the export price increased by X%. Over the period under review, the export prices reached the maximum in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Rwanda ($X per ton), while Togo ($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 Africa

In 2022, purchases abroad of refined palm oil decreased by X% to X tons, falling for the third year in a row after eight years of growth. Total imports indicated a resilient 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, imports decreased by X% against 2019 indices. The pace of growth appeared the most rapid in 2013 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, refined palm oil imports dropped slightly to $X in 2022. Total imports indicated resilient 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, imports increased by X% against 2019 indices. The growth pace was the most rapid in 2021 with an increase of X%. As a result, imports reached the peak of $X, leveling off in the following year.

Imports by Country

In 2022, Ethiopia (X tons), Egypt (X tons), South Africa (X tons), Djibouti (X tons), Ghana (X tons), Togo (X tons), Angola (X tons), Niger (X tons), Tanzania (X tons), Somalia (X tons), Nigeria (X tons) and Algeria (X tons) was the largest importer of refined palm oil in Africa, achieving X% of total import. Senegal (X tons) held a relatively small share of total imports.

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, Egypt ($X), Ethiopia ($X) and South Africa ($X) constituted the countries with the highest levels of imports in 2022, together comprising X% of total imports. Angola, Djibouti, Ghana, Somalia, Nigeria, Tanzania, Algeria, Senegal, Niger and Togo lagged somewhat behind, together comprising a further X%.

Togo, with a CAGR of X%, recorded the highest rates of growth with regard to 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 Africa amounted to $X per ton, rising by X% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. Over the period under review, import prices hit record highs in 2022 and is likely to continue growth in the near future.

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 Angola ($X per ton), while Togo ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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