Africa: Refined Soybean Oil Market 2024

Refined Soybean Oil Market Size in Africa

In 2022, the African refined soybean oil market increased by X% to $X, rising for the second year in a row after three years of decline. Overall, consumption showed a noticeable setback. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Refined Soybean Oil Production in Africa

In value terms, refined soybean oil production dropped modestly to $X in 2022 estimated in export price. Over the period under review, production recorded a perceptible descent. The growth pace was the most rapid in 2015 when the production volume increased by X%. The level of production peaked at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

Refined Soybean Oil Exports

Exports in Africa

After three years of growth, shipments abroad of refined soybean oil and its fractions decreased by X% to X tons in 2022. In general, exports showed a noticeable slump. The pace of growth appeared the most rapid in 2021 when exports increased by X%. As a result, the exports reached the peak of X tons, and then shrank dramatically in the following year.

In value terms, refined soybean oil exports dropped significantly to $X in 2022. Over the period under review, exports continue to indicate a pronounced shrinkage. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X, and then fell notably in the following year.

Exports by Country

Morocco (X tons) and Egypt (X tons) were the major exporters of refined soybean oil and its fractions in 2022, recording near X% and X% of total exports, respectively. South Africa (X tons) took the next position in the ranking, distantly followed by Algeria (X tons). All these countries together held near X% share of total exports. Uganda (X tons) and Mozambique (X tons) took a relatively small share of total exports.

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

In value terms, Morocco ($X), Egypt ($X) and South Africa ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined X% share of total exports. Algeria, Mozambique and Uganda lagged somewhat behind, together accounting for a further X%.

Mozambique, with a CAGR of X%, recorded the highest growth rate of the value of exports, among 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, jumping by X% against the previous year. Export price indicated a measured 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 soybean oil export price increased by X% against 2019 indices. The growth pace was the most rapid in 2021 when the export price increased by X%. Over the period under review, the export prices hit record highs in 2022 and is expected to retain growth in years to come.

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

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

Refined Soybean Oil Imports

Imports in Africa

In 2022, approx. X tons of refined soybean oil and its fractions were imported in Africa; shrinking by X% against 2021 figures. Overall, imports showed a perceptible contraction. The pace of growth appeared the most rapid in 2017 with an increase of X%. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, refined soybean oil imports amounted to $X in 2022. Over the period under review, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when imports increased by X%. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

Angola (X tons) and Mauritania (X tons) represented roughly X% of total imports in 2022. South Africa (X tons) ranks next in terms of the total imports with a X% share, followed by Algeria (X%). Ghana (X tons), Senegal (X tons) and Madagascar (X tons) followed a long way behind the leaders.

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

In value terms, the largest refined soybean oil importing markets in Africa were Angola ($X), Mauritania ($X) and South Africa ($X), with a combined X% share of total imports. Algeria, Madagascar, Ghana and Senegal lagged somewhat behind, together accounting for a further X%.

In terms of the main importing countries, Algeria, with a CAGR of X%, recorded the highest rates of growth with regard to 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 Africa stood at $X per ton in 2022, jumping by X% against the previous year. Over the period under review, the import price saw a measured increase. The growth pace was the most rapid in 2021 when the import price increased by X%. Over the period under review, import prices attained 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 importing countries. In 2022, amid the top importers, the country with the highest price was Madagascar ($X per ton), while Senegal ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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