ECOWAS: Coconut Oil Market 2024

Coconut Oil Market Size in ECOWAS

The ECOWAS coconut oil market reduced markedly to $X in 2022, which is down by X% against the previous year. Over the period under review, consumption continues to indicate a mild descent. The level of consumption peaked at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Coconut Oil Production in ECOWAS

In value terms, coconut oil production fell modestly to $X in 2022 estimated in export price. The total production indicated a notable 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 growth pace was the most rapid in 2014 with an increase of X% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Coconut Oil Exports

Exports in ECOWAS

In 2022, approx. X tons of coconut (copra) oil were exported in ECOWAS; growing by X% against 2021 figures. In general, exports showed a perceptible increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, coconut oil exports skyrocketed to $X in 2022. Over the period under review, exports enjoyed a remarkable increase. The pace of growth appeared the most rapid in 2016 with an increase of X%. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

Nigeria represented the largest exporting country with an export of around X tons, which amounted to X% of total exports. Cote d'Ivoire (X tons) ranks second in terms of the total exports with a X% share, followed by Ghana (X%) and Benin (X%).

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

In value terms, the largest coconut oil supplying countries in ECOWAS were Nigeria ($X), Cote d'Ivoire ($X) and Ghana ($X), together accounting for X% of total exports.

Nigeria, with a CAGR of X%, recorded the highest rates of growth with regard to 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

The export price in ECOWAS stood at $X per ton in 2022, falling by X% against the previous year. Over the period under review, the export price, however, saw a strong expansion. The growth pace was the most rapid in 2021 when the export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per ton, and then fell remarkably in the following year.

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 Ghana ($X per ton), while Benin ($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 mixed trends in the export price figures.

Coconut Oil Imports

Imports in ECOWAS

Coconut oil imports reduced remarkably to X tons in 2022, with a decrease of X% compared with 2021 figures. Overall, imports recorded a perceptible decrease. The growth pace was the most rapid in 2014 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, coconut oil imports dropped rapidly to $X in 2022. In general, imports, however, recorded a prominent increase. The pace of growth appeared the most rapid in 2014 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

Mali dominates imports structure, finishing at X tons, which was approx. X% of total imports in 2022. Ghana (X tons) took the second position in the ranking, followed by Burkina Faso (X tons). All these countries together held near X% share of total imports. Niger (X tons), Togo (X tons), Senegal (X tons) and Nigeria (X tons) followed a long way behind the leaders.

Mali was also the fastest-growing in terms of the coconut (copra) oil imports, with a CAGR of X% from 2012 to 2022. At the same time, Niger (X%), Ghana (X%), Nigeria (X%), Senegal (X%) and Togo (X%) displayed positive paces of growth. By contrast, Burkina Faso (X%) illustrated a downward trend over the same period. Mali (X p.p.), Ghana (X p.p.), Niger (X p.p.), Senegal (X p.p.), Togo (X p.p.) and Nigeria (X p.p.) significantly strengthened its position in terms of the total imports, while Burkina Faso saw its share reduced by X% from 2012 to 2022, respectively.

In value terms, Mali ($X) constitutes the largest market for imported coconut (copra) oil in ECOWAS, comprising X% of total imports. The second position in the ranking was taken by Togo ($X), with a X% share of total imports. It was followed by Senegal, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Mali totaled X%. The remaining importing countries recorded the following average annual rates of imports growth: Togo (X% per year) and Senegal (X% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, reducing by X% against the previous year. In general, the import price, however, saw a buoyant expansion. The pace of growth appeared the most rapid in 2018 an increase of X%. The level of import peaked at $X per ton in 2021, and then fell slightly in the following year.

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 ($X per ton), while Burkina Faso ($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 more modest paces of growth.

Source: IndexBox Platform

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