Western Africa: Crude Groundnut Oil Market 2024

Crude Groundnut Oil Market Size in Western Africa

The West African crude groundnut oil market amounted to $X in 2022, growing by X% against the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X; afterwards, it flattened through to 2022.

Crude Groundnut Oil Production in Western Africa

In value terms, crude groundnut oil production amounted to $X in 2022 estimated in export price. In general, production, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Crude Groundnut Oil Exports

Exports in Western Africa

In 2022, the amount of crude groundnut oil exported in Western Africa rose modestly to X tons, increasing by X% against 2021 figures. Over the period under review, exports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude groundnut oil exports rose modestly to $X in 2022. Overall, exports continue to indicate a mild increase. The most prominent rate of growth was recorded in 2021 with an increase of X%. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Senegal (X tons) was the key exporter of crude groundnut oil, constituting X% of total exports. Nigeria (X tons) held the second position in the ranking, followed by Gambia (X tons). All these countries together took approx. X% share of total exports. Guinea (X tons) held a little share of total exports.

Senegal experienced a relatively flat trend pattern with regard to volume of exports of crude groundnut oil. At the same time, Nigeria (X%) and Guinea (X%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of X% from 2012-2022. By contrast, Gambia (X%) illustrated a downward trend over the same period. Nigeria (X p.p.) significantly strengthened its position in terms of the total exports, while Senegal and Gambia saw its share reduced by X% and X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) remains the largest crude groundnut oil supplier in Western Africa, comprising X% of total exports. The second position in the ranking was held by Nigeria ($X), with a X% share of total exports. It was followed by Gambia, with an X% share.

In Senegal, crude groundnut oil exports remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Nigeria (X% per year) and Gambia (X% per year).

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, approximately mirroring the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the export price increased by X%. Over the period under review, the export prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

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 Nigeria ($X per ton), while Guinea ($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 more modest paces of growth.

Crude Groundnut Oil Imports

Imports in Western Africa

For the fourth year in a row, Western Africa recorded decline in overseas purchases of crude groundnut oil, which decreased by X% to X tons in 2022. Over the period under review, imports recorded a sharp contraction. The pace of growth was the most pronounced in 2014 when imports increased by X%. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, crude groundnut oil imports reduced markedly to $X in 2022. In general, imports recorded a sharp contraction. The growth pace was the most rapid in 2014 with an increase of X%. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The purchases of the three major importers of crude groundnut oil, namely Burkina Faso, Ghana and Benin, represented more than two-thirds of total import. It was distantly followed by Niger (X tons), generating a X% share of total imports. The following importers - Liberia (X kg) and Gambia (X kg) - together made up X% of total imports.

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

In value terms, the largest crude groundnut oil importing markets in Western Africa were Niger ($X), Ghana ($X) and Benin ($X), with a combined X% share of total imports. Burkina Faso, Liberia and Gambia lagged somewhat behind, together comprising a further X%.

Burkina Faso, with a CAGR of X%, recorded 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, increasing by X% against the previous year. Over the period under review, the import price recorded a resilient increase. The most prominent rate of growth was recorded in 2020 when the import price increased by X% against the previous year. The level of import peaked in 2022 and is likely to see steady growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Niger ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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