Western Africa: Refined Coconut Oil Market 2024

Refined Coconut Oil Market Size in Western Africa

The West African refined coconut oil market reached $X in 2022, leveling off at the previous year. The total consumption indicated buoyant 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, consumption decreased by X% against 2020 indices. Over the period under review, the market attained the maximum level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Refined Coconut Oil Production in Western Africa

In value terms, refined coconut oil production stood at $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 decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by X%. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Refined Coconut Oil Exports

Exports in Western Africa

In 2022, approx. X tons of refined coconut (copra) oil were exported in Western Africa; picking up by X% against the previous year's figure. Over the period under review, exports continue to indicate a relatively flat trend pattern. The volume of export peaked at X tons in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, refined coconut oil exports soared to $X in 2022. In general, exports enjoyed a strong increase. The pace of growth was the most pronounced in 2021 when exports increased by X%. Over the period under review, the exports attained the peak figure at $X in 2017; afterwards, it flattened through to 2022.

Exports by Country

Cote d'Ivoire (X tons) and Benin (X tons) dominates exports structure, together creating X% of total exports. It was distantly followed by Nigeria (X tons), achieving a X% share of total exports. Ghana (X tons) took a relatively small share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Benin (with a CAGR of X%), while the other leaders experienced mixed trends in the exports figures.

In value terms, the largest refined coconut oil supplying countries in Western Africa were Cote d'Ivoire ($X), Ghana ($X) and Benin ($X), with a combined X% share of total exports.

Benin, 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

The export price in Western Africa stood at $X per ton in 2022, reducing by X% against the previous year. Over the period under review, the export price, however, continues to indicate a strong increase. The pace of growth was the most pronounced 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 declined remarkably in the following year.

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

Refined Coconut Oil Imports

Imports in Western Africa

In 2022, purchases abroad of refined coconut (copra) oil was finally on the rise to reach X tons after five years of decline. Overall, imports, however, saw a abrupt decrease. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. The volume of import peaked at X tons in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, refined coconut oil imports reduced remarkably to $X in 2022. Over the period under review, imports, however, faced a abrupt descent. The pace of growth appeared the most rapid in 2014 when imports increased by X% against the previous year. The level of import peaked at $X in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Burkina Faso represented the key importing country with an import of around X tons, which finished at X% of total imports. It was distantly followed by Senegal (X tons), constituting a X% share of total imports. The following importers - Gambia (X tons), Cabo Verde (X tons) and Saint Helena, Ascension and Tristan da Cunha (X tons) - together made up X% of total imports.

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

In value terms, Senegal ($X), Cabo Verde ($X) and Burkina Faso ($X) appeared to be the countries with the highest levels of imports in 2022, together comprising X% of total imports.

Among the main importing countries, Cabo Verde, with a CAGR of X%, saw the highest growth rate of 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 Western Africa stood at $X per ton in 2022, with a decrease of X% against the previous year. Over the period under review, the import price, however, posted a temperate increase. The most prominent rate of growth was recorded in 2020 when the import price increased by X% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2021, and then contracted remarkably 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 Cabo Verde ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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