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ECOWAS - Refined Palm Oil - Market Analysis, Forecast, Size, Trends and Insights
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View PricingECOWAS: Refined Palm Oil Market 2024
Refined Palm Oil Market Size in ECOWAS
The ECOWAS refined palm oil market amounted to $X in 2023, with an increase of X% against the previous year. In general, consumption posted strong growth. The level of consumption peaked at $X in 2021; however, from 2022 to 2023, consumption remained at a lower figure.
Refined Palm Oil Production in ECOWAS
In value terms, refined palm oil production dropped to $X in 2023 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 when the production volume increased by X% against the previous year. Over the period under review, production reached the peak level at $X in 2017; however, from 2018 to 2023, production stood at a somewhat lower figure.
Refined Palm Oil Exports
Exports in ECOWAS
In 2023, after two years of growth, there was significant decline in shipments abroad of refined palm oil, when their volume decreased by X% to X tons. Total exports indicated mild growth from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2015 with an increase of X%. Over the period under review, the exports attained the peak figure at X tons in 2022, and then reduced dramatically in the following year.
In value terms, refined palm oil exports reduced notably to $X in 2023. In general, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. The level of export peaked at $X in 2022, and then reduced sharply in the following year.
Exports by Country
Cote d'Ivoire (X tons) and Togo (X tons) prevails in exports structure, together committing X% of total exports. Ghana (X tons), Sierra Leone (X tons) and Niger (X tons) took a little share of total exports.
From 2012 to 2023, the biggest increases were recorded for Sierra Leone (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.
In value terms, Cote d'Ivoire ($X) remains the largest refined palm oil supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was held by Togo ($X), with a X% share of total exports. It was followed by Ghana, with a X% share.
From 2012 to 2023, the average annual growth rate of value in Cote d'Ivoire totaled X%. In the other countries, the average annual rates were as follows: Togo (X% per year) and Ghana (X% per year).
Export Prices by Country
The export price in ECOWAS stood at $X per ton in 2023, declining by X% against the previous year. Over the period under review, the export price recorded a slight reduction. The pace of growth appeared the most rapid in 2021 an increase of X%. The level of export peaked at $X per ton in 2022, and then reduced rapidly in the following year.
There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Togo ($X per ton) was amongst the lowest.
From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Sierra Leone (X%), while the other leaders experienced more modest paces of growth.
Refined Palm Oil Imports
Imports in ECOWAS
In 2023, imports of refined palm oil in ECOWAS skyrocketed to X tons, growing by X% compared with the previous year's figure. Overall, imports posted strong growth. The most prominent rate of growth was recorded in 2015 when imports increased by X%. The volume of import peaked in 2023 and is likely to see steady growth in the near future.
In value terms, refined palm oil imports declined modestly to $X in 2023. Over the period under review, imports recorded a resilient increase. The pace of growth was the most pronounced in 2021 with an increase of X%. As a result, imports reached the peak of $X. From 2022 to 2023, the growth of imports remained at a somewhat lower figure.
Imports by Country
In 2023, Togo (X tons), distantly followed by Benin (X tons), Senegal (X tons), Niger (X tons), Nigeria (X tons), Burkina Faso (X tons), Ghana (X tons) and Mali (X tons) represented the main importers of refined palm oil, together committing X% of total imports.
Togo was also the fastest-growing in terms of the refined palm oil imports, with a CAGR of X% from 2012 to 2023. At the same time, Nigeria (X%), Niger (X%), Burkina Faso (X%), Benin (X%), Mali (X%), Ghana (X%) and Senegal (X%) displayed positive paces of growth. While the share of Togo (X p.p.) and Nigeria (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Burkina Faso (X p.p.), Mali (X p.p.), Ghana (X p.p.), Benin (X p.p.) and Senegal (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.
In value terms, the largest refined palm oil importing markets in ECOWAS were Senegal ($X), Benin ($X) and Nigeria ($X), together accounting for X% of total imports. Togo, Ghana, Mali, Niger and Burkina Faso lagged somewhat behind, together accounting for a further X%.
Togo, with a CAGR of X%, saw the highest growth rate of 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 2023, the import price in ECOWAS amounted to $X per ton, which is down by X% against the previous year. Over the period under review, the import price showed a slight reduction. The pace of growth was the most pronounced in 2021 when the import price increased by X%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2023, import prices remained at a lower figure.
There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Senegal ($X per ton), while Togo ($X per ton) was amongst the lowest.
From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Mali (X%), while the other leaders experienced mixed trends in the import price figures.
Source: IndexBox Platform
This report provides an in-depth analysis of the refined palm oil market in ECOWAS. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- Prodcom 10415700 - Refined palm oil and its fractions (excluding chemically modified)
Country coverage:
- Benin
- Burkina Faso
- Cabo Verde
- Cote d'Ivoire
- Gambia
- Ghana
- Guinea
- Guinea-Bissau
- Liberia
- Mali
- Niger
- Nigeria
- Senegal
- Sierra Leone
- Togo
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Production in ECOWAS, split by region and country
- Trade (exports and imports) in ECOWAS
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
-
2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- CONSUMPTION BY COUNTRY
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
- PRODUCTION BY COUNTRY
8. IMPORTS
The Largest Importers on The Market and How They Succeed
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Exporters on The Market and How They Succeed
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
11. COUNTRY PROFILES
The Largest Markets And Their Profiles
This Chapter is Available Only for the Professional Edition PRO- Benin
- Burkina Faso
- Cabo Verde
- Gambia
- Ghana
- Guinea
- Guinea-Bissau
- Liberia
- Mali
- Niger
- Nigeria
- Senegal
- Sierra Leone
- Togo
- Cote d'Ivoire
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LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption, By Country, 2018–2023
- Production, In Physical Terms, By Country, 2012–2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Destination, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Origin, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Consumption, By Country, 2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Production, By Country, 2023
- Production, In Physical Terms, By Country, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, 2012–2023
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