Western Africa: Linseed Oil Market 2024

Linseed Oil Market Size in Western Africa

The West African linseed oil market rose sharply to $X in 2023, with an increase of X% against the previous year. Over the period under review, consumption, however, recorded a deep setback. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2023, consumption stood at a somewhat lower figure.

Linseed Oil Production in Western Africa

In value terms, linseed oil production reached $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2023; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2022 to 2023, production growth failed to regain momentum.

Linseed Oil Exports

Exports in Western Africa

In 2023, overseas shipments of linseed oil increased by X% to X tons for the first time since 2019, thus ending a three-year declining trend. Over the period under review, exports, however, saw a abrupt descent. The most prominent rate of growth was recorded in 2013 with an increase of X%. As a result, the exports attained the peak of X tons. From 2014 to 2023, the growth of the exports failed to regain momentum.

In value terms, linseed oil exports surged to $X in 2023. Overall, exports, however, recorded a abrupt contraction. The pace of growth was the most pronounced in 2018 with an increase of X%. Over the period under review, the exports attained the maximum at $X in 2013; however, from 2014 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

Sierra Leone represented the main exporting country with an export of about X tons, which accounted for X% of total exports. Gambia (X tons) took the second position in the ranking, distantly followed by Mali (X tons). All these countries together took near X% share of total exports.

Sierra Leone was also the fastest-growing in terms of the linseed oil exports, with a CAGR of X% from 2012 to 2023. Mali (X%) and Gambia (X%) illustrated a downward trend over the same period. Sierra Leone (X p.p.) and Mali (X p.p.) significantly strengthened its position in terms of the total exports, while Gambia saw its share reduced by X% from 2012 to 2023, respectively.

In value terms, Sierra Leone ($X) remains the largest linseed oil supplier in Western Africa, comprising X% of total exports. The second position in the ranking was taken by Gambia ($X), with a X% share of total exports.

In Sierra Leone, linseed oil exports increased at an average annual rate of X% over the period from 2012-2023. The remaining exporting countries recorded the following average annual rates of exports growth: Gambia (X% per year) and Mali (X% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2023, approximately mirroring the previous year. Over the period under review, the export price saw a perceptible contraction. The pace of growth was the most pronounced in 2016 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. From 2017 to 2023, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Sierra Leone ($X per ton), while Gambia ($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 a decline in the export price figures.

Linseed Oil Imports

Imports in Western Africa

In 2023, after three years of decline, there was significant growth in overseas purchases of linseed oil, when their volume increased by X% to X tons. In general, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when imports increased by X% against the previous year. The volume of import peaked at X tons in 2014; however, from 2015 to 2023, imports failed to regain momentum.

In value terms, linseed oil imports rose markedly to $X in 2023. Overall, imports, however, saw a mild downturn. The most prominent rate of growth was recorded in 2019 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2023, imports remained at a lower figure.

Imports by Country

In 2023, Gambia (X tons) was the main importer of linseed oil, making up X% of total imports. It was distantly followed by Nigeria (X tons), achieving a X% share of total imports.

Gambia experienced a relatively flat trend pattern with regard to volume of imports of linseed oil. At the same time, Nigeria (X%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing importer imported in Western Africa, with a CAGR of X% from 2012-2023. Nigeria (X p.p.) and Gambia (X p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Gambia ($X) constitutes the largest market for imported linseed oil in Western Africa, comprising X% of total imports. The second position in the ranking was taken by Nigeria ($X), with a X% share of total imports.

From 2012 to 2023, the average annual rate of growth in terms of value in Gambia was relatively modest.

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2023, waning by X% against the previous year. Over the period under review, the import price showed a mild setback. The most prominent rate of growth was recorded in 2014 an increase of X%. Over the period under review, import prices reached the maximum at $X per ton in 2017; however, from 2018 to 2023, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Gambia ($X per ton), while Nigeria totaled $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Gambia (X%).

Source: IndexBox Platform