Western Africa: Soybean Oil Market 2024

Soybean Oil Market Size in Western Africa

After five years of growth, the West African soybean oil market decreased by X% to $X in 2023. Over the period under review, consumption, however, enjoyed a resilient expansion. The level of consumption peaked at $X in 2022, and then contracted modestly in the following year.

Soybean Oil Production in Western Africa

In value terms, soybean oil production reached $X in 2023 estimated in export price. The total production indicated a strong increase from 2012 to 2023: its value 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, production decreased by X% against 2019 indices. The pace of growth was the most pronounced in 2013 with an increase of X%. The level of production peaked at $X in 2019; however, from 2020 to 2023, production remained at a lower figure.

Soybean Oil Exports

Exports in Western Africa

For the fourth consecutive year, Western Africa recorded growth in shipments abroad of soybean oil, which increased by X% to X tons in 2023. In general, exports continue to indicate a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, soybean oil exports soared to $X in 2023. Over the period under review, exports showed a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2023, Togo (X tons) was the main exporter of soybean oil, constituting X% of total exports. It was distantly followed by Benin (X tons), comprising a X% share of total exports. Senegal (X tons) took a little share of total exports.

Togo was also the fastest-growing in terms of the soybean oil exports, with a CAGR of X% from 2012 to 2023. At the same time, Benin (X%) displayed positive paces of growth. By contrast, Senegal (X%) illustrated a downward trend over the same period. Togo (X p.p.) and Benin (X p.p.) significantly strengthened its position in terms of the total exports, while Senegal saw its share reduced by X% from 2012 to 2023, respectively.

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

In Togo, soybean 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: Benin (X% per year) and Senegal (X% per year).

Export Prices by Country

In 2023, the export price in Western Africa amounted to $X per ton, falling by X% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 an increase of X% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2022, and then dropped dramatically in the following year.

Average prices varied somewhat amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Senegal ($X per ton), while Benin ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Senegal (X%), while the other leaders experienced a decline in the export price figures.

Soybean Oil Imports

Imports in Western Africa

In 2023, after three years of growth, there was significant decline in overseas purchases of soybean oil, when their volume decreased by X% to X tons. In general, imports, however, recorded buoyant growth. The pace of growth appeared the most rapid in 2020 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at X tons in 2022, and then fell in the following year.

In value terms, soybean oil imports expanded remarkably to $X in 2023. Overall, imports, however, posted a buoyant increase. The pace of growth appeared the most rapid in 2020 when imports increased by X% against the previous year. The level of import peaked in 2023 and is likely to see steady growth in the near future.

Imports by Country

In 2023, Mauritania (X tons) was the main importer of soybean oil, achieving X% of total imports. It was distantly followed by Senegal (X tons) and Nigeria (X tons), together constituting a X% share of total imports. Cabo Verde (X tons), Guinea-Bissau (X tons) and Ghana (X tons) took a relatively small share of total imports.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Nigeria (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Mauritania ($X), Nigeria ($X) and Senegal ($X) constituted the countries with the highest levels of imports in 2023, together comprising X% of total imports.

Nigeria, with a CAGR of X%, saw the highest growth rate of the value of imports, among 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

The import price in Western Africa stood at $X per ton in 2023, jumping by X% against the previous year. Import price indicated mild growth from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, soybean oil import price increased by X% against 2019 indices. The pace of growth appeared the most rapid in 2021 when the import price increased by X%. The level of import peaked in 2023 and is expected to retain growth in years to come.

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

From 2012 to 2023, 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.

Source: IndexBox Platform