ECOWAS: Crude Rapeseed Oil Market 2024

Crude Rapeseed Oil Market Size in ECOWAS

After two years of growth, the ECOWAS crude rapeseed oil market decreased by X% to $X in 2022. The total consumption indicated moderate 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 2018 indices. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Crude Rapeseed Oil Production in ECOWAS

In value terms, crude rapeseed oil production contracted slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 with an increase of X%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Crude Rapeseed Oil Exports

Exports in ECOWAS

In 2022, approx. X tons of crude rape, colza or mustard oil were exported in ECOWAS; picking up by X% on 2021 figures. In general, exports showed a significant increase. The pace of growth was the most pronounced in 2019 when exports increased by X% against the previous year. The volume of export peaked in 2022 and is likely to see steady growth in the immediate term.

In value terms, crude rapeseed oil exports skyrocketed to $X in 2022. Over the period under review, exports saw a significant expansion. The most prominent rate of growth was recorded in 2016 with an increase of X%. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in years to come.

Exports by Country

Ghana represented the main exporter of crude rape, colza or mustard oil in ECOWAS, with the volume of exports recording X tons, which was near X% of total exports in 2022. It was distantly followed by Nigeria (X tons), creating a X% share of total exports.

Exports from Ghana increased at an average annual rate of X% from 2012 to 2022. At the same time, Nigeria (X%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. While the share of Nigeria (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Ghana (X p.p.) displayed negative dynamics.

In value terms, Ghana ($X) remains the largest crude rapeseed oil supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was taken by Nigeria ($X), with a X% share of total exports.

In Ghana, crude rapeseed oil exports increased at an average annual rate of X% over the period from 2012-2022.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, dropping by X% against the previous year. Overall, the export price saw a noticeable curtailment. The most prominent rate of growth was recorded in 2018 an increase of X%. As a result, the export price attained the peak level of $X per ton. From 2019 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Ghana totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (X%).

Crude Rapeseed Oil Imports

Imports in ECOWAS

In 2022, after two years of growth, there was significant decline in purchases abroad of crude rape, colza or mustard oil, when their volume decreased by X% to X tons. Total imports indicated a resilient increase from 2012 to 2022: its volume 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. The pace of growth was the most pronounced in 2018 when imports increased by X%. The volume of import peaked at X tons in 2021, and then dropped notably in the following year.

In value terms, crude rapeseed oil imports totaled $X in 2022. Total imports indicated a buoyant increase 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, imports increased by X% against 2016 indices. The pace of growth was the most pronounced in 2013 when imports increased by X%. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Ghana (X tons), distantly followed by Senegal (X tons), Benin (X tons), Mali (X tons) and Togo (X tons) represented the main importers of crude rape, colza or mustard oil, together generating X% of total imports. The following importers - Nigeria (X tons) and Cabo Verde (X tons) - each resulted at a X% share of total imports.

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

In value terms, Ghana ($X) constitutes the largest market for imported crude rape, colza or mustard oil in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Mali ($X), with a X% share of total imports. It was followed by Senegal, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Ghana totaled X%. The remaining importing countries recorded the following average annual rates of imports growth: Mali (X% per year) and Senegal (X% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, growing by X% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the import price increased by X%. Over the period under review, import prices attained the maximum at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

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 ($X per ton), while Benin ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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