Coconut, palm kernel or babassu oil and fractions market in ECOWAS

Earlier Report Observations

The market volume for coconut, palm kernel or babassu oil and fractions in ECOWAS grew from 309 thousand tons in 2018 to 364 thousand tons in 2023, with notable increases in 2019 and 2023. In value terms, the market expanded sharply from $300 million in 2019 to $550 million in 2022, before moderating to $487 million in 2023.

Global regulatory and competitive developments analyzed in 2020, including expansions, agreements, and new product launches, likely influenced company strategies and investment in the region. By 2022, the industry's ability to substitute these oils with other vegetable oils began affecting consumer demand patterns, yet the overall market volume maintained its upward trajectory.

Development prospects for the palm and palm kernel oil industry highlighted by 2024, with dominant firms and their competitive strategies, reflect the ongoing strategic activity and dynamism within the ECOWAS market.

Production coconut, palm kernel or babassu oil and fractions in ECOWAS

In kind, 2017-2020, K t

Top producers of coconut, palm kernel or babassu oil and fractions, 2017-2020

World map of production of coconut, palm kernel or babassu oil and fractions, 2017-2020

In ECOWAS, production of coconut, palm kernel, or babassu oil and fractions reached 353.5 thousand tonnes in 2020, remaining nearly unchanged from 2019. Over the period from 2017 to 2020, production grew by 11%, which translates to an average annual increase of 3.6%. The most significant growth occurred in 2018, with a rise of 5.8%.

Annual dynamics of production in ECOWAS in kind, 2017-2020, K t

In value, 2017-2020, M $ US

Following a two-year decline, production of coconut, palm kernel, or babassu oil and fractions in ECOWAS rebounded. In 2020, the output was valued at 347.3 million US dollars, marking a 9.4% increase compared to the previous year. However, from 2017 to 2020, overall production decreased by 11.1%, averaging an annual decline of 3.8%. The lowest value was recorded in 2019 at 317.4 million US dollars, with the sharpest drop occurring in 2018 at 16.6%.

Annual dynamics of production in ECOWAS in value, 2017-2020, M $ US

Exports coconut, palm kernel or babassu oil and fractions from ECOWAS

Exports in kind, t

In 2020, export volumes of coconut, palm kernel, or babassu oil and fractions from ECOWAS totaled 26,950 tonnes, showing a moderate increase of 3.3% compared to 2019. Over the 2017-2020 period, exports fell by 15.3%, with a compound annual growth rate of -5.4%. The lowest volume was in 2019 at 26,085 tonnes, while the peak was in 2018 at 33,321 tonnes. The largest decline occurred in 2019 with a 21.7% drop, whereas the biggest increase was in 2018 at 4.8%.

Annual dynamics of product's exports from ECOWAS in kind, 2017-2020, t

From 2017 to 2020, the export destinations for coconut, palm kernel, or babassu oil and fractions from ECOWAS were quite diverse. The Netherlands accounted for 21.7% of exports in kind, Italy for 13.9%, and Spain for 10.3%. Together, these three countries made up 45.9% of total flows, with no single partner emerging as clearly dominant.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from ECOWAS in kind, 2017-2020

Exports in value, K $ US

After a two-year downturn, exports of coconut, palm kernel, or babassu oil and fractions from ECOWAS saw an uptick. In 2020, export value amounted to 26,482 thousand US dollars, representing a solid 13.0% increase compared to 2019. However, from 2017 to 2020, exports decreased by 32.2%, averaging an annual decline of 12.1%. The lowest value was recorded in 2019 at 23,435 thousand US dollars, with the most significant drop also occurring that year at 27.2%.

Annual dynamics of product's exports from ECOWAS in value, 2017-2020, K $ US

Between 2017 and 2020, the Netherlands, Italy, and Spain were the top buyers of coconut, palm kernel, or babassu oil and fractions from ECOWAS in value terms. The Netherlands led with 26.0% of exports, followed by Italy at 12.4% and Spain at 10.2%. Their combined share was 48.6% of total export value, indicating a diversified market structure.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from ECOWAS in value, 2017-2020

Imports coconut, palm kernel or babassu oil and fractions to ECOWAS

Imports in kind, t

The data shows irregular fluctuations, pointing to a volatile market environment. Import volumes of coconut, palm kernel, or babassu oil and fractions into ECOWAS peaked in 2017 and hit their lowest point in 2020, with a 3.5-fold difference between these years. In 2020, imports reached 3,365 tonnes, reflecting a sharp contraction of 53.2% compared to the previous year. The largest increase was recorded in 2019 at 26.5%.

Annual dynamics of product's imports to ECOWAS in kind, 2017-2020, t

From 2017 to 2020, Malaysia, Singapore, and Indonesia were the primary sources for imports of coconut, palm kernel, or babassu oil and fractions into ECOWAS in kind. Malaysia accounted for 31.1% of imports, Singapore for 12.2%, and Indonesia for 11.2%. Together, they made up 54.5% of total import volumes.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to ECOWAS in kind, 2017-2020

Imports in value, K $ US

In 2020, import value of coconut, palm kernel, or babassu oil and fractions into ECOWAS totaled 3,277 thousand US dollars, corresponding to a decline of 46.6% versus the previous year. Over the 2017-2020 period, imports decreased by 66.6%, averaging an annual drop of 30.6%. The largest increase was in 2019 at 1.4%.

Annual dynamics of product's imports to ECOWAS in value, 2017-2020, K $ US

Throughout 2017-2020, Malaysia, Indonesia, and Singapore remained the key markets for imports in value terms. Together, they accounted for 63.6% of total import flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to ECOWAS in value, 2017-2020