Cottonseed oil and fractions market in ECOWAS

Earlier Report Observations

The cottonseed oil market in ECOWAS began at 94.6 thousand tonnes in 2018. It jumped to 134.8 thousand tonnes in 2019, a rise primarily linked to increased global oilseed production, which enhanced the supply of cottonseed oil. Growth continued to 135.5 thousand tonnes in 2020 as the COVID-19 pandemic boosted demand for cooking oils during lockdowns, raising domestic consumption.

Market volume climbed to 141.2 thousand tonnes in 2021, supported by the strengthening of regional production, with Benin identified as a key African exporter of refined cottonseed oil. A major expansion followed in 2022, with the market reaching 166.6 thousand tonnes, driven by growing worldwide consumer preference for natural and non-genetically modified vegetable oils, which influenced demand within ECOWAS.

In 2023, the market volume fell to 133.8 thousand tonnes. During this period, industry focus remained on sustainable production practices and the development of new product segments like cosmetics utilizing cottonseed oil. For 2024, factors include ongoing government initiatives to support local agricultural production and the entry or consolidation of major international players in the market.

Production cottonseed oil and fractions in ECOWAS

In kind, 2017-2020, K t

Top producers of cottonseed oil and fractions, 2017-2020

World map of production of cottonseed oil and fractions, 2017-2020

In ECOWAS, cottonseed oil and fractions production reached 138.2 thousand tonnes in 2020, marking a controlled year-on-year decline of 4.4%. Over the period from 2017 to 2020, production grew by 8.4%, which translates to an annualized growth rate of 2.7%. The lowest production level was recorded in 2018 at 104.1 thousand tonnes, while the peak occurred in 2019 with 144.6 thousand tonnes. The most significant drop in production was observed in 2018, falling by 18.4%, whereas the largest increase took place in 2019, surging by 38.9%.

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

In value, 2017-2020, M $ US

In 2020, the output value of cottonseed oil and fractions in ECOWAS was 202.6 million US dollars, down by 1.9% compared to 2019. From 2017 to 2020, production value increased by 5%, with a compound annual growth rate of 1.7%. The minimum value was recorded in 2018 at 147.9 million US dollars, while the maximum was in 2019 at 206.5 million US dollars. The largest decline occurred in 2018, dropping by 23.3%, and the most substantial increase was in 2019, rising by 39.6%.

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

Exports cottonseed oil and fractions from ECOWAS

Exports in kind, t

Exports of cottonseed oil and fractions from ECOWAS declined for the third consecutive year. In 2020, export volumes reached 4 501 tonnes, showing a dramatic decrease of 67.2% compared to 2019. Over the period from 2017 to 2020, exports fell by 77.3%, with a compound annual growth rate of -39.0%.

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

From 2017 to 2020, India was the core market for exports in kind, accounting for 0.7% of total flows.

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

Exports of cottonseed oil and fractions from ECOWAS declined for the third consecutive year. In 2020, export value amounted to 6 599 thousand US dollars, indicating a steep decrease of 66.3% from the previous year. Between 2017 and 2020, exports decreased by 78%, equating to an annualized rate of -39.7%.

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

Throughout 2017 to 2020, India held the largest share in exports in value terms, taking 0.6% of total flows.

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

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

Imports cottonseed oil and fractions to ECOWAS

Imports in kind, t

Imports of cottonseed oil and fractions into ECOWAS declined for the second consecutive year. In 2020, import volumes amounted to 1 762 tonnes, showing an abrupt decline of 54.4% from 2019. Over the period from 2017 to 2020, imports decreased by 74.9%, with a compound annual growth rate of -36.9%. The highest import level was recorded in 2018 at 8 903 tonnes. The largest decline occurred in 2019, falling by 56.6%, while the most significant increase was in 2018, rising by 26.7%.

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

From 2017 to 2020, Malaysia (with 11.5% of imports in kind), Indonesia (9.5%), and Singapore (7.5%) were among the largest suppliers of cottonseed oil and fractions to ECOWAS. However, even combined, they represented only 28.5% of total imports in kind, indicating a broadly diversified partner base.

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

Cross-border shipments of cottonseed oil and fractions into ECOWAS declined for the third consecutive year. In 2020, import value came to 2 474 thousand US dollars, indicating a significant decline of 15.5% compared to 2019. Between 2017 and 2020, imports decreased by 78%, equating to an annualized rate of -39.7%.

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

From 2017 to 2020, the partner landscape for imports in value terms was wide. Malaysia (5.9% of imports in value terms), Indonesia (5.0%), and Bosnia and Herzegovina (4.6%) together formed only 15.5% of total flows, with a substantial 84.5% supplied by many other countries.

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

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