Groundnut oil and fractions market in ECOWAS

Earlier Report Observations

The groundnut oil market in ECOWAS contracted between 2018 and 2020, with volume falling from 884 thousand tons to 832 thousand tons. This decline coincided with a sharp drop in production, which decreased by nearly 10% in 2020. Simultaneously, exports from the region plummeted from a high of 63 thousand tons in 2019 to just 11 thousand tons in 2020, while imports also fell to minimal levels.

A sustained recovery began in 2021, driven by a rebound in production to 895 thousand tons, which lifted market volume to 878 thousand tons. Growth continued in 2022 as production reached 939 thousand tons and the market expanded to 920 thousand tons. The region's reliance on imports diminished further, falling below 1 thousand tons annually from 2021 onward.

By 2023, the market stabilized at 926 thousand tons, with production holding steady at 940 thousand tons. The overall period from 2018 to 2023 concluded with market volume exceeding its starting point, reflecting a production-led recovery despite significantly reduced trade flows into and out of the region.

Production groundnut oil and fractions in ECOWAS

In kind, 2017-2020, K t

Top producers of groundnut oil and fractions, 2017-2020

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

After two years of growth, groundnut oil and fractions production in ECOWAS declined. In 2020, ECOWAS produced 842.5 K t of groundnut oil and fractions, which is 9.8% lower than the previous year. Production increased by 5% between 2017 and 2020, equating to an annualized growth rate of 1.6%. The highest production level was recorded in 2019 at 933.7 K t, with the largest annual increase occurring in 2018 at 14.3%.

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

Exports groundnut oil and fractions from ECOWAS

Exports in kind, t

The market showed significant volatility during this period. Export volumes reached their lowest point in 2020 and peaked in 2019, with a 5.5-fold difference between these years. In 2020, ECOWAS exported 11 415 t of groundnut oil and fractions, representing a sharp decline of 82.0% compared to 2019. The maximum export volume was recorded in 2019 at 63 249 t, while the largest annual increase occurred in 2018 at 103.3%.

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

From 2017 to 2020, the largest buyers of groundnut oil and fractions from ECOWAS were China (35.3% of exports in kind), the Netherlands (15.1% of exports in kind), and Italy (14.7% of exports in kind). Together, these three countries accounted for 65.1% of total exports in kind.

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

Market performance showed noticeable fluctuations during this period. Export values varied 4.7 times from their low in 2020 to their high in 2019. In 2020, ECOWAS exported 15 076 K $ US of groundnut oil and fractions, showing a reduction of 78.8% compared to the previous year. The maximum value was recorded in 2019 at 71 025 K $ US, with the largest annual increase occurring in 2019 at 60.5%.

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

From 2017 to 2020, the main markets for exports in value terms were China (34.4% of exports in value terms), the Netherlands (16.4% of exports in value terms), and Italy (15.8% of exports in value terms). Together, these three countries formed 66.7% of total export flows in value terms.

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

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

Imports groundnut oil and fractions to ECOWAS

Imports in kind, t

ECOWAS's imports of groundnut oil and fractions declined for the third consecutive year. In 2020, imports were recorded at 1 157 t, which is 13.6% lower than in 2019. Over the period from 2017 to 2020, imports decreased by 94.2%, with a compound annual growth rate of -61.2%.

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

From 2017 to 2020, the main suppliers of groundnut oil and fractions to ECOWAS were Malaysia (40.0% of imports in kind), Indonesia (20.7% of imports in kind), and Singapore (5.9% of imports in kind). Together, these three countries comprised 66.5% of total imports in kind.

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

The data reveals irregular changes, indicating a volatile market environment. Import values fell to their lowest point in 2019 and hit their maximum in 2017, with a fluctuation of 19 times between these years. In 2020, ECOWAS's imports of groundnut oil and fractions amounted to 525 K $ US, marking a slight gain of 0.9% compared to 2019. The minimum value was recorded in 2019 at 520 K $ US, while the largest annual decline occurred in 2019 at 88.0%.

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

From 2017 to 2020, the main markets for imports in value terms were Malaysia (39.9% of imports in value terms), Indonesia (20.4% of imports in value terms), and Singapore (5.6% of imports in value terms). Together, these three countries accounted for 65.9% of total import flows in value terms.

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

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