Oil seeds and oleaginous fruits market in ECOWAS

Earlier Report Observations

Between 2018 and 2023, the oil seeds and oleaginous fruits market in ECOWAS showed notable movements, with overall market volume increasing from 656.0 thousand tons to 718.3 thousand tons. The market reached its highest point in 2022 at 782.9 thousand tons, supported by rising production, which grew from 854.4 thousand tons in 2018 to 953.6 thousand tons in 2023.

The market expansion in 2020 and 2022 was driven by several factors. The COVID-19 pandemic bolstered global demand for oilseeds, keeping exports strong. In 2022, key developments included the introduction of advanced biotech traits, such as nematode-resistant soybeans from collaborations between major companies like Corteva and BASF, which enhanced seed value and encouraged cultivation. Simultaneously, companies like Cargill and Bayer invested in new processing and seed production facilities, expanding overall capacity. New market participants, such as Sucden's trading division, entered the scene, while regulatory approvals for innovative traits and a reported 9% increase in cultivation area between 2017 and 2022 further stimulated production and market growth.

In 2023, market volume declined to 718.3 thousand tons. This contraction coincided with a sharp drop in imports to 0.8 thousand tons and a rise in exports to 236.1 thousand tons, even as production edged up to 953.6 thousand tons.

Production oil seeds and oleaginous fruits in ECOWAS

In kind, 2017-2020, K t

Top producers of oil seeds and oleaginous fruits, 2017-2020

World map of production of oil seeds and oleaginous fruits, 2017-2020

ECOWAS's production of oil seeds and oleaginous fruits declined after two consecutive years of growth. In 2020, the region produced 903.8 K t, representing a modest decrease of 6.2% compared to 2019. Over the 2017-2020 period, production grew by 23.8%, with an average annual growth rate of 7.4%. The highest production level was recorded in 2019 at 963.0 K t, while the largest year-on-year increase occurred in 2018 at 17.0%.

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

Exports oil seeds and oleaginous fruits from ECOWAS

Exports in kind, K t

In 2020, ECOWAS exported 200.2 K t of oil seeds and oleaginous fruits, marking a significant decline of 32.0% compared to the previous year. Between 2017 and 2020, exports decreased by 34.1%, which translates to an average annual decline of 13.0%. The largest drop occurred in 2018 at 33.8%, while the most substantial increase was recorded in 2019 at 46.4%.

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

From 2017 to 2020, Denmark, India, and Sweden were the primary destinations for ECOWAS's oil seeds and oleaginous fruits exports. Denmark accounted for 61.0% of exports in kind, India for 8.6%, and Sweden for 1.7%. Together, these three countries represented 71.2% of total exports in kind during this period.

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, M $ US

After two years of growth, ECOWAS's exports of oil seeds and oleaginous fruits in value terms declined. In 2020, exports amounted to 133.8 M $ US, showing a sharp drop of 28.3% compared to 2019. Over the 2017-2020 period, exports increased by 97.2%, with an average annual growth rate of 25.4%. The peak value was recorded in 2019 at 186.7 M $ US, while the largest year-on-year increase also occurred in 2019 at 66.0%.

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

Between 2017 and 2020, Denmark, India, and Sweden dominated the value structure of ECOWAS's oil seeds and oleaginous fruits exports. Denmark accounted for 61.9% of exports in value terms, India for 10.3%, and Sweden for 2.4%. Collectively, these three countries represented 74.7% of total export 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 oil seeds and oleaginous fruits to ECOWAS

Imports in kind, K t

The import market for oil seeds and oleaginous fruits in ECOWAS showed considerable volatility during these years. Imports reached their lowest point in 2019 at 1.4 K t and peaked in 2020 at 10.1 K t, representing a 7.2-fold increase between these two years. In 2020, imports surged by 618.2% year-on-year. The largest decline was recorded in 2019 at 45.4%.

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

From 2017 to 2020, Malaysia was the central source for ECOWAS's imports of oil seeds and oleaginous fruits in kind, accounting for 0.8% of total import flows.

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, M $ US

The import market in value terms exhibited significant volatility during this period. Imports dropped to their lowest level in 2019 at 3.8 M $ US and peaked in 2020 at 24.0 M $ US, representing a 6.4-fold increase between these years. In 2020, imports showed a dramatic rise of 540.5% compared to the previous year. The largest decline was recorded in 2019 at 42.4%.

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

Over the 2017-2020 period, Malaysia and Turkey consistently represented the largest share of ECOWAS's imports of oil seeds and oleaginous fruits in value terms, together accounting for 4.0% 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