Oil seeds and oleaginous fruits market in Western Africa

Earlier Report Observations

The market for oil seeds and oleaginous fruits in Western Africa began a steady expansion from 656 thousand tons in 2018. This growth was supported by a regional shift in agricultural exports away from cocoa towards oil seeds, enhancing their market position. A significant surge in local soybean production, exemplified by rapid growth in countries like Togo, provided a major boost to overall supply and market volume by 2020.

The market's upward trajectory continued, reaching 783 thousand tons by 2022. Excellent rainfall in 2021 led to bumper harvests of soybeans and sesame, while the reopening of the SONACOS processing plant in Ziguinchor added industrial capacity. Furthermore, the establishment of West Africa's first commodities exchange in Abidjan in 2022 improved trading transparency and market efficiency, facilitating further growth.

In 2023, the market volume contracted to 718 thousand tons. This decline was influenced by international conflicts, including the war in Ukraine, which disrupted global oilseed supply chains and affected regional trade flows. Concurrently, heightened global demand, particularly from China, exerted pressure on prices and availability, contributing to the market adjustment in West Africa.

Production oil seeds and oleaginous fruits in Western Africa

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

Western Africa's production of oil seeds and oleaginous fruits declined after two years of growth. In 2020, the region produced 903.8 K t, marking a 6.2% decrease from the previous year. Looking at the period from 2017 to 2020, production increased by 23.8%, which translates to an average annual growth rate of 7.4%. The peak was reached in 2019 with 963.0 K t, and the largest year-on-year increase occurred in 2018 at 17.0%.

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

Exports oil seeds and oleaginous fruits from Western Africa

Exports in kind, K t

In 2020, Western Africa's exports of oil seeds and oleaginous fruits totaled 200.2 K t, showing a sharp decline of 32.0% compared to the previous year. Over the 2017-2020 period, exports decreased by 34.1%, with a compound annual growth rate of -13.0%. The most significant drop was in 2018 at 33.8%, while the largest increase was recorded in 2019 at 46.4%.

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

From 2017 to 2020, Denmark, India, and Sweden remained the top buyers of oil seeds and oleaginous fruits from Western Africa. 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 Western Africa in kind, 2017-2020

Exports in value, M $ US

After two years of growth, exports of oil seeds and oleaginous fruits from Western Africa declined. In 2020, exports amounted to 133.8 M $ US, reflecting a 28.3% decrease from the year before. Between 2017 and 2020, exports increased by 97.2%, equating to an average annual growth rate of 25.4%. The highest value was recorded in 2019 at 186.7 M $ US, with the largest increase also occurring in 2019 at 66.0%.

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

During 2017-2020, Denmark, India, and Sweden continued to lead as the main destinations for exports in value terms. Denmark held a 61.9% share, India 10.3%, and Sweden 2.4%. Combined, these three countries accounted for 74.7% of total export flows in value.

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

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

Imports oil seeds and oleaginous fruits to Western Africa

Imports in kind, K t

The market for imports in kind showed noticeable fluctuations over the period. 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 difference between these years. In 2020, imports surged by 618.2% compared to 2019. The largest decline was recorded in 2019 at 45.4%.

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

From 2017 to 2020, Malaysia was the clear leader in the country structure of imports in kind, with a share of 0.8% of total flows.

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

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

Imports in value, M $ US

Imports in value terms exhibited volatility during the observed period. The lowest value was recorded in 2019 at 3.8 M $ US, while the highest occurred in 2020 at 24.0 M $ US, a 6.4-fold increase. In 2020, imports rose by 540.5% from the previous year. The largest decline was in 2019 at 42.4%.

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

Throughout 2017-2020, Malaysia and Turkey formed the primary group of markets for imports in value terms, together accounting for 4.0% of total flows.

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

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