Market research

Palm kernel or babassu oil and fractions market in ECOWAS

$Palm kernel or babassu oil and fractions market in ECOWAS$

Release date: Mar 28, 2026

Submission: 15 minutes after payment

Research period: 2017-2025

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Submission method: to your account

File format: docx, xlsx

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"ECOWAS" region includes following countries:

Benin

Burkina Faso

Gambia

Ghana

Guinea

Guinea-Bissau

Côte d'Ivoire

Cabo Verde

Liberia

Mali

Niger

Nigeria

Senegal

Sierra Leone

Togo

Earlier Report Observations

Production and market volume for palm kernel or babassu oil in ECOWAS grew steadily from 2018 to 2023. This expansion was initially supported by policy measures such as the Central Bank of Nigeria's Oil Palm Development Initiative launched in 2019, which aimed to boost domestic output and reduce import reliance, directly contributing to increased production.

The growth trajectory continued into 2023 and 2024, reinforced by significant industry investments and new capacity. Major player BUA Group signed a deal to construct a large palm oil refinery and fractionation plant, while established companies like Okomu Oil and Presco reported record profitability driven by favorable global prices, further stimulating production. Industry-wide efforts, including the Oil Palm Development Strategy for Nigeria 2024–2029, provided a framework for long-term expansion.

Table of content

1. Disclaimer
2. Terms of use of the report
3. Product codes in the statistical classifications used in the report
4. Key Market Indicators and Trends
1. 4.1. Key Market Indicators
  1. 4.1.1. In kind
    1. 4.1.1.1. Production, 2018-2023
    2. 4.1.1.2. Imports, 2018-2024
    3. 4.1.1.3. Exports, 2018-2024
    4. 4.1.1.4. Market size, 2018-2023
2. 4.2. Market Trends and Factors
5. Production
1. 5.1. Production in ECOWAS
  1. 5.1.1. Annual dynamics of production in ECOWAS in kind, 2018-2023, K t
2. 5.2. Global production by Country, 2018-2023
  1. 5.2.1. Annual dynamics of production by macroregions in kind, 2018-2023, K t
  2. 5.2.2. Dynamics of production structure by macroregions in kind, 2018-2023
  3. 5.2.3. Annual dynamics of production by country in kind, 2018-2023, K t
  4. 5.2.4. Structure of production by countries in kind, 2018-2023
  5. 5.2.5. Dynamics of peoduction structure by countries in kind, 2018-2023
6. Imports
1. 6.1. Imports (Direct Data*)
  1. 6.1.1. Imports - Total information
  2. 6.1.2. Imports in kind, t
    1. 6.1.2.1. Annual dynamics of product's imports to Benin in kind, 2018-2024, t
    2. 6.1.2.2. Dynamics of product's imports in kind to Benin by countries, 2018-2024, t
    3. 6.1.2.3. Structure of product's imports in kind by countries, 2018-2024
  3. 6.1.3. Imports in value, K $ US
    1. 6.1.3.1. Annual dynamics of product's imports to Benin in value, 2018-2024, K $ US
    2. 6.1.3.2. Dynamics of product's imports in value to Benin by countries, 2018-2024, K $ US
    3. 6.1.3.3. Structure of product's imports in value by countries, 2018-2024
  4. 6.1.4. Average price of product's imports, $ US/t
    1. 6.1.4.1. Annual dynamics of average price of product's imports to Benin, 2018-2024, $ US/t
    2. 6.1.4.2. Dynamics of average price of product's imports to Benin by countries, 2018-2024, $ US/t
2. 6.2. Imports (Mirror Data)
  1. 6.2.1. Imports - Total information
  2. 6.2.2. Imports in kind, t
    1. 6.2.2.1. Annual dynamics of product's imports to Benin in kind, 2018-2024, t
    2. 6.2.2.2. Dynamics of product's imports in kind to Benin by countries, 2018-2024, t
    3. 6.2.2.3. Structure of product's imports in kind by countries, 2018-2024
  3. 6.2.3. Imports in value, K $ US
    1. 6.2.3.1. Annual dynamics of product's imports to Benin in value, 2018-2024, K $ US
    2. 6.2.3.2. Dynamics of product's imports in value to Benin by countries, 2018-2024, K $ US
    3. 6.2.3.3. Structure of product's imports in value by countries, 2018-2024
  4. 6.2.4. Average price of product's imports, $ US/t
    1. 6.2.4.1. Annual dynamics of average price of product's imports to Benin, 2018-2024, $ US/t
    2. 6.2.4.2. Dynamics of average price of product's imports to Benin by countries, 2018-2024, $ US/t
7. Exports
1. 7.1. Exports (Direct Data*)
  1. 7.1.1. Exports - Total information
  2. 7.1.2. Exports in kind, t
    1. 7.1.2.1. Annual dynamics of product's exports from Benin in kind, 2018-2024, t
    2. 7.1.2.2. Dynamics of product's exports in kind from Benin by countries, 2018-2024, t
    3. 7.1.2.3. Structure of product's exports in kind by countries, 2018-2024
  3. 7.1.3. Exports in value, K $ US
    1. 7.1.3.1. Annual dynamics of product's exports from Benin in value, 2018-2024, K $ US
    2. 7.1.3.2. Dynamics of product's exports in value from Benin by countries, 2018-2024, K $ US
    3. 7.1.3.3. Structure of product's exports in value by countries, 2018-2024
  4. 7.1.4. Average price of product's exports, $ US/t
    1. 7.1.4.1. Annual dynamics of average price of product's exports from Benin, 2018-2024, $ US/t
    2. 7.1.4.2. Dynamics of average price of product's exports from Benin by countries, 2018-2024, $ US/t
2. 7.2. Exports (Mirror Data)
  1. 7.2.1. Exports - Total information
  2. 7.2.2. Exports in kind, t
    1. 7.2.2.1. Annual dynamics of product's exports from Benin in kind, 2018-2024, t
    2. 7.2.2.2. Dynamics of product's exports in kind from Benin by countries, 2018-2024, t
    3. 7.2.2.3. Structure of product's exports in kind by countries, 2018-2024
  3. 7.2.3. Exports in value, K $ US
    1. 7.2.3.1. Annual dynamics of product's exports from Benin in value, 2018-2024, K $ US
    2. 7.2.3.2. Dynamics of product's exports in value from Benin by countries, 2018-2024, K $ US
    3. 7.2.3.3. Structure of product's exports in value by countries, 2018-2024
  4. 7.2.4. Average price of product's exports, $ US/t
    1. 7.2.4.1. Annual dynamics of average price of product's exports from Benin, 2018-2024, $ US/t
    2. 7.2.4.2. Dynamics of average price of product's exports from Benin by countries, 2018-2024, $ US/t
8. Trade balance
1. 8.1. Trade balance (Direct Data)
  1. 8.1.1. In kind, t
  2. 8.1.2. In value, K $ US
2. 8.2. Trade balance (Mirror Data)
  1. 8.2.1. In kind, t
  2. 8.2.2. In value, K $ US
9. Top buying and selling countries, 2018-2024
1. 9.1. Direct Data
  1. 9.1.1. Import in Value by Countries-buyers
  2. 9.1.2. Export in Value by Countries-suppliers
2. 9.2. Mirror Data
  1. 9.2.1. Import in Value by Countries-buyers
  2. 9.2.2. Export in Value by Countries-suppliers

Production palm kernel or babassu oil and fractions in ECOWAS

In kind, 2017-2020, K t

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

Source: SHEV.io

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

Source: SHEV.io

Palm kernel or babassu oil and fractions production in ECOWAS has increased for the third consecutive year. In 2020, production reached 311.0 K t, showing no significant change compared to 2019. Over the period from 2017 to 2020, production grew by 13.2%, with a compound annual growth rate of 4.2%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	6.6%	5.8%	0.4%	4.2%

Source: SHEV.io

In value, 2017-2020, M $ US

In 2020, the output of palm kernel or babassu oil and fractions in ECOWAS was valued at 248.7 M $ US, showing minimal change from the previous year. Between 2017 and 2020, production value decreased by 20.7%, equating to an annualized rate of 7.4%. The lowest value was recorded in 2018 at 237.5 M $ US. The largest decline occurred in 2018, with a drop of 24.3%, while the largest increase was in 2019, at 5.1%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	(24.3%)	5.1%	(0.3%)	(7.4%)

Source: SHEV.io

Exports palm kernel or babassu oil and fractions from ECOWAS

Exports in kind, t

Palm kernel or babassu oil and fractions shipments from ECOWAS to abroad declined for the second consecutive year. In 2020, exports totaled 17 381 t, which is 7.3% lower than in 2019. Between 2017 and 2020, exports decreased by 31.2%, equating to an annualized rate of 11.7%. The highest export volume was recorded in 2018 at 27 748 t. The largest decline occurred in 2019, with a drop of 32.5%, while the largest increase was in 2018, at 9.8%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	9.8%	(32.5%)	(7.3%)	(11.7%)

Source: SHEV.io

From 2017 to 2020, the leading destinations for exports in kind of palm kernel or babassu oil and fractions from ECOWAS were the Netherlands, accounting for 28.4% of exports, Italy with 19.8%, and Spain with 8.8%. Together, these three countries represented 57.0% of total export flows.

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

Source: SHEV.io

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

Source: SHEV.io

Exports in value, K $ US

ECOWAS's palm kernel or babassu oil and fractions export volume declined for the third consecutive year. In 2020, exports came to 13 899 K $ US, marking an 8.0% decrease compared to 2019. Over the period from 2017 to 2020, exports decreased by 51.8%, with a compound annual growth rate of 21.6%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	(22.0%)	(32.9%)	(8.0%)	(21.6%)

Source: SHEV.io

From 2017 to 2020, the Netherlands, Italy, and Spain were the top buyers of palm kernel or babassu oil and fractions from ECOWAS in value terms. The Netherlands accounted for 35.7% of exports, Italy for 17.5%, and Spain for 9.3%. Their combined share reached 62.5% of total export value.

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

Source: SHEV.io

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

Source: SHEV.io

Imports palm kernel or babassu oil and fractions to ECOWAS

Imports in kind, t

In 2020, ECOWAS imported 3 114 t of palm kernel or babassu oil and fractions, indicating a sharp decrease of 52.6% compared to 2019. Over the period from 2017 to 2020, imports decreased by 44.9%, with a compound annual growth rate of 18.0%. The highest import volume was recorded in 2019 at 6 564 t. The largest increase occurred in 2019, with a rise of 33.7%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	(13.2%)	33.7%	(52.6%)	(18.0%)

Source: SHEV.io

From 2017 to 2020, three principal markets—Malaysia, Indonesia, and Algeria—together accounted for 64.5% of total imports in kind of palm kernel or babassu oil and fractions to ECOWAS.

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

Source: SHEV.io

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

Source: SHEV.io

Imports in value, K $ US

In 2020, imported palm kernel or babassu oil and fractions volumes in ECOWAS were recorded at 2 665 K $ US, down by 51.2% from the previous year. Between 2017 and 2020, imports decreased by 60.5%, equating to an annualized rate of 26.6%. The largest increase was recorded in 2019, at 6.3%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	(23.9%)	6.3%	(51.2%)	(26.6%)

Source: SHEV.io

From 2017 to 2020, Malaysia, Indonesia, and Gabon stood out as the main markets for imports in value terms. Malaysia accounted for 54.1% of imports, Indonesia for 11.5%, and Gabon for 2.5%. Together, they represented 68.0% of total import flows.

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

Source: SHEV.io

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

Source: SHEV.io