Market research

Soybean oil and fractions market in ECOWAS

$Soybean oil and fractions market in ECOWAS$

Release date: Mar 28, 2026

Submission: 15 minutes after payment

Research period: 2017-2025

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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

The market for non-chemically modified soybean oil in the ECOWAS region expanded rapidly from 125 thousand tonnes in 2018 to a peak of 254 thousand tonnes in 2020, driven by a substantial rise in domestic production. After this high, market volume receded to 227 thousand tonnes in 2021.

Between 2022 and 2023, the market stabilized within a range of 220 to 234 thousand tonnes. This period was characterized by a growing consumer preference for non-GMO and healthier vegetable oils, which supported underlying demand. Regulatory changes, including stricter traceability and labeling requirements for non-GMO products, began to influence regional trade patterns. Furthermore, new players entered the market, investing in production capacity aligned with non-GMO and organic standards.

The trends of rising non-GMO demand, regulatory evolution, and new market entry continued to shape the market landscape into 2024.

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 soybean oil and fractions in ECOWAS

In kind, 2017-2020, K t

Top producers of soybean oil and fractions, 2017-2020

Source: SHEV.io

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

Source: SHEV.io

Soybean oil and fractions production in ECOWAS has increased for the third consecutive year. In 2020, production reached 161.8 thousand tonnes, representing a 13.1% year-on-year rise. Over the period from 2017 to 2020, production grew by 81.7%, with a compound annual growth rate of 22.0%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	10.4%	45.6%	13.1%	22.0%

Source: SHEV.io

Exports soybean oil and fractions from ECOWAS

Exports in kind, t

The market exhibited volatility during the observed period. The minimum export volume was recorded in 2019 at 141 tonnes, while the maximum occurred in 2018 at 7 762 tonnes, representing a 55-fold difference. In 2020, ECOWAS exported 199 tonnes of soybean oil and fractions, marking a sharp increase of 41.3% compared to 2019. The largest decline was recorded in 2019 at 98.2%, while the largest increase occurred in 2018 at 4 420.8%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	4 420.8%	(98.2%)	41.3%	5.1%

Source: SHEV.io

From 2017 to 2020, France consistently accounted for 84.8% of total exports in kind, indicating a high concentration on this market. The remaining share was distributed among other countries.

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

The market showed volatile behavior during these years. The minimum value was recorded in 2020 at 112 thousand US dollars, while the peak occurred in 2018 at 4 202 thousand US dollars, showing a 38-fold amplitude. In 2020, soybean oil and fractions deliveries from ECOWAS stood at 112 thousand US dollars, representing a substantial decline of 21.8% from the previous year. The largest decline was recorded in 2019 at 96.6%, while the largest increase occurred in 2018 at 2 202.0%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	2 202.0%	(96.6%)	(21.8%)	(15.1%)

Source: SHEV.io

From 2017 to 2020, France remained the primary destination for soybean oil and fractions from ECOWAS, accounting for 78.7% of total exports in value terms. The remaining volume was distributed among other countries.

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 soybean oil and fractions to ECOWAS

Imports in kind, t

The market displayed volatility over the observed period. The minimum import volume was recorded in 2019 at 34 185 tonnes, while the peak occurred in 2020 at 92 849 tonnes, representing a 2.7-fold gap. In 2020, soybean oil and fractions shipments to ECOWAS from abroad amounted to 92 849 tonnes, which is 171.6% above the previous year. The largest decline was recorded in 2018 at 21.9%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	(21.9%)	(1.2%)	171.6%	28.0%

Source: SHEV.io

From 2017 to 2020, imports in kind of soybean oil and fractions to ECOWAS were characterized by a broad spread across markets. The Netherlands (21.4% of imports in kind), Tunisia (10.2%), and Malaysia (9.4%) together accounted for only 41.1% of total flows.

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

There were noticeable fluctuations in market performance during the period. The minimum value was recorded in 2019 at 28 012 thousand US dollars, while volumes peaked in 2020 at 72 244 thousand US dollars, with a top-to-bottom ratio of 2.6 times. In 2020, soybean oil and fractions imports to ECOWAS totaled 72 244 thousand US dollars, equivalent to a steep uptick of 157.9% relative to the prior year. The largest decline was recorded in 2018 at 14.8%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	(14.8%)	(5.8%)	157.9%	27.4%

Source: SHEV.io

From 2017 to 2020, there was no single dominant market for soybean oil and fractions. The Netherlands (18.9% of imports in value terms), Argentina (12.6%), and Tunisia (10.7%) together accounted for only 42.2% of total imports in value terms, while many smaller partners each held modest individual shares.

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