Soybean oilcake market in ECOWAS

Earlier Report Observations

Between 2018 and 2021, the soybean oilcake market volume in ECOWAS grew from 626.8 thousand tons to 899.9 thousand tons. This expansion was primarily driven by a surge in domestic production, which jumped by over 60% in 2020. Global demand for soybean oil in biofuel production increased the crushing of soybeans, leading to higher oilcake output. In 2021, the introduction of European traceability regulations to combat deforestation began influencing import patterns, yet the region continued to boost its imports.

Following the 2021 peak, the market volume contracted to 854.4 thousand tons in 2022 and further to 750.4 thousand tons in 2023. This correction coincided with record soybean harvests in South America, which caused a global oilcake surplus and lowered prices. In response, exports from ECOWAS rose sharply, reaching 291.1 thousand tons in 2023, reducing domestic availability. Geopolitical tensions and oil price volatility also contributed to market uncertainty during this period.

In 2024, imports of soybean oilcake into the region rose to 460.1 thousand tons while exports remained elevated at 280.7 thousand tons. The market continues to be shaped by tightening European due-diligence rules on deforestation and strong demand for soybeans as a substitute for other vegetable oils, influencing both supply flows and processing incentives.

Production soybean oilcake in ECOWAS

In kind, 2017-2020, K t

Top producers of soybean oilcake, 2017-2020

World map of production of soybean oilcake, 2017-2020

In 2019, soybean oilcake production in ECOWAS experienced its largest decline of 2.8%. However, by 2020, output rebounded sharply to 645.1 thousand tons, marking a significant 62.3% increase compared to the previous year. Looking at the broader period from 2017 to 2020, production grew by 76.4%, which translates to an average annual growth rate of 20.8%.

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

In value, 2017-2020, M $ US

The value of soybean oilcake production in ECOWAS saw its steepest drop in 2019, falling by 3.4%. In contrast, 2020 brought a strong recovery, with output valued at 255.8 million US dollars, representing a substantial 65.5% year-over-year increase. Over the four-year span from 2017 to 2020, production value rose by 78.3%, corresponding to a compound annual growth rate of 21.3%.

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

Exports soybean oilcake from ECOWAS

Exports in kind, K t

The export market for soybean oilcake in ECOWAS displayed considerable volatility between 2017 and 2020. Exports hit their lowest point in 2019 at just 2.0 thousand tons, which was 86.0% lower than the previous year. By 2020, however, exports surged to 48.2 thousand tons, a remarkable 2,364.6% increase from 2019. This dramatic swing resulted in a 25-fold difference between the peak in 2020 and the trough in 2019, highlighting the market's instability.

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

From 2017 to 2020, France was the leading destination for ECOWAS soybean oilcake exports in volume terms, accounting for 53.3% of the total. The Netherlands followed with 10.8%, and Morocco with 4.5%. Together, these three markets represented 68.6% of all export flows 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

Export values for soybean oilcake from ECOWAS showed an unstable pattern from 2017 to 2020. The lowest point occurred in 2019 at 0.8 million US dollars, reflecting an 86.1% decline. In 2020, exports rebounded strongly to 19.1 million US dollars, which was 2,412.7% higher than the previous year. This fluctuation created a 25-fold gap between the 2020 peak and the 2019 low, underscoring the market's volatility.

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

In value terms, France was the primary market for ECOWAS soybean oilcake exports from 2017 to 2020, making up 59.2% of the total. The Netherlands accounted for 11.9%, and Morocco for 5.0%. Collectively, these three countries represented 76.2% of all export value during this timeframe.

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

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

Imports soybean oilcake to ECOWAS

Imports in kind, K t

Soybean oilcake imports into ECOWAS declined by 6.8% in 2019, marking the largest drop in the period. By 2020, imports recovered to [value_last_year] thousand tons, showing a 25.3% increase compared to the previous year. Over the full 2017-2020 span, import volumes grew by 34.4%, with an average annual growth rate of 10.4%.

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

From 2017 to 2020, Argentina dominated ECOWAS soybean oilcake imports in volume terms, consistently holding an 88.6% share of total imports. This high concentration left the remaining 11.4% to be distributed among various other countries.

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

Import values for soybean oilcake in ECOWAS fell sharply in 2019, dropping by 22.0%. In 2020, they rebounded to 107.1 million US dollars, a 33.5% increase year-over-year. Between 2017 and 2020, the total value of imports rose by 34.3%, equating to an annualized growth rate of 10.3%.

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

Argentina remained the dominant source for ECOWAS soybean oilcake imports in value terms from 2017 to 2020, accounting for 87.9% of total import flows. Other markets collectively made up the remaining 12.1%, forming a long tail of smaller suppliers.

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

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