ECOWAS: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in ECOWAS

In 2022, the ECOWAS virgin olive oil market decreased by X% to $X, falling for the second consecutive year after three years of growth. In general, consumption showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market failed to regain momentum.

Virgin Olive Oil Production in ECOWAS

In value terms, virgin olive oil production fell rapidly to $X in 2022 estimated in export price. In general, production, however, recorded pronounced growth. The most prominent rate of growth was recorded in 2019 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Virgin Olive Oil Exports

Exports in ECOWAS

In 2022, overseas shipments of virgin olive oil were finally on the rise to reach X tons after two years of decline. In general, exports, however, showed a deep reduction. The most prominent rate of growth was recorded in 2013 when exports increased by X% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, virgin olive oil exports expanded notably to $X in 2022. Over the period under review, exports, however, faced a abrupt decrease. The growth pace was the most rapid in 2013 when exports increased by X%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Sierra Leone was the major exporting country with an export of around X tons, which finished at X% of total exports. Ghana (X kg) held a X% share (based on physical terms) of total exports, which put it in second place, followed by Cote d'Ivoire (X%).

From 2012 to 2022, average annual rates of growth with regard to virgin olive oil exports from Sierra Leone stood at X%. At the same time, Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Ghana (X%) illustrated a downward trend over the same period. While the share of Cote d'Ivoire (X p.p.) and Ghana (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Sierra Leone (X p.p.) displayed negative dynamics.

In value terms, Sierra Leone ($X) remains the largest virgin olive oil supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was held by Cote d'Ivoire ($X), with a X% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Sierra Leone totaled X%. In the other countries, the average annual rates were as follows: Cote d'Ivoire (X% per year) and Ghana (X% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, dropping by X% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the export price increased by X% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (X%), while the other leaders experienced a decline in the export price figures.

Virgin Olive Oil Imports

Imports in ECOWAS

In 2022, overseas purchases of virgin olive oil decreased by X% to X tons, falling for the second year in a row after three years of growth. Over the period under review, imports recorded a abrupt contraction. The growth pace was the most rapid in 2016 with an increase of X% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, virgin olive oil imports declined to $X in 2022. Overall, imports continue to indicate a mild slump. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. As a result, imports reached the peak of $X. From 2017 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Cote d'Ivoire (X tons) and Ghana (X tons) represented the main importers of virgin olive oil in 2022, finishing at approx. X% and X% of total imports, respectively. Cabo Verde (X tons) ranks next in terms of the total imports with a X% share, followed by Liberia (X%), Guinea-Bissau (X%), Mali (X%) and Senegal (X%).

From 2012 to 2022, the biggest increases were recorded for Mali (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X), Ghana ($X) and Liberia ($X) were the countries with the highest levels of imports in 2022, with a combined X% share of total imports. Cabo Verde, Guinea-Bissau, Mali and Senegal lagged somewhat behind, together comprising a further X%.

Among the main importing countries, Mali, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, increasing by X% against the previous year. Import price indicated a remarkable increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, virgin olive oil import price increased by X% against 2019 indices. The pace of growth appeared the most rapid in 2014 an increase of X%. Over the period under review, import prices hit record highs in 2022 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Liberia ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cabo Verde (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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