Palm Oil Market Overview in Africa
In value terms, palm oil production amounted to $2.1B in 2010 estimated in export prices. The total output value increased at an average annual rate of +10.9% from 2007 to 2010; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2008 with an increase of 28% against the previous year. Over the period under review, palm oil production reached its maximum level in 2010 and is expected to retain its growth in the near future.
Nigeria (971K tonnes) remains the largest palm oil producing country in Africa, comprising approx. 42% of total production. Moreover, palm oil production in Nigeria exceeded the figures recorded by the region's second-largest producer, Cote d'Ivoire (360K tonnes), threefold. Cameroon (327K tonnes) ranked third in terms of total production with a 14% share.
From 2007 to 2010, the average annual growth rate of volume in Nigeria amounted to -9.5%. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+7.6% per year) and Cameroon (+14.9% per year).