ECOWAS: Almond Market 2024

Almond Market Size in ECOWAS

The ECOWAS almond market expanded modestly to $X in 2021, picking up by 3.2% against the previous year. In general, consumption, however, recorded a strong expansion. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Almond Production in ECOWAS

In value terms, almond production stood at $X in 2021 estimated in export price. The total output value increased at an average annual rate of +4.7% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2015 with an increase of 22%. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Benin (X tons) remains the largest almond producing country in ECOWAS, accounting for 91% of total volume. Moreover, almond production in Benin exceeded the figures recorded by the second-largest producer, Burkina Faso (X tons), more than tenfold.

In Benin, almond production expanded at an average annual rate of +2.3% over the period from 2012-2021. The remaining producing countries recorded the following average annual rates of production growth: Burkina Faso (+4.6% per year) and Cote d'Ivoire (+1.2% per year).

The average almond yield shrank to X tons per ha in 2021, waning by -4.2% compared with the previous year. Over the period under review, the yield continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 8.8% against the previous year. Over the period under review, the almond yield reached the maximum level at X tons per ha in 2013; however, from 2014 to 2021, the yield stood at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2021, the total area harvested in terms of almonds production in ECOWAS stood at X ha, growing by 3.3% on 2020 figures. The harvested area increased at an average annual rate of +2.9% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 when the harvested area increased by 16%. As a result, the harvested area reached the peak level of X ha. From 2019 to 2021, the growth of the almond harvested area remained at a somewhat lower figure.

Almond Exports

Exports in ECOWAS

Almond exports reduced notably to X tons in 2021, shrinking by -40.6% on the previous year. Overall, exports saw a sharp downturn. The pace of growth appeared the most rapid in 2020 with an increase of 86%. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, almond exports reduced to $X in 2021. In general, exports faced a sharp descent. The pace of growth appeared the most rapid in 2013 when exports increased by 64% against the previous year. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Mali (X tons) represented the major exporter of almonds, constituting 71% of total exports. Nigeria (X tons) ranks second in terms of the total exports with a 13% share, followed by Benin (9.4%). Gambia (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to almond exports from Mali stood at -16.9%. At the same time, Nigeria (+36.0%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +36.0% from 2012-2021. By contrast, Gambia (-12.0%) and Benin (-62.5%) illustrated a downward trend over the same period. Mali (+71 p.p.), Nigeria (+13 p.p.) and Gambia (+4.5 p.p.) significantly strengthened its position in terms of the total exports, while Benin saw its share reduced by -90% from 2012 to 2021, respectively.

In value terms, Mali ($X) remains the largest almond supplier in ECOWAS, comprising 89% of total exports. The second position in the ranking was taken by Gambia ($X), with a 5.6% share of total exports. It was followed by Nigeria, with a 2.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Mali stood at -14.7%. The remaining exporting countries recorded the following average annual rates of exports growth: Gambia (-9.7% per year) and Nigeria (+21.8% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, jumping by 46% against the previous year. Overall, the export price saw a significant expansion. The most prominent rate of growth was recorded in 2019 when the export price increased by 907% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2020 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Mali ($X per ton), while Benin ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mali (+2.6%), while the other leaders experienced mixed trends in the export price figures.

Almond Imports

Imports in ECOWAS

In 2021, the amount of almonds imported in ECOWAS surged to X tons, increasing by 276% against the previous year. In general, imports recorded a strong expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, almond imports skyrocketed to $X in 2021. Over the period under review, imports posted a noticeable expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Nigeria dominates imports structure, reaching X tons, which was approx. 87% of total imports in 2021. It was distantly followed by Mali (X tons), creating a 6.9% share of total imports. The following importers - Cote d'Ivoire (X tons) and Senegal (X tons) - each recorded a 3.4% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to almond imports into Nigeria stood at +29.5%. At the same time, Mali (+49.7%), Senegal (+14.8%) and Cote d'Ivoire (+11.1%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +49.7% from 2012-2021. Nigeria (+52 p.p.) and Mali (+6.2 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported almonds in ECOWAS, comprising 64% of total imports. The second position in the ranking was held by Mali ($X), with a 14% share of total imports. It was followed by Cote d'Ivoire, with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Nigeria stood at +2.1%. In the other countries, the average annual rates were as follows: Mali (+40.8% per year) and Cote d'Ivoire (+10.0% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, waning by -22.5% against the previous year. Overall, the import price showed a abrupt descent. The most prominent rate of growth was recorded in 2015 an increase of 77% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (-1.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform