ECOWAS: Banana Market 2025

Banana Market Size in ECOWAS

After three years of growth, the ECOWAS banana market decreased by -12.4% to $X in 2022. Overall, consumption, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 9.1% against the previous year. The level of consumption peaked at $X in 2021, and then declined in the following year.

Banana Production in ECOWAS

In value terms, banana production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2019 with an increase of 34% against the previous year. The level of production peaked at $X in 2020; afterwards, it flattened through to 2022.

Cote d'Ivoire (X tons) remains the largest banana producing country in ECOWAS, comprising approx. 38% of total volume. Moreover, banana production in Cote d'Ivoire exceeded the figures recorded by the second-largest producer, Mali (X tons), twofold. Ghana (X tons) ranked third in terms of total production with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in Cote d'Ivoire amounted to +5.1%. In the other countries, the average annual rates were as follows: Mali (+8.9% per year) and Ghana (+2.2% per year).

The average banana yield contracted modestly to X tons per ha in 2022, waning by -3.1% compared with the previous year. In general, the yield, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 24%. As a result, the yield attained the peak level of X tons per ha. From 2020 to 2022, the growth of the banana yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of bananas production in ECOWAS shrank to X ha, which is down by -11.9% compared with 2021 figures. The harvested area increased at an average annual rate of +2.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 31%. As a result, the harvested area attained the peak level of X ha, and then declined in the following year.

Banana Exports

Exports in ECOWAS

In 2022, approx. X tons of bananas were exported in ECOWAS; almost unchanged from the year before. In general, exports, however, showed a buoyant increase. The pace of growth was the most pronounced in 2019 with an increase of 94% against the previous year. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports remained at a lower figure.

In value terms, banana exports reduced to $X in 2022. Overall, exports, however, enjoyed buoyant growth. The growth pace was the most rapid in 2019 when exports increased by 105%. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Cote d'Ivoire represented the major exporting country with an export of about X tons, which amounted to 85% of total exports. It was distantly followed by Ghana (X tons), committing a 15% share of total exports.

Cote d'Ivoire was also the fastest-growing in terms of the bananas exports, with a CAGR of +10.0% from 2012 to 2022. At the same time, Ghana (+7.5%) displayed positive paces of growth. From 2012 to 2022, the share of Cote d'Ivoire increased by +3.2 percentage points.

In value terms, Cote d'Ivoire ($X) remains the largest banana supplier in ECOWAS, comprising 84% of total exports. The second position in the ranking was taken by Ghana ($X), with a 16% share of total exports.

In Cote d'Ivoire, banana exports increased at an average annual rate of +10.5% over the period from 2012-2022.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, almost unchanged from the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 8.8% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+0.4%).

Banana Imports

Imports in ECOWAS

In 2022, the amount of bananas imported in ECOWAS skyrocketed to X tons, picking up by 67% against 2021 figures. Overall, imports, however, recorded a pronounced shrinkage. The growth pace was the most rapid in 2020 when imports increased by 1,011% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, banana imports skyrocketed to $X in 2022. Over the period under review, imports, however, recorded a pronounced decline. The pace of growth was the most pronounced in 2020 when imports increased by 537% against the previous year. Over the period under review, imports reached the peak figure at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

Senegal prevails in imports structure, amounting to X tons, which was near 83% of total imports in 2022. Mali (X tons) held a 7% share (based on physical terms) of total imports, which put it in second place, followed by Niger (4.6%). Togo (X tons) held a relatively small share of total imports.

From 2012 to 2022, average annual rates of growth with regard to banana imports into Senegal stood at -5.0%. At the same time, Togo (+776.0%), Niger (+36.0%) and Mali (+10.0%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +776.0% from 2012-2022. From 2012 to 2022, the share of Mali, Niger and Togo increased by +5.2, +4.5 and +2.7 percentage points, respectively.

In value terms, Senegal ($X) constitutes the largest market for imported bananas in ECOWAS, comprising 77% of total imports. The second position in the ranking was taken by Mali ($X), with a 14% share of total imports. It was followed by Niger, with a 5.3% share.

From 2012 to 2022, the average annual growth rate of value in Senegal totaled -5.3%. The remaining importing countries recorded the following average annual rates of imports growth: Mali (+7.1% per year) and Niger (+37.8% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, falling by -9.3% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the import price increased by 66%. As a result, import price attained the peak level of $X per ton. From 2020 to 2022, the import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Mali ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Niger (+1.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform