ECOWAS: Canned Food Market 2024

Canned Food Market Size in ECOWAS

The ECOWAS canned food market rose to $X in 2021, growing by 2.3% against the previous year. The market value increased at an average annual rate of +2.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2016 to 2021, the growth of the market remained at a somewhat lower figure.

Canned Food Production in ECOWAS

In value terms, canned food production stood at $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.4% from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2015 when the production volume increased by 46%. As a result, production reached the peak level of $X. From 2016 to 2021, production growth failed to regain momentum.

Canned Food Exports

Exports in ECOWAS

After nine years of growth, overseas shipments of canned food decreased by -13.7% to X tons in 2021. Total exports indicated a prominent increase from 2012 to 2021: its volume increased at an average annual rate of +5.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when exports increased by 20%. Over the period under review, the exports reached the peak figure at X tons in 2020, and then contracted in the following year.

In value terms, canned food exports dropped to $X in 2021. The total export value increased at an average annual rate of +2.8% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when exports increased by 26%. Over the period under review, the exports hit record highs at $X in 2020, and then dropped in the following year.

Exports by Country

Senegal prevails in exports structure, finishing at X tons, which was approx. 77% of total exports in 2021. It was distantly followed by Cote d'Ivoire (X tons) and Nigeria (X tons), together committing a 14% share of total exports. Sierra Leone (X tons) and Ghana (X tons) took a minor share of total exports.

Exports from Senegal increased at an average annual rate of +9.7% from 2012 to 2021. At the same time, Sierra Leone (+15.4%) and Nigeria (+9.0%) displayed positive paces of growth. Moreover, Sierra Leone emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +15.4% from 2012-2021. By contrast, Ghana (-2.3%) and Cote d'Ivoire (-7.7%) illustrated a downward trend over the same period. Senegal (+22 p.p.) and Sierra Leone (+2 p.p.) significantly strengthened its position in terms of the total exports, while Ghana and Cote d'Ivoire saw its share reduced by -2.8% and -21.3% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) remains the largest canned food supplier in ECOWAS, comprising 77% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with an 8.5% share of total exports. It was followed by Nigeria, with a 4.4% share.

In Senegal, canned food exports increased at an average annual rate of +6.4% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Cote d'Ivoire (-9.7% per year) and Nigeria (-1.2% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, rising by 5.4% against the previous year. In general, the export price, however, recorded a pronounced reduction. The pace of growth was the most pronounced in 2017 when the export price increased by 12% against the previous year. The level of export peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was Ghana ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sierra Leone (+8.3%), while the other leaders experienced a decline in the export price figures.

Canned Food Imports

Imports in ECOWAS

After four years of growth, overseas purchases of canned food decreased by -32.1% to X tons in 2021. Over the period under review, imports, however, showed a resilient expansion. The growth pace was the most rapid in 2013 when imports increased by 61%. The volume of import peaked at X tons in 2020, and then shrank notably in the following year.

In value terms, canned food imports fell significantly to $X in 2021. Total imports indicated measured growth from 2012 to 2021: its value increased at an average annual rate of +3.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 when imports increased by 30%. The level of import peaked at $X in 2020, and then dropped dramatically in the following year.

Imports by Country

Nigeria (X tons) and Mali (X tons) represented roughly 37% of total imports in 2021. Cote d'Ivoire (X tons) held an 11% share (based on physical terms) of total imports, which put it in second place, followed by Ghana (9%), Senegal (7%), Gambia (6%), Guinea (6%) and Burkina Faso (4.8%).

From 2012 to 2021, the biggest increases were recorded for Gambia (with a CAGR of +10.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X), Mali ($X) and Cote d'Ivoire ($X) were the countries with the highest levels of imports in 2021, with a combined 47% share of total imports. These countries were followed by Burkina Faso, Ghana, Guinea, Gambia and Senegal, which together accounted for a further 36%.

Gambia, with a CAGR of +9.6%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, increasing by 20% against the previous year. Overall, the import price, however, showed a slight curtailment. The pace of growth appeared the most rapid in 2014 an increase of 33% against the previous year. As a result, import price reached the peak level of $X per ton. From 2015 to 2021, the import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Burkina Faso (+8.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform