ECOWAS: Cashew Nut Market 2025

Cashew Nut Market Size in ECOWAS

The ECOWAS cashew nut market skyrocketed to $X in 2021, jumping by 81% against the previous year. Overall, consumption saw prominent growth. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Cashew Nut Production in ECOWAS

In value terms, cashew nut production contracted to $X in 2021 estimated in export price. In general, production, however, saw a temperate increase. The pace of growth was the most pronounced in 2017 with an increase of 38%. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

The countries with the highest volumes of production in 2021 were Cote d'Ivoire (X tons), Nigeria (X tons) and Ghana (X tons), with a combined 59% share of total production. Benin, Mali, Guinea-Bissau and Burkina Faso lagged somewhat behind, together accounting for a further 29%.

From 2012 to 2021, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by Mali (with a CAGR of +16.3%), while production for the other leaders experienced more modest paces of growth.

In 2021, the average cashew nut yield in ECOWAS expanded markedly to X kg per ha, increasing by 7.2% on 2020 figures. Over the period under review, the yield, however, showed a mild descent. The most prominent rate of growth was recorded in 2016 with an increase of 11%. The level of yield peaked at X kg per ha in 2012; however, from 2013 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.

The cashew nut harvested area declined to X ha in 2021, which is down by -9.9% compared with the previous year's figure. The harvested area increased at an average annual rate of +3.1% over the period 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 2020 with an increase of 25%. As a result, the harvested area reached the peak level of X ha, and then fell in the following year.

Cashew Nut Exports

Exports in ECOWAS

In 2021, shipments abroad of cashew nuts decreased by -37.6% to X tons, falling for the third year in a row after two years of growth. In general, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when exports increased by 22%. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, cashew nut exports reduced remarkably to $X in 2021. Overall, exports saw a mild downturn. The most prominent rate of growth was recorded in 2017 when exports increased by 32%. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

The shipments of the seven major exporters of cashew nuts, namely Benin, Nigeria, Ghana, Cote d'Ivoire, Guinea-Bissau, Burkina Faso and Senegal, represented more than two-thirds of total export. It was distantly followed by Guinea (X tons), creating a 5.2% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Senegal (with a CAGR of +26.0%), while the other leaders experienced more modest paces of growth.

In value terms, the largest cashew nut supplying countries in ECOWAS were Benin ($X), Ghana ($X) and Guinea-Bissau ($X), with a combined 50% share of total exports. These countries were followed by Nigeria, Cote d'Ivoire, Burkina Faso, Senegal and Guinea, which together accounted for a further 44%.

Among the main exporting countries, Senegal, with a CAGR of +22.9%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, with an increase of 2.6% against the previous year. Over the period under review, the export price, however, showed a slight setback. The most prominent rate of growth was recorded in 2017 when the export price increased by 20%. As a result, the export price attained the peak level of $X per ton. From 2018 to 2021, the export prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Burkina Faso (+7.1%), while the other leaders experienced more modest paces of growth.

Cashew Nut Imports

Imports in ECOWAS

After two years of growth, purchases abroad of cashew nuts decreased by -59.4% to X tons in 2021. In general, imports, however, enjoyed a strong increase. The pace of growth was the most pronounced in 2020 when imports increased by 232%. As a result, imports attained the peak of X tons, and then declined dramatically in the following year.

In value terms, cashew nut imports declined notably to $X in 2021. Overall, imports, however, posted a slight expansion. The most prominent rate of growth was recorded in 2020 with an increase of 96% against the previous year. The level of import peaked at $X in 2016; however, from 2017 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Niger (X tons) represented the largest importer of cashew nuts, generating 62% of total imports. Gambia (X tons) held the second position in the ranking, distantly followed by Senegal (X tons). All these countries together took near 29% share of total imports. The following importers - Cote d'Ivoire (X tons) and Benin (X tons) - together made up 4.5% of total imports.

Niger was also the fastest-growing in terms of the cashew nuts imports, with a CAGR of +54.2% from 2012 to 2021. At the same time, Gambia (+42.3%), Senegal (+17.4%) and Cote d'Ivoire (+3.8%) displayed positive paces of growth. By contrast, Benin (-31.4%) illustrated a downward trend over the same period. Niger (+60 p.p.), Gambia (+21 p.p.) and Senegal (+3.9 p.p.) significantly strengthened its position in terms of the total imports, while Benin saw its share reduced by -79.1% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Niger ($X) constitutes the largest market for imported cashew nuts in ECOWAS, comprising 54% of total imports. The second position in the ranking was held by Gambia ($X), with a 25% share of total imports. It was followed by Senegal, with a 12% share.

From 2012 to 2021, the average annual growth rate of value in Niger amounted to +65.1%. In the other countries, the average annual rates were as follows: Gambia (+33.6% per year) and Senegal (+18.5% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, rising by 19% against the previous year. Over the period under review, the import price, however, saw a pronounced contraction. Over the period under review, import prices hit record highs at $X per ton in 2016; however, from 2017 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Niger (+7.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform