ECOWAS: Cereal Market 2025

Cereal Market Size in ECOWAS

In 2022, the ECOWAS cereal market decreased by X% to $X for the first time since 2017, thus ending a four-year rising trend. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the maximum level at $X in 2021, and then reduced in the following year.

Cereal Production in ECOWAS

In value terms, cereal production shrank to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% 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 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

The country with the largest volume of cereal production was Nigeria (X tons), comprising approx. X% of total volume. Moreover, cereal production in Nigeria exceeded the figures recorded by the second-largest producer, Mali (X tons), threefold. Burkina Faso (X tons) ranked third in terms of total production with a X% share.

From 2012 to 2022, the average annual growth rate of volume in Nigeria stood at X%. The remaining producing countries recorded the following average annual rates of production growth: Mali (X% per year) and Burkina Faso (X% per year).

In 2022, the average yield of cereals in ECOWAS expanded to X tons per ha, growing by X% compared with the previous year's figure. The yield figure increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The growth pace was the most rapid in 2014 with an increase of X%. The level of yield peaked at X tons per ha in 2020; afterwards, it flattened through to 2022. 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 cereals production in ECOWAS fell to X ha, remaining relatively unchanged against 2021 figures. The harvested area increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. Over the period under review, the harvested area dedicated to cereal production attained the maximum at X ha in 2018; however, from 2019 to 2022, the harvested area failed to regain momentum.

Cereal Exports

Exports in ECOWAS

In 2022, cereal exports in ECOWAS soared to X tons, rising by X% compared with 2021. Over the period under review, exports enjoyed a measured increase. The most prominent rate of growth was recorded in 2019 when exports increased by X%. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, cereal exports surged to $X in 2022. In general, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of X%. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Cote d'Ivoire was the key exporting country with an export of around X tons, which reached X% of total exports. Burkina Faso (X tons) took a X% share (based on physical terms) of total exports, which put it in second place, followed by Liberia (X%), Senegal (X%) and Mali (X%). The following exporters - Benin (X tons) and Niger (X tons) - each accounted for a X% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to cereal exports from Cote d'Ivoire stood at X%. At the same time, Niger (X%), Mali (X%), Senegal (X%), Liberia (X%) and Burkina Faso (X%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Benin (X%) illustrated a downward trend over the same period. While the share of Cote d'Ivoire (X p.p.), Liberia (X p.p.), Senegal (X p.p.), Mali (X p.p.) and Niger (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Benin (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X), Cote d'Ivoire ($X) and Liberia ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined X% share of total exports. Burkina Faso, Mali, Niger and Benin lagged somewhat behind, together comprising a further X%.

In terms of the main exporting countries, Niger, with a CAGR of X%, recorded the highest growth rate of 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 2022, shrinking by X% against the previous year. In general, the export price recorded a noticeable contraction. The most prominent rate of growth was recorded in 2013 when the export price increased by X%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Senegal ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (X%), while the other leaders experienced mixed trends in the export price figures.

Cereal Imports

Imports in ECOWAS

For the third year in a row, ECOWAS recorded growth in overseas purchases of cereals, which increased by X% to X tons in 2022. Total imports indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2019 indices. The growth pace was the most rapid in 2017 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in years to come.

In value terms, cereal imports contracted to $X in 2022. Overall, imports posted a prominent expansion. The growth pace was the most rapid in 2020 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2021, and then reduced in the following year.

Imports by Country

Nigeria represented the key importing country with an import of about X tons, which accounted for X% of total imports. It was distantly followed by Senegal (X tons), Ghana (X tons), Cote d'Ivoire (X tons), Guinea (X tons) and Mali (X tons), together constituting a X% share of total imports. Burkina Faso (X tons) followed a long way behind the leaders.

Imports into Nigeria increased at an average annual rate of X% from 2012 to 2022. At the same time, Guinea (X%), Mali (X%), Burkina Faso (X%), Senegal (X%), Ghana (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. While the share of Guinea (X p.p.), Mali (X p.p.) and Senegal (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Cote d'Ivoire (X p.p.) and Nigeria (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria amounted to X%. The remaining importing countries recorded the following average annual rates of imports growth: Senegal (X% per year) and Cote d'Ivoire (X% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, declining by X% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 an increase of X% against the previous year. The level of import peaked at $X per ton in 2021, and then declined in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Nigeria ($X per ton), while Mali ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Burkina Faso (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform