ECOWAS: Clove Market 2025

Clove Market Size in ECOWAS

The ECOWAS clove market declined notably to $X in 2022, with a decrease of -24.6% against the previous year. Over the period under review, consumption, however, saw prominent growth. The level of consumption peaked at $X in 2021, and then shrank markedly in the following year.

Clove Production in ECOWAS

In value terms, clove production soared to $X in 2022 estimated in export price. Over the period under review, production showed a prominent increase. As a result, production attained the peak level and is likely to continue growth in the immediate term.

The country with the largest volume of clove production was Niger (X tons), accounting for 73% of total volume. Moreover, clove production in Niger exceeded the figures recorded by the second-largest producer, Senegal (X tons), fivefold. The third position in this ranking was held by Nigeria (X tons), with an 11% share.

In Niger, clove production remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Senegal (+2.0% per year) and Nigeria (+2.6% per year).

Clove Exports

Exports in ECOWAS

In 2022, after two years of growth, there was significant decline in overseas shipments of cloves, when their volume decreased by -8.4% to X tons. Overall, exports, however, posted significant growth. The growth pace was the most rapid in 2015 when exports increased by 842% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, clove exports declined notably to $X in 2022. In general, exports, however, continue to indicate a buoyant expansion. The pace of growth was the most pronounced in 2021 with an increase of 442% against the previous year. As a result, the exports attained the peak of $X, and then declined markedly in the following year.

Exports by Country

Niger was the major exporter of cloves in ECOWAS, with the volume of exports resulting at X tons, which was near 59% of total exports in 2022. It was distantly followed by Nigeria (X tons) and Sierra Leone (X tons), together making up a 32% share of total exports. Ghana (X tons) and Senegal (X tons) followed a long way behind the leaders.

Niger was also the fastest-growing in terms of the cloves exports, with a CAGR of +83.8% from 2012 to 2022. At the same time, Ghana (+40.1%) and Nigeria (+29.8%) displayed positive paces of growth. By contrast, Sierra Leone (-1.3%) and Senegal (-10.8%) illustrated a downward trend over the same period. Niger (+59 p.p.), Nigeria (+3.1 p.p.), Senegal (+2.6 p.p.) and Ghana (+2.6 p.p.) significantly strengthened its position in terms of the total exports, while Sierra Leone saw its share reduced by -67.5% from 2012 to 2022, respectively.

In value terms, the largest clove supplying countries in ECOWAS were Niger ($X), Nigeria ($X) and Sierra Leone ($X), with a combined 87% share of total exports.

Among the main exporting countries, Niger, with a CAGR of +87.5%, saw 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

In 2022, the export price in ECOWAS amounted to $X per ton, shrinking by -23.6% against the previous year. Over the period under review, the export price continues to indicate a drastic downturn. The pace of growth was the most pronounced in 2014 an increase of 414%. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Senegal ($X per ton), while Niger ($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 (+2.0%), while the other leaders experienced a decline in the export price figures.

Clove Imports

Imports in ECOWAS

In 2022, after five years of growth, there was significant decline in purchases abroad of cloves, when their volume decreased by -43.2% to X tons. Overall, imports, however, recorded a strong increase. The pace of growth appeared the most rapid in 2014 with an increase of 208% against the previous year. The volume of import peaked at X tons in 2021, and then fell significantly in the following year.

In value terms, clove imports declined rapidly to $X in 2022. Over the period under review, imports, however, posted a buoyant increase. The pace of growth was the most pronounced in 2014 with an increase of 112% against the previous year. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

Nigeria (X tons) and Ghana (X tons) represented the key importers of cloves in 2022, reaching near 37% and 35% of total imports, respectively. It was distantly followed by Senegal (X tons) and Togo (X tons), together generating a 25% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Nigeria (with a CAGR of +35.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest clove importing markets in ECOWAS were Ghana ($X), Senegal ($X) and Nigeria ($X), together accounting for 89% of total imports.

Ghana, with a CAGR of +37.6%, saw the highest growth rate of 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 2022, with a decrease of -2.3% against the previous year. Over the period under review, the import price showed a perceptible downturn. The most prominent rate of growth was recorded in 2018 an increase of 65% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2016; however, from 2017 to 2022, 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 Senegal ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+10.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform