ECOWAS: Coconut Market 2024

Coconut Market Size in ECOWAS

The ECOWAS coconut market reduced modestly to $X in 2022, dropping by -1.9% against the previous year. The total consumption indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -3.8% against 2019 indices. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Coconut Production in ECOWAS

In value terms, coconut production dropped slightly to $X in 2022 estimated in export price. Over the period under review, production, however, enjoyed resilient growth. The most prominent rate of growth was recorded in 2014 with an increase of 150% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

The country with the largest volume of coconut production was Ghana (X tons), accounting for 50% of total volume. Moreover, coconut production in Ghana exceeded the figures recorded by the second-largest producer, Nigeria (X tons), twofold. Cote d'Ivoire (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 Ghana stood at +3.8%. The remaining producing countries recorded the following average annual rates of production growth: Nigeria (-1.6% per year) and Cote d'Ivoire (-1.8% per year).

In 2022, the average coconut yield in ECOWAS reached X tons per ha, stabilizing at 2021 figures. In general, the yield, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the yield increased by 13%. As a result, the yield attained the peak level of X tons per ha. From 2017 to 2022, the growth of the coconut 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, approx. X ha of coconuts were harvested in ECOWAS; approximately mirroring the previous year. The harvested area increased at an average annual rate of +1.7% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2018 with an increase of 12%. As a result, the harvested area reached the peak level of X ha. From 2019 to 2022, the growth of the coconut harvested area failed to regain momentum.

Coconut Exports

Exports in ECOWAS

In 2022, the amount of coconuts exported in ECOWAS reduced to X tons, which is down by -6.1% compared with the previous year's figure. Overall, exports, however, showed a remarkable increase. The pace of growth was the most pronounced in 2015 with an increase of 189%. Over the period under review, the exports attained the peak figure at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, coconut exports declined to $X in 2022. In general, exports, however, enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2015 with an increase of 80% against the previous year. The level of export peaked at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Cote d'Ivoire dominates exports structure, amounting to X tons, which was approx. 96% of total exports in 2022. The following exporters - Ghana (X tons) and Burkina Faso (X tons) - each recorded a 3.3% share of total exports.

Exports from Cote d'Ivoire increased at an average annual rate of +24.0% from 2012 to 2022. At the same time, Burkina Faso (+30.0%) and Ghana (+21.0%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +30.0% from 2012-2022. Cote d'Ivoire (+29 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X) remains the largest coconut supplier in ECOWAS, comprising 90% of total exports. The second position in the ranking was held by Ghana ($X), with a 9.7% share of total exports.

In Cote d'Ivoire, coconut exports increased at an average annual rate of +25.5% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (+40.5% per year) and Burkina Faso (-16.4% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, shrinking by -7.9% against the previous year. In general, the export price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the export price increased by 67% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the export prices remained at a 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 Ghana ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+16.1%), while the other leaders experienced mixed trends in the export price figures.

Coconut Imports

Imports in ECOWAS

In 2022, imports of coconuts in ECOWAS totaled X tons, surging by 12% on the previous year's figure. Over the period under review, imports enjoyed a resilient expansion. The pace of growth was the most pronounced in 2016 with an increase of 1,010%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

In value terms, coconut imports skyrocketed to $X in 2022. Overall, imports saw a resilient expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 132%. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

In 2022, Burkina Faso (X tons) and Senegal (X tons) represented the largest importers of coconuts in ECOWAS, together resulting at approx. 81% of total imports. It was distantly followed by Niger (X tons) and Mali (X tons), together mixing up a 16% share of total imports. Cabo Verde (X tons) held a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Mali (with a CAGR of +60.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Senegal ($X) constitutes the largest market for imported coconuts in ECOWAS, comprising 45% of total imports. The second position in the ranking was taken by Niger ($X), with a 20% share of total imports. It was followed by Cabo Verde, with a 17% share.

In Senegal, coconut imports increased at an average annual rate of +22.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Niger (+36.3% per year) and Cabo Verde (+17.4% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, picking up by 3.8% against the previous year. In general, the import price saw a resilient increase. The pace of growth appeared the most rapid in 2013 an increase of 566% against the previous year. The level of import peaked at $X per ton in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

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 Cabo Verde ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+3.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform