ECOWAS: Coffee Extract Market 2024

Coffee Extract Market Size in ECOWAS

In 2021, the ECOWAS coffee extract market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. The market value increased at an average annual rate of +1.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Coffee Extract Production in ECOWAS

In value terms, coffee extract production expanded rapidly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.1% 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 2016 when the production volume increased by 24%. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Coffee Extract Exports

Exports in ECOWAS

For the fifth year in a row, ECOWAS recorded growth in overseas shipments of coffee extracts, essences and concentrates, which increased by 8% to X tons in 2021. Total exports indicated prominent growth from 2012 to 2021: its volume increased at an average annual rate of +6.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +110.8% against 2016 indices. The pace of growth appeared the most rapid in 2017 when exports increased by 50% against the previous year. The volume of export peaked in 2021 and is expected to retain growth in the immediate term.

In value terms, coffee extract exports shrank to $X in 2021. In general, exports, however, saw a pronounced shrinkage. The pace of growth appeared the most rapid in 2014 when exports increased by 18% against the previous year. The level of export peaked at $X in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Ghana represented the main exporting country with an export of about X tons, which reached 59% of total exports. It was distantly followed by Cote d'Ivoire (X tons), mixing up a 36% share of total exports. Burkina Faso (X tons) held a relatively small share of total exports.

From 2012 to 2021, the biggest increases were recorded for Burkina Faso (with a CAGR of +54.4%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Cote d'Ivoire ($X) remains the largest coffee extract supplier in ECOWAS, comprising 90% of total exports. The second position in the ranking was held by Ghana ($X), with a 6.1% share of total exports.

In Cote d'Ivoire, coffee extract exports shrank by an average annual rate of -2.2% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (-7.7% per year) and Burkina Faso (+27.9% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, shrinking by -16.4% against the previous year. In general, the export price showed a deep setback. The growth pace was the most rapid in 2013 an increase of 6.9% against the previous year. The level of export peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+0.5%), while the other leaders experienced a decline in the export price figures.

Coffee Extract Imports

Imports in ECOWAS

After three years of growth, overseas purchases of coffee extracts, essences and concentrates decreased by -29.4% to X tons in 2021. Total imports indicated pronounced growth from 2012 to 2021: its volume increased at an average annual rate of +4.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 when imports increased by 37% against the previous year. As a result, imports attained the peak of X tons, and then dropped markedly in the following year.

In value terms, coffee extract imports shrank dramatically to $X in 2021. Total imports indicated a perceptible expansion from 2012 to 2021: its value increased at an average annual rate of +4.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2015 when imports increased by 39% against the previous year. Over the period under review, imports attained the maximum at $X in 2020, and then shrank markedly in the following year.

Imports by Country

Nigeria (X tons), Senegal (X tons) and Burkina Faso (X tons) represented roughly 74% of total imports in 2021. It was distantly followed by Ghana (X tons) and Benin (X tons), together comprising a 13% share of total imports. The following importers - Mali (X tons) and Niger (X tons) - each recorded a 7.2% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Benin (with a CAGR of +20.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Senegal ($X), Burkina Faso ($X) and Nigeria ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 72% share of total imports. Benin, Ghana, Mali and Niger lagged somewhat behind, together comprising a further 23%.

In terms of the main importing countries, Benin, with a CAGR of +20.1%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, surging by 12% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the import price increased by 19%. The level of import peaked at $X per ton in 2015; however, from 2016 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+1.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform