ECOWAS: Market for Crispbread, Rusks and Toasted Bread 2024

Market Size for Crispbread, Rusks and Toasted Bread in ECOWAS

The ECOWAS market for crispbread, rusks and toasted bread was estimated at $X in 2022, remaining stable against the previous year. The market value increased at an average annual rate of +4.3% over the period 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 in 2022 and is likely to see gradual growth in the near future.

Production of Crispbread, Rusks and Toasted Bread in ECOWAS

In value terms, crispbread, rusk and toasted bread production contracted modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +4.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 13% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Exports of Crispbread, Rusks and Toasted Bread

Exports in ECOWAS

In 2022, after two years of growth, there was significant decline in overseas shipments of crispbread, rusks and toasted bread, when their volume decreased by -13.8% to X tons. Over the period under review, exports saw a abrupt shrinkage. The pace of growth appeared the most rapid in 2020 with an increase of 123%. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, crispbread, rusk and toasted bread exports reduced remarkably to $X in 2022. Overall, exports saw a deep downturn. The growth pace was the most rapid in 2021 when exports increased by 77% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Ghana represented the key exporting country with an export of around X tons, which finished at 45% of total exports. Cote d'Ivoire (X tons) held the second position in the ranking, followed by Togo (X tons) and Nigeria (X tons). All these countries together held near 53% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Togo (with a CAGR of +54.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest crispbread, rusk and toasted bread supplying countries in ECOWAS were Cote d'Ivoire ($X), Ghana ($X) and Nigeria ($X), with a combined 91% share of total exports. Togo lagged somewhat behind, comprising a further 6.5%.

In terms of the main exporting countries, Togo, with a CAGR of +32.7%, 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 mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, dropping by -11.9% against the previous year. In general, the export price, however, enjoyed a prominent increase. The most prominent rate of growth was recorded in 2013 an increase of 194%. Over the period under review, the export prices attained the maximum at $X per ton in 2014; however, 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 Cote d'Ivoire ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+13.6%), while the other leaders experienced a decline in the export price figures.

Imports of Crispbread, Rusks and Toasted Bread

Imports in ECOWAS

In 2022, approx. X tons of crispbread, rusks and toasted bread were imported in ECOWAS; jumping by 16% against 2021. Over the period under review, imports showed a prominent increase. The most prominent rate of growth was recorded in 2013 when imports increased by 135% against the previous year. Over the period under review, imports reached the maximum at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, crispbread, rusk and toasted bread imports rose significantly to $X in 2022. Overall, imports continue to indicate a buoyant increase. The pace of growth was the most pronounced in 2013 when imports increased by 103%. Over the period under review, imports reached the peak figure at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

Cote d'Ivoire represented the key importer of crispbread, rusks and toasted bread in ECOWAS, with the volume of imports amounting to X tons, which was near 46% of total imports in 2022. It was distantly followed by Burkina Faso (X tons), Ghana (X tons), Togo (X tons) and Nigeria (X tons), together creating a 39% share of total imports. The following importers - Senegal (X tons) and Niger (X tons) - each reached a 6.4% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to crispbread, rusk and toasted bread imports into Cote d'Ivoire stood at +32.3%. At the same time, Burkina Faso (+34.7%), Niger (+31.9%), Togo (+24.4%), Nigeria (+20.1%) and Senegal (+15.6%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +34.7% from 2012-2022. Ghana experienced a relatively flat trend pattern. While the share of Cote d'Ivoire (+32 p.p.), Burkina Faso (+14 p.p.), Togo (+2.7 p.p.) and Niger (+2.1 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Ghana (-37 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X) constitutes the largest market for imported crispbread, rusks and toasted bread in ECOWAS, comprising 54% of total imports. The second position in the ranking was taken by Ghana ($X), with an 11% share of total imports. It was followed by Senegal, with a 7.4% share.

In Cote d'Ivoire, crispbread, rusk and toasted bread imports increased at an average annual rate of +27.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Ghana (-1.8% per year) and Senegal (+27.7% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, waning by -6.3% against the previous year. Overall, the import price continues to indicate a pronounced shrinkage. The pace of growth was the most pronounced in 2019 when the import price increased by 20%. Over the period under review, import prices reached the maximum at $X per ton in 2012; however, from 2013 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 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 Senegal (+10.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform