ECOWAS: Modified Starches Market 2024

Modified Starches Market Size in ECOWAS

The ECOWAS modified starches market reached $X in 2022, picking up by 5.2% against the previous year. Overall, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Modified Starches Production in ECOWAS

In value terms, modified starches production reached $X in 2022 estimated in export price. In general, production, however, saw a mild decline. The most prominent rate of growth was recorded in 2015 when the production volume increased by 18%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Modified Starches Exports

Exports in ECOWAS

In 2022, overseas shipments of dextrins and other modified starches decreased by -45.9% to X tons, falling for the second year in a row after two years of growth. Over the period under review, exports continue to indicate a pronounced decrease. The most prominent rate of growth was recorded in 2013 when exports increased by 44%. The volume of export peaked at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, modified starches exports declined notably to $X in 2022. Total exports indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -49.6% against 2020 indices. The growth pace was the most rapid in 2013 when exports increased by 84% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Senegal (X tons) was the key exporter of dextrins and other modified starches, comprising 70% of total exports. Niger (X tons) took an 11% share (based on physical terms) of total exports, which put it in second place, followed by Nigeria (8.8%), Ghana (4.6%) and Cote d'Ivoire (4.5%).

Exports from Senegal increased at an average annual rate of +35.2% from 2012 to 2022. At the same time, Ghana (+55.5%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +55.5% from 2012-2022. By contrast, Niger (-3.3%), Cote d'Ivoire (-7.0%) and Nigeria (-8.9%) illustrated a downward trend over the same period. While the share of Senegal (+68 p.p.), Niger (+11 p.p.) and Ghana (+4.6 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Cote d'Ivoire (-3 p.p.) and Nigeria (-9 p.p.) displayed negative dynamics.

In value terms, Senegal ($X) remains the largest modified starches supplier in ECOWAS, comprising 85% of total exports. The second position in the ranking was taken by Niger ($X), with an 8.3% share of total exports. It was followed by Ghana, with a 3.5% share.

In Senegal, modified starches exports increased at an average annual rate of +25.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Niger (-0.1% per year) and Ghana (+45.2% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, increasing by 28% against the previous year. Export price indicated a prominent increase from 2012 to 2022: its price increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, modified starches export price increased by +84.1% against 2015 indices. The pace of growth appeared the most rapid in 2020 when the export price increased by 31%. The level of export peaked in 2022 and is expected to retain growth in the near future.

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 ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+5.2%), while the other leaders experienced mixed trends in the export price figures.

Modified Starches Imports

Imports in ECOWAS

In 2022, approx. X tons of dextrins and other modified starches were imported in ECOWAS; increasing by 118% compared with 2021 figures. Over the period under review, imports posted strong growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, modified starches imports surged to $X in 2022. Overall, imports posted a remarkable increase. The pace of growth appeared the most rapid in 2020 when imports increased by 96%. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

Imports by Country

Nigeria represented the main importing country with an import of around X tons, which recorded 49% of total imports. Niger (X tons) ranks second in terms of the total imports with a 31% share, followed by Ghana (6.7%) and Senegal (4.7%). The following importers - Togo (X tons) and Cote d'Ivoire (X tons) - each reached an 8.5% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Niger (with a CAGR of +57.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) constitutes the largest market for imported dextrins and other modified starches in ECOWAS, comprising 69% of total imports. The second position in the ranking was taken by Ghana ($X), with a 6.8% share of total imports. It was followed by Senegal, with a 6.5% share.

In Nigeria, modified starches imports expanded at an average annual rate of +4.9% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+4.3% per year) and Senegal (+12.6% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, shrinking by -17.6% against the previous year. Overall, the import price saw a noticeable curtailment. The growth pace was the most rapid in 2021 when the import price increased by 22% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+0.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform