ECOWAS: Fonio Market 2024

Fonio Market Size in ECOWAS

The ECOWAS fonio market rose rapidly to $X in 2022, increasing by 5.2% against the previous year. The market value increased at an average annual rate of +4.2% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Fonio Production in ECOWAS

In value terms, fonio production expanded sharply to $X in 2022 estimated in export price. The total production indicated a resilient expansion from 2012 to 2022: its value 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, production decreased by -6.0% against 2020 indices. The most prominent rate of growth was recorded in 2020 when the production volume increased by 32% against the previous year. As a result, production attained the peak level of $X; afterwards, it flattened through to 2022.

The country with the largest volume of fonio production was Guinea (X tons), accounting for 73% of total volume. Moreover, fonio production in Guinea exceeded the figures recorded by the second-largest producer, Nigeria (X tons), sixfold. The third position in this ranking was taken by Mali (X tons), with a 6.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in Guinea stood at +1.2%. The remaining producing countries recorded the following average annual rates of production growth: Nigeria (+0.6% per year) and Mali (+10.2% per year).

The average fonio yield was estimated at X kg per ha in 2022, almost unchanged from the previous year's figure. In general, the yield, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 5.2% against the previous year. As a result, the yield attained the peak level of X kg per ha. From 2014 to 2022, the growth of the fonio yield remained at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The fonio harvested area dropped slightly to X ha in 2022, approximately mirroring the previous year's figure. The harvested area increased at an average annual rate of +2.2% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2015 when the harvested area increased by 11% against the previous year. The level of harvested area peaked at X ha in 2021, and then shrank slightly in the following year.

Fonio Exports

Exports in ECOWAS

In 2022, overseas shipments of fonio decreased by -5.3% to X tons, falling for the second consecutive year after two years of growth. Overall, exports, however, continue to indicate a significant increase. The pace of growth was the most pronounced in 2019 with an increase of 265% against the previous year. The volume of export peaked at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, fonio exports fell to $X in 2022. In general, exports, however, posted a significant expansion. The growth pace was the most rapid in 2019 with an increase of 260%. Over the period under review, the exports reached the maximum at $X in 2021, and then declined slightly in the following year.

Exports by Country

The biggest shipments were from Mali (X tons), Senegal (X tons) and Guinea (X tons), together recording 91% of total export. It was distantly followed by Burkina Faso (X tons), making up a 7.5% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Senegal (with a CAGR of +42.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Guinea ($X), Mali ($X) and Senegal ($X) constituted the countries with the highest levels of exports in 2022, together accounting for 78% of total exports.

Among the main exporting countries, Senegal, with a CAGR of +37.6%, 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

The export price in ECOWAS stood at $X per ton in 2022, increasing by 2.7% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when the export price increased by 24% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2017 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 Burkina Faso ($X per ton), while Mali ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guinea (+3.7%), while the other leaders experienced mixed trends in the export price figures.

Fonio Imports

Imports by Country

Togo (X tons) represented roughly 100% of total imports in 2021.

Togo experienced a relatively flat trend pattern with regard to volume of imports of fonio. Togo (+99 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Togo ($X) constitutes the largest market for imported fonio in ECOWAS.

From 2014 to 2021, the average annual growth rate of value in Togo was relatively modest.

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, with a decrease of -78% against the previous year. Over the period under review, the import price faced a deep setback. The pace of growth was the most pronounced in 2019 an increase of 207% against the previous year. As a result, import price reached the peak level of $X per ton. From 2020 to 2021, the import prices failed to regain momentum.

As there is only one major supplying country, the average price level is determined by prices for Togo.

From 2014 to 2021, the rate of growth in terms of prices for Togo amounted to 0.0% per year.

Source: IndexBox Platform