ECOWAS: Fructose Market 2024

Fructose Market Size in ECOWAS

In 2021, after two years of decline, there was growth in the ECOWAS fructose market, when its value increased by 1.3% to $X. The market value increased at an average annual rate of +1.0% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Fructose Production in ECOWAS

In value terms, fructose production rose to $X in 2021 estimated in export price. In general, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the production volume increased by 31% against the previous year. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Fructose Exports

Exports in ECOWAS

In 2021, after four years of decline, there was significant growth in overseas shipments of fructose and fructose syrup, when their volume increased by 240% to X tons. In general, exports, however, showed a deep reduction. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, fructose exports soared to $X in 2021. Over the period under review, exports, however, recorded a noticeable contraction. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Senegal was the main exporter of fructose and fructose syrup in ECOWAS, with the volume of exports reaching X tons, which was near 70% of total exports in 2021. It was distantly followed by Nigeria (X tons), committing a 24% share of total exports. Ghana (X tons) held a little share of total exports.

From 2012 to 2021, average annual rates of growth with regard to fructose exports from Senegal stood at +59.1%. At the same time, Nigeria (+70.2%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +70.2% from 2012-2021. By contrast, Ghana (-39.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Senegal and Nigeria increased by +70 and +24 percentage points, respectively.

In value terms, Senegal ($X) remains the largest fructose supplier in ECOWAS, comprising 68% of total exports. The second position in the ranking was taken by Ghana ($X), with an 8.5% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Senegal stood at +48.3%. In the other countries, the average annual rates were as follows: Ghana (-23.2% per year) and Nigeria (+40.9% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, waning by -34.8% against the previous year. In general, the export price, however, saw a perceptible expansion. The pace of growth appeared the most rapid in 2015 an increase of 83% against the previous year. Over the period under review, the export prices reached the maximum at $X per ton in 2020, and then shrank rapidly in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+27.6%), while the other leaders experienced a decline in the export price figures.

Fructose Imports

Imports in ECOWAS

In 2021, after four years of growth, there was significant decline in supplies from abroad of fructose and fructose syrup, when their volume decreased by -21.7% to X tons. Overall, imports, however, showed a strong expansion. The growth pace was the most rapid in 2018 when imports increased by 88% against the previous year. Over the period under review, imports reached the maximum at X tons in 2020, and then shrank markedly in the following year.

In value terms, fructose imports dropped dramatically to $X in 2021. In general, imports, however, showed buoyant growth. The pace of growth was the most pronounced in 2018 when imports increased by 42% against the previous year. The level of import peaked at $X in 2020, and then declined remarkably in the following year.

Imports by Country

In 2021, Nigeria (X tons) and Ghana (X tons) represented the main importers of fructose and fructose syrup in ECOWAS, together accounting for approx. 78% of total imports. It was distantly followed by Cote d'Ivoire (X tons) and Senegal (X tons), together making up a 20% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Cote d'Ivoire (with a CAGR of +27.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) constitutes the largest market for imported fructose and fructose syrup in ECOWAS, comprising 53% of total imports. The second position in the ranking was taken by Ghana ($X), with a 22% share of total imports. It was followed by Senegal, with a 10% share.

From 2012 to 2021, the average annual growth rate of value in Nigeria stood at +4.1%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+11.3% per year) and Senegal (+2.5% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, with a decrease of -7.8% against the previous year. In general, the import price showed a noticeable decline. The most prominent rate of growth was recorded in 2020 an increase of 18% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2016; however, from 2017 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Nigeria ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (-1.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform