ECOWAS: Glucose Market 2024

Glucose Exports

Exports in ECOWAS

In 2021, glucose exports in ECOWAS skyrocketed to X tons, with an increase of 18% on 2020 figures. In general, exports continue to indicate a strong increase. The most prominent rate of growth was recorded in 2014 with an increase of 105%. Over the period under review, the exports attained the maximum at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, glucose exports surged to $X in 2021. Over the period under review, exports showed a resilient expansion. The most prominent rate of growth was recorded in 2014 when exports increased by 66%. Over the period under review, the exports attained the peak figure in 2021 and are likely to continue growth in years to come.

Exports by Country

Niger was the main exporting country with an export of around X tons, which reached 56% of total exports. Senegal (X tons) held the second position in the ranking, followed by Togo (X tons), Ghana (X tons) and Cote d'Ivoire (X tons). All these countries together held near 44% share of total exports.

Niger was also the fastest-growing in terms of the glucose and glucose syrup exports, with a CAGR of +37.5% from 2012 to 2021. At the same time, Senegal (+30.1%), Togo (+19.4%) and Cote d'Ivoire (+7.1%) displayed positive paces of growth. By contrast, Ghana (-8.4%) illustrated a downward trend over the same period. Niger (+48 p.p.), Senegal (+15 p.p.) and Togo (+6.5 p.p.) significantly strengthened its position in terms of the total exports, while Cote d'Ivoire and Ghana saw its share reduced by -1.8% and -25.4% from 2012 to 2021, respectively.

In value terms, Togo ($X) remains the largest glucose supplier in ECOWAS, comprising 62% of total exports. The second position in the ranking was held by Niger ($X), with a 23% share of total exports. It was followed by Senegal, with an 8.3% share.

In Togo, glucose exports increased at an average annual rate of +71.3% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Niger (+26.8% per year) and Senegal (+34.4% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, with an increase of 2.9% against the previous year. Export price indicated a temperate increase from 2012 to 2021: its price increased at an average annual rate of +2.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, glucose export price increased by +67.1% against 2018 indices. The most prominent rate of growth was recorded in 2019 when the export price increased by 56% against the previous year. Over the period under review, the export prices hit record highs in 2021 and is likely to continue growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Togo (+43.4%), while the other leaders experienced more modest paces of growth.

Glucose Imports

Imports in ECOWAS

In 2021, after two years of growth, there was significant decline in supplies from abroad of glucose and glucose syrup, when their volume decreased by -20.6% to X tons. Total imports indicated a measured expansion from 2012 to 2021: its volume 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. Based on 2021 figures, imports increased by +33.9% against 2016 indices. The pace of growth appeared the most rapid in 2020 when imports increased by 46%. As a result, imports attained the peak of X tons, and then dropped notably in the following year.

In value terms, glucose imports dropped remarkably to $X in 2021. Total imports indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +3.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +31.0% against 2019 indices. The most prominent rate of growth was recorded in 2020 when imports increased by 70%. As a result, imports attained the peak of $X, and then contracted rapidly in the following year.

Imports by Country

Nigeria represented the largest importer of glucose and glucose syrup in ECOWAS, with the volume of imports reaching X tons, which was near 61% of total imports in 2021. Ghana (X tons) took a 14% share (based on physical terms) of total imports, which put it in second place, followed by Togo (8%), Cote d'Ivoire (6.4%) and Senegal (5.1%). Guinea (X tons) followed a long way behind the leaders.

Imports into Nigeria increased at an average annual rate of +1.1% from 2012 to 2021. At the same time, Ghana (+24.9%), Togo (+16.3%), Cote d'Ivoire (+10.8%), Guinea (+8.1%) and Senegal (+7.7%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +24.9% from 2012-2021. From 2012 to 2021, the share of Ghana, Togo and Cote d'Ivoire increased by +11, +5 and +2.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported glucose and glucose syrup in ECOWAS, comprising 70% of total imports. The second position in the ranking was held by Ghana ($X), with an 11% share of total imports. It was followed by Togo, with a 6.7% share.

In Nigeria, glucose imports increased at an average annual rate of +1.1% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Ghana (+21.2% per year) and Togo (+13.6% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, declining by -2.9% against the previous year. Overall, the import price recorded a slight decline. The growth pace was the most rapid in 2018 when the import price increased by 24%. Over the period under review, import prices reached the peak figure at $X per ton in 2014; however, from 2015 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 ($X per ton), while Guinea ($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 (-0.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform