ECOWAS: Grain Market 2024

Grain Market Size in ECOWAS

After four years of growth, the ECOWAS grain market decreased by X% to $X in 2022. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2021, and then dropped slightly in the following year.

Grain Production in ECOWAS

In value terms, grain production fell to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2019 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Nigeria (X tons) constituted the country with the largest volume of grain production, comprising approx. X% of total volume. Moreover, grain production in Nigeria exceeded the figures recorded by the second-largest producer, Mali (X tons), threefold. The third position in this ranking was taken by Burkina Faso (X tons), with a X% share.

In Nigeria, grain production expanded at an average annual rate of X% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: Mali (X% per year) and Burkina Faso (X% per year).

The average grain yield amounted to X tons per ha in 2022, with an increase of X% on 2021. The yield figure increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of X%. Over the period under review, the grain yield attained the peak level at X tons per ha in 2020; afterwards, it flattened through to 2022. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of grain production in ECOWAS contracted modestly to X ha, remaining stable against the year before. The harvested area increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The growth pace was the most rapid in 2016 when the harvested area increased by X%. Over the period under review, the harvested area dedicated to grain production attained the maximum at X ha in 2018; however, from 2019 to 2022, the harvested area remained at a lower figure.

Grain Exports

Exports in ECOWAS

In 2022, the amount of grain exported in ECOWAS skyrocketed to X tons, jumping by X% against 2021. Over the period under review, exports enjoyed a measured expansion. The most prominent rate of growth was recorded in 2019 when exports increased by X% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, grain exports skyrocketed to $X in 2022. In general, exports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 with an increase of X%. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Cote d'Ivoire represented the major exporting country with an export of around X tons, which reached X% of total exports. Burkina Faso (X tons) held the second position in the ranking, followed by Liberia (X tons), Senegal (X tons) and Mali (X tons). All these countries together took approx. X% share of total exports. The following exporters - Benin (X tons) and Niger (X tons) - each amounted to a X% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to grain exports from Cote d'Ivoire stood at X%. At the same time, Niger (X%), Mali (X%), Senegal (X%), Liberia (X%) and Burkina Faso (X%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Benin (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Cote d'Ivoire, Liberia, Senegal, Mali and Niger increased by X, X, X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X), Cote d'Ivoire ($X) and Liberia ($X) constituted the countries with the highest levels of exports in 2022, with a combined X% share of total exports. Burkina Faso, Mali, Niger and Benin lagged somewhat behind, together comprising a further X%.

Niger, with a CAGR of X%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, shrinking by X% against the previous year. In general, the export price saw a perceptible curtailment. The growth pace was the most rapid in 2013 an increase of X% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, 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 Cote d'Ivoire (X%), while the other leaders experienced mixed trends in the export price figures.

Grain Imports

Imports in ECOWAS

In 2022, imports of grain in ECOWAS stood at X tons, growing by X% compared with the previous year's figure. Total imports indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2017 with an increase of X%. Over the period under review, imports reached the maximum in 2022 and are likely to see steady growth in the immediate term.

In value terms, grain imports contracted to $X in 2022. Overall, imports showed a strong increase. The growth pace was the most rapid in 2020 with an increase of X%. The level of import peaked at $X in 2021, and then fell in the following year.

Imports by Country

In 2022, Nigeria (X tons) represented the key importer of grain, generating X% of total imports. It was distantly followed by Senegal (X tons), Ghana (X tons), Cote d'Ivoire (X tons), Guinea (X tons) and Mali (X tons), together making up a X% share of total imports. Burkina Faso (X tons) held a relatively small share of total imports.

Imports into Nigeria increased at an average annual rate of X% from 2012 to 2022. At the same time, Guinea (X%), Mali (X%), Burkina Faso (X%), Senegal (X%), Ghana (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. From 2012 to 2022, the share of Guinea, Mali and Senegal increased by X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported grain in ECOWAS, comprising X% of total imports. The second position in the ranking was taken by Senegal ($X), with a X% share of total imports. It was followed by Cote d'Ivoire, with a X% share.

In Nigeria, grain imports expanded at an average annual rate of X% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Senegal (X% per year) and Cote d'Ivoire (X% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, which is down by X% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 an increase of X%. Over the period under review, import prices hit record highs at $X per ton in 2021, and then dropped in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Burkina Faso (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform