ECOWAS: Groundnuts Market 2025

Groundnuts Market Size in ECOWAS

After two years of growth, the ECOWAS groundnuts market decreased by -22.2% to $X in 2022. In general, consumption, however, showed a pronounced decrease. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market failed to regain momentum.

Groundnuts Production in ECOWAS

In value terms, groundnuts production fell modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 when the production volume increased by 41%. The level of production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Nigeria (X tons) remains the largest groundnuts producing country in ECOWAS, comprising approx. 48% of total volume. Moreover, groundnuts production in Nigeria exceeded the figures recorded by the second-largest producer, Senegal (X tons), threefold. The third position in this ranking was held by Guinea (X tons), with a 9% share.

In Nigeria, groundnuts production expanded at an average annual rate of +3.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Senegal (+9.6% per year) and Guinea (+9.1% per year).

The average groundnuts yield expanded modestly to X tons per ha in 2022, increasing by 2% compared with 2021 figures. Over the period under review, the yield, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 7.5%. As a result, the yield reached the peak level of X tons per ha; 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 ground-nut (in-shell) production in ECOWAS reduced slightly to X ha, leveling off at the previous year's figure. The harvested area increased at an average annual rate of +3.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 when the harvested area increased by 9.1%. The level of harvested area peaked at X ha in 2021, and then reduced in the following year.

Groundnuts Exports

Exports in ECOWAS

In 2022, overseas shipments of ground-nut (in-shell) decreased by -13.2% to X tons, falling for the fifth year in a row after two years of growth. In general, exports showed a deep contraction. The most prominent rate of growth was recorded in 2016 with an increase of 972% against the previous year. The volume of export peaked at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, groundnuts exports shrank to $X in 2022. Overall, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 742% against the previous year. The level of export peaked at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Togo represented the key exporter of ground-nut (in-shell) in ECOWAS, with the volume of exports reaching X tons, which was near 62% of total exports in 2022. Senegal (X tons) ranks second in terms of the total exports with a 14% share, followed by Niger (10%) and Nigeria (5.2%). The following exporters - Burkina Faso (X tons) and Cote d'Ivoire (X tons) - each amounted to a 7.9% share of total exports.

Exports from Togo increased at an average annual rate of +13.4% from 2012 to 2022. At the same time, Burkina Faso (+17.3%), Nigeria (+8.2%), Cote d'Ivoire (+5.1%) and Niger (+1.9%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +17.3% from 2012-2022. By contrast, Senegal (-23.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Togo, Niger, Nigeria, Burkina Faso and Cote d'Ivoire increased by +55, +6.7, +4.3, +3.7 and +2.8 percentage points, respectively.

In value terms, Togo ($X) remains the largest groundnuts supplier in ECOWAS, comprising 78% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 7.5% share of total exports. It was followed by Senegal, with a 7% share.

In Togo, groundnuts exports expanded at an average annual rate of +15.8% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Cote d'Ivoire (+18.1% per year) and Senegal (-20.1% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, increasing by 6.6% against the previous year. Over the period under review, the export price enjoyed a resilient increase. The growth pace was the most rapid in 2021 an increase of 119%. The level of export peaked in 2022 and is expected to retain growth in years to come.

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 Cote d'Ivoire ($X per ton), while Niger ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+12.3%), while the other leaders experienced more modest paces of growth.

Groundnuts Imports

Imports in ECOWAS

In 2022, imports of ground-nut (in-shell) in ECOWAS skyrocketed to X tons, picking up by 58% against 2021 figures. Over the period under review, imports saw a remarkable increase. The pace of growth was the most pronounced in 2020 with an increase of 89%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

In value terms, groundnuts imports skyrocketed to $X in 2022. Overall, imports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 when imports increased by 94% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Togo (X tons) represented the main importer of ground-nut (in-shell), mixing up 62% of total imports. It was distantly followed by Nigeria (X tons), Benin (X tons), Niger (X tons) and Mali (X tons), together creating a 37% share of total imports.

Togo was also the fastest-growing in terms of the ground-nut (in-shell) imports, with a CAGR of +69.9% from 2012 to 2022. At the same time, Benin (+61.3%), Nigeria (+46.5%), Niger (+23.7%) and Mali (+2.2%) displayed positive paces of growth. While the share of Togo (+61 p.p.), Nigeria (+16 p.p.), Benin (+10 p.p.) and Niger (+3 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Mali (-8.2 p.p.) displayed negative dynamics.

In value terms, the largest groundnuts importing markets in ECOWAS were Togo ($X), Nigeria ($X) and Mali ($X), together comprising 82% of total imports.

Among the main importing countries, Nigeria, with a CAGR of +38.5%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, waning by -26.6% against the previous year. Over the period under review, the import price continues to indicate a deep setback. The pace of growth appeared the most rapid in 2013 an increase of 30% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2022, the import prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mali (+2.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform