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Report ECOWAS - Honey - Market Analysis, Forecast, Size, Trends and Insights for 499$
Report Update Nov 1, 2024

ECOWAS - Honey - Market Analysis, Forecast, Size, Trends and Insights

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ECOWAS: Honey Market 2024

Honey Market Size in ECOWAS

The ECOWAS honey market soared to $X in 2022, surging by 27% against the previous year. The total consumption indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +75.5% against 2017 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Honey Production in ECOWAS

In value terms, honey production expanded modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.9% 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 2018 when the production volume increased by 29% against the previous year. Over the period under review, production attained the maximum level at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

Honey Exports

Exports in ECOWAS

In 2022, after ten years of growth, there was significant decline in overseas shipments of honey, when their volume decreased by -8.5% to X tons. Over the period under review, exports, however, continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 158% against the previous year. The volume of export peaked at X tons in 2021, and then shrank in the following year.

In value terms, honey exports contracted to $X in 2022. In general, exports, however, enjoyed a significant expansion. The pace of growth was the most pronounced in 2015 when exports increased by 142%. Over the period under review, the exports reached the maximum at $X in 2021, and then dropped in the following year.

Exports by Country

Sierra Leone dominates exports structure, recording X tons, which was near 98% of total exports in 2022. Mali (X tons) took a minor share of total exports.

Exports from Sierra Leone increased at an average annual rate of +43.0% from 2012 to 2022. At the same time, Mali (+68.5%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +68.5% from 2012-2022. Sierra Leone (+2.3 p.p.) and Mali (+1.6 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Sierra Leone ($X) remains the largest honey supplier in ECOWAS, comprising 100% of total exports. The second position in the ranking was taken by Mali ($X), with a 0.1% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Sierra Leone stood at +44.2%.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, almost unchanged from the previous year. Over the period under review, the export price continues to indicate modest growth. The most prominent rate of growth was recorded in 2015 when the export price increased by 21% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2016 to 2022, the export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Sierra Leone ($X per ton), while Mali stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sierra Leone (+0.8%).

Honey Imports

Imports in ECOWAS

In 2022, approx. X tons of honey were imported in ECOWAS; rising by 347% against the previous year. Over the period under review, imports continue to indicate a significant increase. The pace of growth was the most pronounced in 2020 with an increase of 349% against the previous year. The volume of import peaked in 2022 and is likely to continue growth in the near future.

In value terms, honey imports skyrocketed to $X in 2022. Overall, imports saw a significant expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Nigeria (X tons) represented roughly 97% of total imports in 2022.

Nigeria was also the fastest-growing in terms of the honey imports, with a CAGR of +60.7% from 2012 to 2022. While the share of Nigeria (+60 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

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

In Nigeria, honey imports increased at an average annual rate of +48.4% over the period from 2012-2022.

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, declining by -53.2% against the previous year. Over the period under review, the import price recorded a abrupt decline. The growth pace was the most rapid in 2013 when the import price increased by 18% against the previous year. The level of import peaked at $X per ton in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the rate of growth in terms of prices for Nigeria amounted to -7.6% per year.

Source: IndexBox Platform

This report provides an in-depth analysis of the honey market in ECOWAS. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

  • FCL 1182 - Honey

Country coverage:

Data coverage:

  • Market volume and value
  • Per Capita consumption
  • Forecast of the market dynamics in the medium term
  • Production in ECOWAS, split by region and country
  • Trade (exports and imports) in ECOWAS
  • Export and import prices
  • Market trends, drivers and restraints
  • Key market players and their profiles

Reasons to buy this report:

  • Take advantage of the latest data
  • Find deeper insights into current market developments
  • Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

  1. How to diversify your business and benefit from new market opportunities
  2. How to load your idle production capacity
  3. How to boost your sales on overseas markets
  4. How to increase your profit margins
  5. How to make your supply chain more sustainable
  6. How to reduce your production and supply chain costs
  7. How to outsource production to other countries
  8. How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

  1. 1. INTRODUCTION

    Making Data-Driven Decisions to Grow Your Business

    1. REPORT DESCRIPTION
    2. RESEARCH METHODOLOGY AND AI PLATFORM
    3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
    4. GLOSSARY AND SPECIFIC TERMS

  2. 2. EXECUTIVE SUMMARY

    A Quick Overview of Market Performance

    1. KEY FINDINGS
    2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO

  3. 3. MARKET OVERVIEW

    Understanding the Current State of The Market and Its Prospects

    1. MARKET SIZE
    2. CONSUMPTION BY COUNTRY
    3. MARKET FORECAST TO 2030

  4. 4. MOST PROMISING PRODUCT

    Finding New Products to Diversify Your Business

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
    2. BEST-SELLING PRODUCTS
    3. MOST CONSUMED PRODUCT
    4. MOST TRADED PRODUCT
    5. MOST PROFITABLE PRODUCT FOR EXPORT

  5. 5. MOST PROMISING SUPPLYING COUNTRIES

    Choosing the Best Countries to Establish Your Sustainable Supply Chain

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
    2. TOP PRODUCING COUNTRIES
    3. TOP EXPORTING COUNTRIES
    4. LOW-COST EXPORTING COUNTRIES

  6. 6. MOST PROMISING OVERSEAS MARKETS

    Choosing the Best Countries to Boost Your Exports

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
    2. TOP CONSUMING MARKETS
    3. UNSATURATED MARKETS
    4. TOP IMPORTING MARKETS
    5. MOST PROFITABLE MARKETS

  7. 7. PRODUCTION

    The Latest Trends and Insights into The Industry

    1. PRODUCTION VOLUME AND VALUE
    2. PRODUCTION BY COUNTRY

  8. 8. IMPORTS

    The Largest Importers on The Market and How They Succeed

    1. IMPORTS FROM 2012–2023
    2. IMPORTS BY COUNTRY
    3. IMPORT PRICES BY COUNTRY

  9. 9. EXPORTS

    The Largest Exporters on The Market and How They Succeed

    1. EXPORTS FROM 2012–2023
    2. EXPORTS BY COUNTRY
    3. EXPORT PRICES BY COUNTRY

  10. 10. PROFILES OF MAJOR PRODUCERS

    The Largest Producers on The Market and Their Profiles

    This Chapter is Available Only for the Professional Edition PRO

  11. 11. COUNTRY PROFILES

    The Largest Markets And Their Profiles

    This Chapter is Available Only for the Professional Edition PRO
    • Benin
    • Burkina Faso
    • Cabo Verde
    • Gambia
    • Ghana
    • Guinea
    • Guinea-Bissau
    • Liberia
    • Mali
    • Niger
    • Nigeria
    • Senegal
    • Sierra Leone
    • Togo
    • Cote d'Ivoire

  12. LIST OF TABLES

    1. Key Findings In 2023
    2. Market Volume, In Physical Terms, 2012–2023
    3. Market Value, 2012–2023
    4. Per Capita Consumption, By Country, 2018–2023
    5. Production, In Physical Terms, By Country, 2012–2023
    6. Imports, In Physical Terms, By Country, 2012–2023
    7. Imports, In Value Terms, By Country, 2012–2023
    8. Import Prices, By Country Of Destination, 2012–2023
    9. Exports, In Physical Terms, By Country, 2012–2023
    10. Exports, In Value Terms, By Country, 2012–2023
    11. Export Prices, By Country Of Origin, 2012–2023

  13. LIST OF FIGURES

    1. Market Volume, In Physical Terms, 2012–2023
    2. Market Value, 2012–2023
    3. Consumption, By Country, 2023
    4. Market Volume Forecast to 2030
    5. Market Value Forecast to 2030
    6. Products: Market Size And Growth, By Type
    7. Products: Average Per Capita Consumption, By Type
    8. Products: Exports And Growth, By Type
    9. Products: Export Prices And Growth, By Type
    10. Production Volume And Growth
    11. Exports And Growth
    12. Export Prices And Growth
    13. Market Size And Growth
    14. Per Capita Consumption
    15. Imports And Growth
    16. Import Prices
    17. Production, In Physical Terms, 2012–2023
    18. Production, In Value Terms, 2012–2023
    19. Production, By Country, 2023
    20. Production, In Physical Terms, By Country, 2012–2023
    21. Imports, In Physical Terms, 2012–2023
    22. Imports, In Value Terms, 2012–2023
    23. Imports, In Physical Terms, By Country, 2023
    24. Imports, In Physical Terms, By Country, 2012–2023
    25. Imports, In Value Terms, By Country, 2012–2023
    26. Import Prices, By Country, 2012–2023
    27. Exports, In Physical Terms, 2012–2023
    28. Exports, In Value Terms, 2012–2023
    29. Exports, In Physical Terms, By Country, 2023
    30. Exports, In Physical Terms, By Country, 2012–2023
    31. Exports, In Value Terms, By Country, 2012–2023
    32. Export Prices, 2012–2023

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