ECOWAS: Hop Market 2024

Hop Market Size in ECOWAS

In 2022, the ECOWAS hop market decreased by -5.2% to $X for the first time since 2013, thus ending a eight-year rising trend. Over the period under review, consumption, however, enjoyed buoyant growth. The level of consumption peaked at $X in 2021, and then declined in the following year.

Hop Production in ECOWAS

In value terms, hop production expanded modestly to $X in 2022 estimated in export price. The total production indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +7.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.4% against 2020 indices. The pace of growth was the most pronounced in 2018 with an increase of 17% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Gambia (X tons) remains the largest hop producing country in ECOWAS, comprising approx. 92% of total volume. Moreover, hop production in Gambia exceeded the figures recorded by the second-largest producer, Nigeria (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume in Gambia stood at +2.9%.

Hop Exports

Exports in ECOWAS

In 2022, hop exports in ECOWAS reduced rapidly to X kg, dropping by -18.9% against 2021 figures. Overall, exports recorded a deep slump. The most prominent rate of growth was recorded in 2013 when exports increased by 36,644%. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, hop exports contracted markedly to $X in 2022. Over the period under review, exports continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2013 when exports increased by 3,289%. 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

Sierra Leone dominates exports structure, reaching X kg, which was approx. 97% of total exports in 2022. Ghana (X kg) held a relatively small share of total exports.

Sierra Leone was also the fastest-growing in terms of the hops exports, with a CAGR of -4.3% from 2012 to 2022. Ghana (-41.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Sierra Leone increased by +76 percentage points.

In value terms, Sierra Leone ($X) remains the largest hop supplier in ECOWAS, comprising 97% of total exports. The second position in the ranking was held by Ghana ($X), with a 2.7% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Sierra Leone totaled +1.1%.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, stabilizing at the previous year. In general, the export price recorded a mild expansion. The most prominent rate of growth was recorded in 2014 when the export price increased by 1,048% against the previous year. Over the period under review, the export prices reached the maximum in 2022 and is expected to retain growth in the immediate term.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Sierra Leone ($X per ton), while Ghana stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sierra Leone (+5.6%).

Hop Imports

Imports in ECOWAS

Hop imports shrank significantly to X tons in 2022, with a decrease of -15.8% against 2021. Overall, imports, however, enjoyed prominent growth. The most prominent rate of growth was recorded in 2019 when imports increased by 72%. The volume of import peaked at X tons in 2021, and then dropped notably in the following year.

In value terms, hop imports contracted notably to $X in 2022. Over the period under review, imports, however, saw a moderate increase. The most prominent rate of growth was recorded in 2019 when imports increased by 63% against the previous year. The level of import peaked at $X in 2021, and then reduced remarkably in the following year.

Imports by Country

Ghana dominates imports structure, resulting at X tons, which was near 73% of total imports in 2022. Nigeria (X tons) ranks second in terms of the total imports with a 7.7% share, followed by Burkina Faso (5.3%) and Guinea (4.5%). The following importers - Togo (X tons) and Benin (X tons) - each recorded an 8.1% share of total imports.

Imports into Ghana increased at an average annual rate of +16.7% from 2012 to 2022. At the same time, Burkina Faso (+79.6%), Guinea (+21.9%) and Togo (+18.4%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +79.6% from 2012-2022. By contrast, Nigeria (-2.3%) and Benin (-6.2%) illustrated a downward trend over the same period. Ghana (+40 p.p.), Burkina Faso (+5.3 p.p.), Guinea (+3.2 p.p.) and Togo (+2.5 p.p.) significantly strengthened its position in terms of the total imports, while Benin and Nigeria saw its share reduced by -12% and -12.8% from 2012 to 2022, respectively.

In value terms, Ghana ($X) constitutes the largest market for imported hops in ECOWAS, comprising 66% of total imports. The second position in the ranking was held by Nigeria ($X), with a 9.2% share of total imports. It was followed by Togo, with a 6.7% share.

From 2012 to 2022, the average annual growth rate of value in Ghana totaled +16.3%. The remaining importing countries recorded the following average annual rates of imports growth: Nigeria (-4.4% per year) and Togo (+15.0% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, falling by -9% against the previous year. Over the period under review, the import price showed a pronounced setback. The pace of growth appeared the most rapid in 2014 an increase of 33%. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (-0.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform