ECOWAS: Maize Starch Market 2024

Maize Starch Market Size in ECOWAS

After four years of growth, the ECOWAS maize starch market decreased by -6.9% to $X in 2021. In general, consumption, however, showed a prominent increase. The level of consumption peaked at $X in 2020, and then declined in the following year.

Maize Starch Production in ECOWAS

In value terms, maize starch production contracted to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate prominent growth. The growth pace was the most rapid in 2019 when the production volume increased by 31%. Over the period under review, production attained the peak level at $X in 2020, and then shrank in the following year.

Maize Starch Exports

Exports in ECOWAS

In 2021, overseas shipments of maize (corn) starch increased by 48% to X tons, rising for the second year in a row after two years of decline. Overall, exports enjoyed mild growth. The growth pace was the most rapid in 2016 when exports increased by 146%. Over the period under review, the exports hit record highs in 2021 and are likely to see steady growth in the immediate term.

In value terms, maize starch exports surged to $X in 2021. Over the period under review, exports continue to indicate a buoyant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, Senegal (X tons) was the major exporter of maize (corn) starch, committing 62% of total exports. Nigeria (X tons) took the second position in the ranking, distantly followed by Ghana (X tons). All these countries together took approx. 33% share of total exports. Togo (X tons) took a relatively small share of total exports.

Senegal was also the fastest-growing in terms of the maize (corn) starch exports, with a CAGR of +26.1% from 2012 to 2021. At the same time, Nigeria (+23.5%) and Togo (+16.6%) displayed positive paces of growth. By contrast, Ghana (-20.3%) illustrated a downward trend over the same period. While the share of Senegal (+53 p.p.), Nigeria (+20 p.p.) and Togo (+2.8 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Ghana (-70.7 p.p.) displayed negative dynamics.

In value terms, the largest maize starch supplying countries in ECOWAS were Nigeria ($X), Senegal ($X) and Ghana ($X), with a combined 91% share of total exports.

Nigeria, with a CAGR of +30.3%, recorded 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

The export price in ECOWAS stood at $X per ton in 2021, growing by 27% against the previous year. Export price indicated notable growth from 2012 to 2021: its price increased at an average annual rate of +3.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, maize starch export price increased by +73.2% against 2017 indices. The pace of growth was the most pronounced in 2014 when the export price increased by 49%. The level of export peaked at $X per ton in 2015; however, from 2016 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Togo ($X per ton), while Senegal ($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 (+8.8%), while the other leaders experienced more modest paces of growth.

Maize Starch Imports

Imports in ECOWAS

In 2021, supplies from abroad of maize (corn) starch decreased by -13.2% to X tons for the first time since 2018, thus ending a two-year rising trend. In general, imports, however, continue to indicate prominent growth. The most prominent rate of growth was recorded in 2019 with an increase of 59%. Over the period under review, imports reached the maximum at X tons in 2020, and then reduced in the following year.

In value terms, maize starch imports shrank slightly to $X in 2021. Overall, imports, however, continue to indicate prominent growth. The growth pace was the most rapid in 2019 when imports increased by 59% against the previous year. The level of import peaked at $X in 2020, and then shrank slightly in the following year.

Imports by Country

Nigeria prevails in imports structure, reaching X tons, which was near 76% of total imports in 2021. Cote d'Ivoire (X tons) ranks second in terms of the total imports with a 10% share, followed by Senegal (9.7%). Ghana (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to maize starch imports into Nigeria stood at +14.6%. At the same time, Cote d'Ivoire (+15.0%), Ghana (+12.8%) and Senegal (+10.5%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +15.0% from 2012-2021. While the share of Nigeria (+2.4 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Senegal (-3.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported maize (corn) starch in ECOWAS, comprising 82% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 6.8% share of total imports. It was followed by Senegal, with a 6.7% share.

In Nigeria, maize starch imports expanded at an average annual rate of +17.6% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+12.5% per year) and Senegal (+6.4% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, rising by 15% against the previous year. Over the last nine years, it increased at an average annual rate of +1.4%. The pace of growth appeared the most rapid in 2020 when the import price increased by 26% against the previous year. Over the period under review, import prices reached the maximum in 2021 and is likely to continue growth in the immediate term.

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 ($X per ton), while Cote d'Ivoire ($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 (+2.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform