ECOWAS: Maize Market 2025

Maize Market Size in ECOWAS

The ECOWAS maize market declined slightly to $X in 2022, approximately equating the previous year. Overall, consumption continues to indicate a pronounced decline. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market failed to regain momentum.

Maize Production in ECOWAS

In value terms, maize production fell modestly to $X in 2022 estimated in export price. Overall, production continues to indicate a abrupt curtailment. The growth pace was the most rapid in 2015 when the production volume increased by 41%. As a result, production reached the peak level of $X. From 2016 to 2022, production growth failed to regain momentum.

Nigeria (X tons) constituted the country with the largest volume of maize production, comprising approx. 59% of total volume. Moreover, maize production in Nigeria exceeded the figures recorded by the second-largest producer, Guinea (X tons), threefold. Cote d'Ivoire (X tons) ranked third in terms of total production with a 14% share.

In Nigeria, maize production remained relatively stable over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: Guinea (+0.5% per year) and Cote d'Ivoire (-0.5% per year).

The average maize yield reduced modestly to X tons per ha in 2022, flattening at the previous year. Over the period under review, the yield saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 0.5%. The level of yield peaked at X tons per ha in 2012; however, from 2013 to 2022, the yield remained at a lower figure. 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 maize (green) production in ECOWAS fell to X ha, approximately mirroring 2021 figures. Over the period under review, the harvested area, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 with an increase of 1.5%. The level of harvested area peaked at X ha in 2021, and then shrank modestly in the following year.

Maize Exports

Exports in ECOWAS

In 2022, the amount of maize (green) exported in ECOWAS shrank to X tons, waning by -7.7% compared with 2021. Over the period under review, exports, however, showed a prominent expansion. The most prominent rate of growth was recorded in 2017 with an increase of 88% against the previous year. The volume of export peaked at X tons in 2021, and then shrank in the following year.

In value terms, maize exports reduced to $X in 2022. Total exports indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +6.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +97.4% against 2016 indices. The pace of growth was the most pronounced in 2017 with an increase of 62% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then reduced in the following year.

Exports by Country

Senegal dominates exports structure, accounting for X tons, which was near 89% of total exports in 2022. It was distantly followed by Togo (X tons), creating a 6.5% share of total exports. Ghana (X tons) took a little share of total exports.

Senegal was also the fastest-growing in terms of the maize (green) exports, with a CAGR of +10.3% from 2012 to 2022. At the same time, Togo (+6.6%) displayed positive paces of growth. Ghana experienced a relatively flat trend pattern. While the share of Senegal (+7.7 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Togo (-1.9 p.p.) and Ghana (-3.3 p.p.) displayed negative dynamics.

In value terms, Senegal ($X) remains the largest maize supplier in ECOWAS, comprising 83% of total exports. The second position in the ranking was held by Togo ($X), with an 8% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Senegal totaled +8.6%. In the other countries, the average annual rates were as follows: Togo (+2.4% per year) and Ghana (+4.0% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, which is down by -3.2% against the previous year. In general, the export price showed a pronounced shrinkage. The most prominent rate of growth was recorded in 2020 an increase of 13%. Over the period under review, the export prices reached the maximum at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Senegal ($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 (+4.1%), while the other leaders experienced a decline in the export price figures.

Maize Imports

Imports in ECOWAS

After three years of growth, overseas purchases of maize (green) decreased by -17.6% to X tons in 2022. In general, imports, however, saw prominent growth. The most prominent rate of growth was recorded in 2016 when imports increased by 662% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports failed to regain momentum.

In value terms, maize imports fell rapidly to $X in 2022. Over the period under review, imports, however, saw a resilient increase. The most prominent rate of growth was recorded in 2016 when imports increased by 848%. As a result, imports attained the peak of $X. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Cote d'Ivoire (X tons) and Nigeria (X tons) dominates imports structure, together achieving 82% of total imports. It was distantly followed by Senegal (X tons), constituting a 6.7% share of total imports. The following importers - Liberia (X tons), Guinea (X tons) and Togo (X tons) - each finished at a 6.2% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Togo (with a CAGR of +70.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X), Nigeria ($X) and Senegal ($X) were the countries with the highest levels of imports in 2022, together accounting for 72% of total imports. Guinea, Liberia and Togo lagged somewhat behind, together accounting for a further 16%.

In terms of the main importing countries, Togo, with a CAGR of +69.9%, saw 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

The import price in ECOWAS stood at $X per ton in 2022, with a decrease of -7.9% against the previous year. Over the period under review, the import price saw a mild downturn. The pace of growth appeared the most rapid in 2013 when the import price increased by 51%. Over the period under review, import prices attained the maximum at $X per ton in 2016; however, from 2017 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guinea (+7.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform