ECOWAS: Maize Market 2024

Maize Market Size in ECOWAS

The ECOWAS maize market declined modestly to $X in 2022, flattening at the previous year. The market value increased at an average annual rate of +1.5% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market remained at a somewhat lower figure.

Maize Production in ECOWAS

In value terms, maize production shrank modestly to $X in 2022 estimated in export price. In general, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the production volume increased by 18% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

The country with the largest volume of maize production was Nigeria (X tons), accounting for 47% of total volume. Moreover, maize production in Nigeria exceeded the figures recorded by the second-largest producer, Mali (X tons), fourfold. The third position in this ranking was held by Ghana (X tons), with a 12% share.

In Nigeria, maize production increased at an average annual rate of +3.8% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: Mali (+9.6% per year) and Ghana (+5.3% per year).

The average maize yield rose slightly to X tons per ha in 2022, picking up by 2.8% compared with the year before. The yield figure increased at an average annual rate of +2.7% 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 2020 when the yield increased by 13% against the previous year. As a result, the yield attained 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 harvested area of maize in ECOWAS contracted slightly to X ha, falling by -4.3% on 2021. The harvested area increased at an average annual rate of +1.7% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 9.3% against the previous year. Over the period under review, the harvested area dedicated to maize production attained the peak figure at X ha in 2019; however, from 2020 to 2022, the harvested area failed to regain momentum.

Maize Exports

Exports in ECOWAS

In 2022, approx. X tons of maize were exported in ECOWAS; growing by 2.7% on the previous year's figure. Overall, exports, however, recorded a abrupt decline. The growth pace was the most rapid in 2017 with an increase of 123%. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, maize exports skyrocketed to $X in 2022. Over the period under review, exports, however, faced a deep downturn. The most prominent rate of growth was recorded in 2017 when exports increased by 72% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Burkina Faso prevails in exports structure, amounting to X tons, which was approx. 66% of total exports in 2022. It was distantly followed by Benin (X tons), Mali (X tons), Cote d'Ivoire (X tons) and Ghana (X tons), together committing a 31% share of total exports. Nigeria (X tons) followed a long way behind the leaders.

Exports from Burkina Faso increased at an average annual rate of +10.2% from 2012 to 2022. At the same time, Mali (+69.8%) and Ghana (+12.5%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +69.8% from 2012-2022. By contrast, Benin (-14.3%), Cote d'Ivoire (-17.4%) and Nigeria (-33.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Burkina Faso, Mali and Ghana increased by +56, +8.7 and +5.8 percentage points, respectively.

In value terms, Burkina Faso ($X) remains the largest maize supplier in ECOWAS, comprising 52% of total exports. The second position in the ranking was held by Benin ($X), with a 16% share of total exports. It was followed by Ghana, with a 12% share.

In Burkina Faso, maize exports shrank by an average annual rate of -1.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Benin (-19.2% per year) and Ghana (+19.8% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, surging by 33% against the previous year. Over the period under review, the export price, however, recorded a mild setback. The pace of growth was the most pronounced in 2013 when the export price increased by 108%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+16.1%), while the other leaders experienced mixed trends in the export price figures.

Maize Imports

Imports in ECOWAS

In 2022, maize imports in ECOWAS soared to X tons, growing by 28% on the previous year's figure. Over the period under review, imports, however, showed a relatively flat trend pattern. Over the period under review, imports reached the peak figure at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, maize imports skyrocketed to $X in 2022. In general, imports, however, saw a deep contraction. The most prominent rate of growth was recorded in 2017 with an increase of 87% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Senegal represented the key importer of maize in ECOWAS, with the volume of imports resulting at X tons, which was near 63% of total imports in 2022. Ghana (X tons) took the second position in the ranking, distantly followed by Niger (X tons) and Cabo Verde (X tons). All these countries together held near 30% share of total imports. The following importers - Cote d'Ivoire (X tons) and Benin (X tons) - each amounted to a 4% share of total imports.

Imports into Senegal increased at an average annual rate of +3.4% from 2012 to 2022. At the same time, Benin (+18.5%) and Cabo Verde (+2.9%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +18.5% from 2012-2022. By contrast, Ghana (-3.9%), Cote d'Ivoire (-7.2%) and Niger (-10.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Senegal, Cabo Verde and Benin increased by +22, +1.7 and +1.5 percentage points, respectively.

In value terms, Senegal ($X) constitutes the largest market for imported maize in ECOWAS, comprising 56% of total imports. The second position in the ranking was taken by Ghana ($X), with a 22% share of total imports. It was followed by Benin, with a 5.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Senegal was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (-6.6% per year) and Benin (+19.5% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, falling by -8.2% against the previous year. Overall, the import price recorded a noticeable descent. The growth pace was the most rapid in 2017 an increase of 62%. As a result, import price attained the peak level of $X per ton. From 2018 to 2022, the import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Benin ($X per ton), while Niger ($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 (+2.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform