ECOWAS: Market for Malt Extract And Food Preparations Of Flour, Meal, And Starch 2024

Market Size for Malt Extract And Food Preparations Of Flour, Meal, And Starch in ECOWAS

In 2022, the ECOWAS market for malt extract and food preparations of flour, meal, and starches decreased by -0.4% to $X, falling for the second year in a row after two years of growth. Overall, consumption continues to indicate perceptible growth. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Malt Extract And Food Preparations Of Flour, Meal, And Starch in ECOWAS

In value terms, production of malt extract and food preparations of flour, meal, and starches rose notably to $X in 2022 estimated in export price. Over the period under review, production, however, saw a abrupt descent. The growth pace was the most rapid in 2018 when the production volume increased by 164% against the previous year. Over the period under review, production of reached the peak level at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Exports of Malt Extract And Food Preparations Of Flour, Meal, And Starch

Exports in ECOWAS

After two years of decline, overseas shipments of malt extract and food preparations of flour, meal, and starches increased by 31% to X tons in 2022. In general, exports, however, recorded a perceptible contraction. The pace of growth was the most pronounced in 2013 with an increase of 109% against the previous year. Over the period under review, the exports of attained the peak figure at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, exports of malt extract and food preparations of flour, meal, and starches soared to $X in 2022. Over the period under review, exports, however, saw a deep setback. The most prominent rate of growth was recorded in 2013 with an increase of 99%. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports of failed to regain momentum.

Exports by Country

Ghana was the key exporter of malt extract and food preparations of flour, meal, and starches in ECOWAS, with the volume of exports recording X tons, which was approx. 48% of total exports in 2022. Nigeria (X tons) ranks second in terms of the total exports with a 21% share, followed by Cote d'Ivoire (18%) and Niger (8.3%). Benin (X tons) followed a long way behind the leaders.

Exports from Ghana increased at an average annual rate of +8.6% from 2012 to 2022. At the same time, Benin (+30.3%), Niger (+20.3%), Nigeria (+12.6%) and Cote d'Ivoire (+2.7%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +30.3% from 2012-2022. While the share of Ghana (+33 p.p.), Nigeria (+17 p.p.), Cote d'Ivoire (+8.1 p.p.), Niger (+7.4 p.p.) and Benin (+1.8 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) remains the largest malt extract and food preparations of flour, meal, and starch supplier in ECOWAS, comprising 61% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 21% share of total exports. It was followed by Nigeria, with a 7.7% share.

In Ghana, exports of malt extract and food preparations of flour, meal, and starches increased at an average annual rate of +18.6% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Cote d'Ivoire (+8.8% per year) and Nigeria (-3.0% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, with a decrease of -1.6% against the previous year. Over the period under review, the export price continues to indicate a abrupt slump. The most prominent rate of growth was recorded in 2020 when the export price increased by 10% against the previous year. The level of export peaked 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 ($X per ton), while Nigeria ($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 (+9.2%), while the other leaders experienced more modest paces of growth.

Imports of Malt Extract And Food Preparations Of Flour, Meal, And Starch

Imports in ECOWAS

In 2022, the amount of malt extract and food preparations of flour, meal, and starches imported in ECOWAS totaled X tons, leveling off at the previous year's figure. Overall, imports showed a prominent expansion. The pace of growth was the most pronounced in 2019 with an increase of 50% against the previous year. The volume of import peaked in 2022 and is expected to retain growth in the near future.

In value terms, imports of malt extract and food preparations of flour, meal, and starches expanded remarkably to $X in 2022. Over the period under review, imports saw a remarkable increase. The most prominent rate of growth was recorded in 2020 when imports increased by 77%. Over the period under review, imports of hit record highs in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, Senegal (X tons), distantly followed by Nigeria (X tons), Ghana (X tons), Mali (X tons), Gambia (X tons), Guinea (X tons) and Cote d'Ivoire (X tons) were the largest importers of malt extract and food preparations of flour, meal, and starches, together mixing up 88% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Mali (with a CAGR of +35.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest malt extract and food preparations of flour, meal, and starch importing markets in ECOWAS were Senegal ($X), Nigeria ($X) and Mali ($X), with a combined 67% share of total imports.

Among the main importing countries, Mali, with a CAGR of +32.4%, saw the highest growth rate of 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

In 2022, the import price in ECOWAS amounted to $X per ton, growing by 3.6% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the import price increased by 21% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2013; however, from 2014 to 2022, 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 Nigeria ($X per ton), while Gambia ($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 (+2.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform