ECOWAS: Malt Market 2024

Malt Market Size in ECOWAS

In 2022, the ECOWAS malt market decreased by -18.8% to $X for the first time since 2015, thus ending a six-year rising trend. The market value increased at an average annual rate of +2.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the peak level at $X in 2021, and then fell sharply in the following year.

Malt Production in ECOWAS

In value terms, malt production reduced modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +4.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 with an increase of 24%. As a result, production reached the peak level of $X. From 2018 to 2022, production growth remained at a somewhat lower figure.

Malt Exports

Exports in ECOWAS

In 2022, the amount of malt exported in ECOWAS amounted to X tons, approximately equating 2021 figures. In general, exports enjoyed notable growth. The growth pace was the most rapid in 2014 with an increase of 486% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, malt exports reached $X in 2022. Overall, exports continue to indicate a mild increase. The most prominent rate of growth was recorded in 2014 when exports increased by 320% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Cote d'Ivoire (X tons) and Benin (X tons) were the major exporters of malt in 2022, recording near 36% and 29% of total exports, respectively. Burkina Faso (X tons) took a 15% share (based on physical terms) of total exports, which put it in second place, followed by Nigeria (10%) and Ghana (8.8%).

From 2012 to 2022, the biggest increases were recorded for Benin (with a CAGR of +8.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X), Burkina Faso ($X) and Benin ($X) were the countries with the highest levels of exports in 2022, with a combined 87% share of total exports. Ghana and Nigeria lagged somewhat behind, together comprising a further 12%.

Nigeria, with a CAGR of +11.9%, recorded the highest rates of growth with regard to the value of exports, in terms of 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 2022, remaining stable against the previous year. Overall, the export price saw a noticeable setback. The pace of growth appeared the most rapid in 2015 an increase of 34%. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 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 Burkina Faso ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+4.5%), while the other leaders experienced mixed trends in the export price figures.

Malt Imports

Imports in ECOWAS

In 2022, after six years of growth, there was significant decline in supplies from abroad of malt, when their volume decreased by -41.8% to X tons. In general, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 36%. As a result, imports reached the peak of X tons, and then declined remarkably in the following year.

In value terms, malt imports contracted to $X in 2022. Total imports indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +52.3% against 2015 indices. The pace of growth was the most pronounced in 2014 with an increase of 25% against the previous year. The level of import peaked at $X in 2021, and then fell in the following year.

Imports by Country

Nigeria was the main importing country with an import of around X tons, which reached 47% of total imports. It was distantly followed by Cote d'Ivoire (X tons), Ghana (X tons), Togo (X tons), Burkina Faso (X tons) and Benin (X tons), together generating a 46% share of total imports. Guinea (X tons) followed a long way behind the leaders.

Imports into Nigeria decreased at an average annual rate of -1.4% from 2012 to 2022. At the same time, Togo (+8.8%), Burkina Faso (+5.6%), Cote d'Ivoire (+5.5%), Guinea (+2.7%) and Benin (+1.8%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +8.8% from 2012-2022. By contrast, Ghana (-2.8%) illustrated a downward trend over the same period. Cote d'Ivoire (+6.1 p.p.), Togo (+4.3 p.p.) and Burkina Faso (+2.9 p.p.) significantly strengthened its position in terms of the total imports, while Ghana and Nigeria saw its share reduced by -3.7% and -11.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported malt in ECOWAS, comprising 60% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with an 11% share of total imports. It was followed by Togo, with a 7.2% share.

In Nigeria, malt imports expanded at an average annual rate of +3.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Cote d'Ivoire (-0.6% per year) and Togo (+10.6% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, jumping by 56% against the previous year. Import price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 ($X per ton), while Cote d'Ivoire ($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 (+4.9%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform