ECOWAS: Non-Cane Molasses Market 2024

Non-Cane Molasses Market Size in ECOWAS

The ECOWAS non-cane molasses market totaled $X in 2022, almost unchanged from the previous year. Over the period under review, consumption recorded a strong expansion. The level of consumption peaked at $X in 2020; afterwards, it flattened through to 2022.

Non-Cane Molasses Production in ECOWAS

In value terms, non-cane molasses production totaled $X in 2022 estimated in export price. In general, production showed a buoyant increase. The growth pace was the most rapid in 2018 when the production volume increased by 45%. The level of production peaked at $X in 2020; afterwards, it flattened through to 2022.

Non-Cane Molasses Exports

Exports in ECOWAS

In 2022, overseas shipments of molasses (excluding cane molasses) increased by 20% to X tons, rising for the second year in a row after four years of decline. In general, exports showed mild growth. The most prominent rate of growth was recorded in 2016 with an increase of 9,015% against the previous year. As a result, the exports attained the peak of X tons. From 2017 to 2022, the growth of the exports failed to regain momentum.

In value terms, non-cane molasses exports rose modestly to $X in 2022. Overall, exports continue to indicate a strong increase. The most prominent rate of growth was recorded in 2016 with an increase of 2,393%. As a result, the exports reached the peak of $X. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Benin (X tons) and Senegal (X tons) prevails in exports structure, together generating 88% of total exports. It was distantly followed by Togo (X tons), constituting a 7.4% share of total exports. Nigeria (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Togo (with a CAGR of +11.2%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Senegal ($X), Benin ($X) and Togo ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined 95% share of total exports.

Among the main exporting countries, Senegal, with a CAGR of +6.1%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, dropping by -13.8% against the previous year. Over the period under review, the export price, however, enjoyed buoyant growth. The most prominent rate of growth was recorded in 2017 when the export price increased by 325% against the previous year. The level of export peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat 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 Senegal ($X per ton), while Benin ($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 (+13.4%), while the other leaders experienced mixed trends in the export price figures.

Non-Cane Molasses Imports

Imports in ECOWAS

In 2022, overseas purchases of molasses (excluding cane molasses) decreased by -16.2% to X tons, falling for the second consecutive year after two years of growth. In general, imports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when imports increased by 111% against the previous year. Over the period under review, imports hit record highs at X tons in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, non-cane molasses imports fell dramatically to $X in 2022. Over the period under review, imports, however, enjoyed strong growth. The most prominent rate of growth was recorded in 2013 when imports increased by 123%. Over the period under review, imports attained the maximum at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

Mali was the key importing country with an import of around X tons, which reached 39% of total imports. It was distantly followed by Sierra Leone (X tons), Guinea (X tons), Cote d'Ivoire (X tons) and Gambia (X tons), together committing a 53% share of total imports. The following importers - Nigeria (X tons) and Cabo Verde (X tons) - each resulted at a 3.8% share of total imports.

Mali was also the fastest-growing in terms of the molasses (excluding cane molasses) imports, with a CAGR of +43.7% from 2012 to 2022. At the same time, Cote d'Ivoire (+25.5%), Sierra Leone (+23.8%), Guinea (+17.1%), Gambia (+8.5%) and Cabo Verde (+3.4%) displayed positive paces of growth. By contrast, Nigeria (-28.2%) illustrated a downward trend over the same period. While the share of Mali (+38 p.p.), Sierra Leone (+16 p.p.), Guinea (+10 p.p.), Cote d'Ivoire (+10 p.p.) and Gambia (+5.5 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Nigeria (-51.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest non-cane molasses importing markets in ECOWAS were Sierra Leone ($X), Guinea ($X) and Cote d'Ivoire ($X), together comprising 91% of total imports.

Guinea, with a CAGR of +42.8%, recorded the highest growth rate of the value of imports, in terms of the main importing countries 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, shrinking by -9% against the previous year. Overall, the import price, however, continues to indicate buoyant growth. The most prominent rate of growth was recorded in 2021 an increase of 63% against the previous year. As a result, import price attained the peak level of $X per ton, and then fell in the following year.

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 Guinea ($X per ton), while Mali ($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 (+22.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform