ECOWAS: Mushroom And Truffle Market 2024

Mushroom And Truffle Market Size in ECOWAS

The ECOWAS mushroom and truffle market shrank dramatically to $X in 2022, which is down by -21.7% against the previous year. In general, consumption, however, enjoyed tangible growth. Over the period under review, the market attained the maximum level at $X in 2021, and then reduced markedly in the following year.

Mushroom And Truffle Production in ECOWAS

In value terms, mushroom and truffle production totaled $X in 2022 estimated in export price. The total production indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -1.5% against 2020 indices. The pace of growth appeared the most rapid in 2016 with an increase of 20%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Guinea (X tons) constituted the country with the largest volume of mushroom and truffle production, accounting for 67% of total volume. Moreover, mushroom and truffle production in Guinea exceeded the figures recorded by the second-largest producer, Nigeria (X tons), fourfold. Benin (X tons) ranked third in terms of total production with a 12% share.

From 2012 to 2022, the average annual growth rate of volume in Guinea totaled +1.5%. The remaining producing countries recorded the following average annual rates of production growth: Nigeria (+2.0% per year) and Benin (+2.2% per year).

Mushroom And Truffle Exports

Exports in ECOWAS

In 2022, overseas shipments of mushrooms and truffles decreased by -45.1% to X tons, falling for the second consecutive year after two years of growth. Overall, exports, however, showed a perceptible increase. The most prominent rate of growth was recorded in 2016 when exports increased by 1,203%. As a result, the exports reached the peak of X tons. From 2017 to 2022, the growth of the exports failed to regain momentum.

In value terms, mushroom and truffle exports reduced notably to $X in 2022. In general, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 with an increase of 664% against the previous year. 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

In 2022, Nigeria (X tons) was the major exporter of mushrooms and truffles, committing 50% of total exports. It was distantly followed by Cote d'Ivoire (X tons) and Senegal (X tons), together creating a 43% share of total exports. Sierra Leone (X kg) and Mali (X kg) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Sierra Leone (with a CAGR of +9.5%), while the other leaders experienced more modest paces of growth.

In value terms, the largest mushroom and truffle supplying countries in ECOWAS were Cote d'Ivoire ($X), Senegal ($X) and Sierra Leone ($X), together comprising 72% of total exports.

Sierra Leone, with a CAGR of +13.9%, saw 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

In 2022, the export price in ECOWAS amounted to $X per ton, shrinking by -7.1% against the previous year. In general, the export price recorded a pronounced reduction. The most prominent rate of growth was recorded in 2021 when the export price increased by 82%. The level of export peaked at $X per ton in 2015; however, from 2016 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 Sierra Leone ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+4.6%), while the other leaders experienced more modest paces of growth.

Mushroom And Truffle Imports

Imports in ECOWAS

In 2022, approx. X tons of mushrooms and truffles were imported in ECOWAS; declining by -72.5% against the previous year. Overall, imports, however, continue to indicate a mild increase. The pace of growth appeared the most rapid in 2013 when imports increased by 415%. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, mushroom and truffle imports contracted sharply to $X in 2022. In general, imports, however, posted resilient growth. The pace of growth was the most pronounced in 2013 with an increase of 335% against the previous year. Over the period under review, imports reached the peak figure at $X in 2021, and then contracted markedly in the following year.

Imports by Country

Nigeria represented the largest importer of mushrooms and truffles in ECOWAS, with the volume of imports recording X tons, which was near 60% of total imports in 2022. Niger (X tons) held the second position in the ranking, followed by Ghana (X tons), Cote d'Ivoire (X tons) and Togo (X tons). All these countries together took near 31% share of total imports. The following importers - Senegal (X tons) and Cabo Verde (X tons) - each accounted for a 6.1% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to mushroom and truffle imports into Nigeria stood at +9.2%. At the same time, Niger (+32.9%), Cabo Verde (+18.8%), Ghana (+14.1%) and Senegal (+5.2%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +32.9% from 2012-2022. By contrast, Togo (-2.7%) and Cote d'Ivoire (-3.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Nigeria, Niger, Ghana and Cabo Verde increased by +31, +11, +6.2 and +2.2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported mushrooms and truffles in ECOWAS, comprising 56% of total imports. The second position in the ranking was taken by Ghana ($X), with a 13% share of total imports. It was followed by Cabo Verde, with a 9% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria stood at +9.4%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+11.8% per year) and Cabo Verde (+26.3% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, picking up by 29% against the previous year. In general, the import price showed a buoyant expansion. The pace of growth was the most pronounced in 2020 when the import price increased by 60% against the previous year. As a result, import price reached the peak level of $X per ton. From 2021 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 Cabo Verde ($X per ton), while Niger ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (+11.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform