ECOWAS: Mustard Seed Market 2024

Mustard Seed Market Size in ECOWAS

The ECOWAS mustard seed market contracted modestly to $X in 2022, remaining stable against the previous year. In general, consumption showed a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

Mustard Seed Production in ECOWAS

In value terms, mustard seed production rose modestly to $X in 2022 estimated in export price. In general, production, however, recorded a perceptible shrinkage. The most prominent rate of growth was recorded in 2018 when the production volume increased by 14%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

The countries with the highest volumes of production in 2022 were Togo (X tons), Burkina Faso (X tons) and Nigeria (X tons), with a combined 98% share of total production. Benin lagged somewhat behind, accounting for a further 1.7%.

From 2012 to 2022, the biggest increases were recorded for Benin (with a CAGR of +148.9%), while production for the other leaders experienced more modest paces of growth.

Mustard Seed Exports

Exports in ECOWAS

For the fourth consecutive year, ECOWAS recorded growth in shipments abroad of mustard seed, which increased by 903% to X tons in 2022. Over the period under review, exports enjoyed a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, mustard seed exports soared to $X in 2022. In general, exports enjoyed resilient growth. The growth pace was the most rapid in 2015 with an increase of 142%. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Exports by Country

Togo prevails in exports structure, recording X tons, which was near 90% of total exports in 2022. It was distantly followed by Senegal (X tons), making up a 7.4% share of total exports. Benin (X tons) followed a long way behind the leaders.

Togo experienced a relatively flat trend pattern with regard to volume of exports of mustard seed. At the same time, Benin (+64.7%) and Senegal (+2.2%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +64.7% from 2012-2022. From 2012 to 2022, the share of Togo and Benin increased by +90 and +2.6 percentage points, respectively.

In value terms, the largest mustard seed supplying countries in ECOWAS were Senegal ($X), Togo ($X) and Benin ($X), together accounting for 99% of total exports.

In terms of the main exporting countries, Benin, with a CAGR of +20.9%, recorded the highest rates of growth with regard to the value of exports, 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, declining by -86.7% against the previous year. In general, the export price faced a abrupt decrease. The growth pace was the most rapid in 2021 when the export price increased by 56% against the previous year. As a result, the export price attained the peak level of $X per ton, and then contracted rapidly in the following year.

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 Senegal (+4.0%).

Mustard Seed Imports

Imports in ECOWAS

Mustard seed imports totaled X tons in 2022, leveling off at the previous year. The total import volume increased at an average annual rate of +3.0% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 when imports increased by 11%. The volume of import peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, mustard seed imports reduced modestly to $X in 2022. Over the period under review, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of 18% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Senegal dominates imports structure, finishing at X tons, which was near 91% of total imports in 2022. The following importers - Cote d'Ivoire (X tons) and Burkina Faso (X tons) - each resulted at a 7.6% share of total imports.

Imports into Senegal increased at an average annual rate of +2.3% from 2012 to 2022. At the same time, Cote d'Ivoire (+20.2%) and Burkina Faso (+15.9%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +20.2% from 2012-2022. While the share of Cote d'Ivoire (+3 p.p.) and Burkina Faso (+2.6 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Senegal (-5.8 p.p.) displayed negative dynamics.

In value terms, Senegal ($X) constitutes the largest market for imported mustard seed in ECOWAS, comprising 92% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 5.4% share of total imports.

In Senegal, mustard seed imports remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+18.2% per year) and Burkina Faso (+41.5% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, shrinking by -3.3% against the previous year. Over the period under review, the import price continues to indicate a perceptible curtailment. The pace of growth was the most pronounced in 2014 an increase of 7.7%. As a result, import price reached the peak level of $X per ton. From 2015 to 2022, the import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cote d'Ivoire ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Burkina Faso (+22.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform