ECOWAS: Market for Nuts (Prepared Or Preserved) 2024

Market Size for Nuts (Prepared Or Preserved) in ECOWAS

In 2021, after two years of growth, there was significant decline in the ECOWAS nuts (prepared or preserved) market, when its value decreased by -9.6% to $X. Overall, consumption, however, saw a strong increase. Over the period under review, the market hit record highs at $X in 2020, and then reduced in the following year.

Production of Nuts (Prepared Or Preserved) in ECOWAS

In value terms, nuts (prepared or preserved) production contracted to $X in 2021 estimated in export price. In general, production, however, posted a buoyant increase. The most prominent rate of growth was recorded in 2017 with an increase of 68% against the previous year. The level of production peaked at $X in 2020, and then shrank in the following year.

Exports of Nuts (Prepared Or Preserved)

Exports in ECOWAS

In 2021, overseas shipments of nuts (prepared or preserved) increased by 9.2% to X tons, rising for the third year in a row after two years of decline. In general, exports enjoyed a strong increase. The most prominent rate of growth was recorded in 2013 with an increase of 92% against the previous year. The volume of export peaked at X tons in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, nuts (prepared or preserved) exports skyrocketed to $X in 2021. Over the period under review, exports saw a strong increase. The most prominent rate of growth was recorded in 2013 with an increase of 68% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are likely to continue growth in the immediate term.

Exports by Country

Nigeria (X tons), Ghana (X tons), Cote d'Ivoire (X tons) and Burkina Faso (X tons) represented roughly 90% of total exports in 2021. It was distantly followed by Benin (X tons), making up a 5.6% share of total exports. Togo (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Burkina Faso (with a CAGR of +48.4%), while the other leaders experienced more modest paces of growth.

In value terms, the largest nuts (prepared or preserved) supplying countries in ECOWAS were Cote d'Ivoire ($X), Burkina Faso ($X) and Ghana ($X), with a combined 79% share of total exports.

In terms of the main exporting countries, Ghana, with a CAGR of +47.1%, saw the highest growth rate of 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

In 2021, the export price in ECOWAS amounted to $X per ton, increasing by 23% against the previous year. Overall, the export price saw a buoyant expansion. The most prominent rate of growth was recorded in 2017 an increase of 93% against the previous year. The level of export peaked in 2021 and is likely to continue growth in the near future.

Prices varied noticeably country of origin: the country with the highest price was Cote d'Ivoire ($X per ton), while Benin ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Togo (+6.4%), while the other leaders experienced more modest paces of growth.

Imports of Nuts (Prepared Or Preserved)

Imports in ECOWAS

After five years of growth, supplies from abroad of nuts (prepared or preserved) decreased by -53.8% to X tons in 2021. Over the period under review, imports, however, recorded a strong increase. The most prominent rate of growth was recorded in 2019 with an increase of 91% against the previous year. The volume of import peaked at X tons in 2020, and then shrank significantly in the following year.

In value terms, nuts (prepared or preserved) imports shrank remarkably to $X in 2021. In general, imports, however, continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2019 with an increase of 67% against the previous year. The level of import peaked at $X in 2020, and then dropped remarkably in the following year.

Imports by Country

Nigeria represented the major importer of nuts (prepared or preserved) in ECOWAS, with the volume of imports accounting for X tons, which was near 34% of total imports in 2021. It was distantly followed by Senegal (X tons), Guinea (X tons), Liberia (X tons), Cote d'Ivoire (X tons) and Ghana (X tons), together making up a 56% share of total imports. Sierra Leone (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to nuts (prepared or preserved) imports into Nigeria stood at +17.1%. At the same time, Senegal (+56.0%), Guinea (+22.1%), Sierra Leone (+20.2%), Liberia (+13.1%), Ghana (+8.8%) and Cote d'Ivoire (+4.9%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +56.0% from 2012-2021. While the share of Senegal (+16 p.p.), Nigeria (+7.3 p.p.) and Guinea (+6.3 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Ghana (-3.4 p.p.) and Cote d'Ivoire (-10.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest nuts (prepared or preserved) importing markets in ECOWAS were Senegal ($X), Nigeria ($X) and Cote d'Ivoire ($X), together comprising 56% of total imports.

Senegal, with a CAGR of +66.0%, saw the highest growth rate of the value of imports, among 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

The import price in ECOWAS stood at $X per ton in 2021, surging by 35% against the previous year. Overall, the import price, however, saw a pronounced descent. Over the period under review, import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Ghana ($X per ton), while Guinea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+6.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform