ECOWAS: Oat Market 2024

Oat Market Size in ECOWAS

The ECOWAS oat market rose markedly to $X in 2022, growing by 11% against the previous year. In general, consumption recorded a remarkable increase. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Oat Production in ECOWAS

In value terms, oat production fell modestly to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a mild decline. The most prominent rate of growth was recorded in 2016 when the production volume increased by 86%. Over the period under review, production reached the maximum level at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

The countries with the highest volumes of production in 2022 were Ghana (X tons), Niger (X tons) and Nigeria (X tons), together accounting for 96% of total production.

From 2012 to 2022, the biggest increases were recorded for Niger (with a CAGR of +3.1%), while production for the other leaders experienced more modest paces of growth.

In 2022, the average yield of oats in ECOWAS contracted to X tons per ha, with a decrease of -1.7% against the year before. The yield figure increased at an average annual rate of +1.6% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when the yield increased by 6.7%. Over the period under review, the oat yield hit record highs at X tons per ha in 2021, and then declined slightly in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the harvested area of oats in ECOWAS rose slightly to X ha, picking up by 2.2% compared with 2021. Overall, the harvested area, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the harvested area increased by 9.5% against the previous year. Over the period under review, the harvested area dedicated to oat production attained the maximum at X ha in 2013; however, from 2014 to 2022, the harvested area failed to regain momentum.

Oat Exports

Exports in ECOWAS

Oat exports soared to X tons in 2022, increasing by 1,192% against the year before. Over the period under review, exports, however, continue to indicate a abrupt contraction. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, oat exports skyrocketed to $X in 2022. Overall, exports, however, continue to indicate a pronounced slump. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Nigeria (X tons) represented roughly 100% of total exports in 2022.

Nigeria was also the fastest-growing in terms of the oats exports, with a CAGR of -11.0% from 2012 to 2022. Nigeria (+9.7 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) also remains the largest oat supplier in ECOWAS.

In Nigeria, oat exports declined by an average annual rate of -1.8% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, picking up by 2.6% against the previous year. Over the period under review, the export price showed a buoyant expansion. The growth pace was the most rapid in 2013 when the export price increased by 212%. Over the period under review, the export prices hit record highs at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Nigeria.

From 2012 to 2022, the rate of growth in terms of prices for Nigeria amounted to +10.3% per year.

Oat Imports

Imports in ECOWAS

Oat imports expanded markedly to X tons in 2022, increasing by 7.7% against the year before. Over the period under review, imports enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2020 with an increase of 425% against the previous year. The volume of import peaked at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, oat imports contracted to $X in 2022. In general, imports showed a remarkable increase. The pace of growth appeared the most rapid in 2020 with an increase of 599%. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Nigeria represented the key importer of oats in ECOWAS, with the volume of imports finishing at X tons, which was near 83% of total imports in 2022. It was distantly followed by Ghana (X tons), achieving a 16% share of total imports.

Nigeria was also the fastest-growing in terms of the oats imports, with a CAGR of +42.1% from 2012 to 2022. Ghana (-9.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Nigeria increased by +77 percentage points.

In value terms, Nigeria ($X) constitutes the largest market for imported oats in ECOWAS, comprising 91% of total imports. The second position in the ranking was held by Ghana ($X), with an 8.6% share of total imports.

In Nigeria, oat imports expanded at an average annual rate of +42.2% over the period from 2012-2022.

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, which is down by -17.4% against the previous year. Import price indicated a noticeable increase from 2012 to 2022: its price increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, oat import price decreased by -30.0% against 2020 indices. The pace of growth appeared the most rapid in 2014 when the import price increased by 61% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

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 Ghana amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+0.1%).

Source: IndexBox Platform