ECOWAS: Rice Bran Market 2024

Rice Bran Market Size in ECOWAS

The ECOWAS rice bran market dropped modestly to $X in 2021, declining by -4.1% against the previous year. The total consumption indicated a noticeable expansion from 2012 to 2021: its value increased at an average annual rate of +4.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -34.9% against 2017 indices. Over the period under review, the market reached the maximum level at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Rice Bran Production in ECOWAS

In value terms, rice bran production dropped to $X in 2021 estimated in export price. The total production indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +5.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -35.8% against 2017 indices. The pace of growth appeared the most rapid in 2013 with an increase of 74%. The level of production peaked at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Rice Bran Exports

Exports in ECOWAS

Rice bran exports fell to X tons in 2021, reducing by -1.6% compared with 2020. Overall, exports, however, saw a resilient expansion. The pace of growth was the most pronounced in 2014 with an increase of 203%. The volume of export peaked at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, rice bran exports reduced to $X in 2021. In general, exports, however, saw resilient growth. The pace of growth appeared the most rapid in 2017 with an increase of 197% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

The shipments of the three major exporters of rice bran, namely Nigeria, Guinea and Liberia, represented more than two-thirds of total export. It was distantly followed by Ghana (X tons), committing a 6.4% share of total exports. Togo (X tons), Mali (X tons) and Senegal (X tons) held a relatively small share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Guinea (with a CAGR of +48.5%), while the other leaders experienced more modest paces of growth.

In value terms, the largest rice bran supplying countries in ECOWAS were Nigeria ($X), Guinea ($X) and Liberia ($X), together comprising 84% of total exports.

Guinea, with a CAGR of +40.0%, saw the highest growth rate of the value of exports, among 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

The export price in ECOWAS stood at $X per ton in 2021, falling by -3.8% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 an increase of 48% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2021, the export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Togo ($X per ton), while Mali ($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 (+3.6%), while the other leaders experienced mixed trends in the export price figures.

Rice Bran Imports

Imports in ECOWAS

In 2021, the amount of rice bran imported in ECOWAS surged to X tons, picking up by 110% against 2020 figures. Overall, imports saw strong growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, rice bran imports soared to $X in 2021. Over the period under review, imports saw a buoyant increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Niger represented the major importing country with an import of around X tons, which amounted to 50% of total imports. Nigeria (X tons) ranks second in terms of the total imports with a 26% share, followed by Senegal (21%). Ghana (X tons) held a minor share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Ghana (with a CAGR of +72.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X) constitutes the largest market for imported rice bran in ECOWAS, comprising 49% of total imports. The second position in the ranking was taken by Niger ($X), with a 23% share of total imports. It was followed by Nigeria, with an 18% share.

From 2012 to 2021, the average annual growth rate of value in Ghana stood at +110.7%. The remaining importing countries recorded the following average annual rates of imports growth: Niger (-1.4% per year) and Nigeria (+53.3% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, jumping by 23% against the previous year. Import price indicated a perceptible expansion from 2012 to 2021: its price increased at an average annual rate of +4.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, rice bran import price increased by +123.7% against 2018 indices. The most prominent rate of growth was recorded in 2020 an increase of 55% against the previous year. Over the period under review, import prices hit record highs in 2021 and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Ghana ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+22.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform