ECOWAS: Rice Market 2025

Rice Market Size in ECOWAS

In 2021, the ECOWAS rice market was finally on the rise to reach $X after two years of decline. The total consumption indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +5.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Rice Production in ECOWAS

In value terms, rice production rose sharply to $X in 2021 estimated in export price. Overall, production recorded prominent growth. The most prominent rate of growth was recorded in 2016 with an increase of 41%. The level of production peaked at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

The country with the largest volume of rice production was Nigeria (X tons), accounting for 39% of total volume. Moreover, rice production in Nigeria exceeded the figures recorded by the second-largest producer, Guinea (X tons), threefold. The third position in this ranking was held by Mali (X tons), with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume in Nigeria stood at +4.9%. The remaining producing countries recorded the following average annual rates of production growth: Guinea (+2.9% per year) and Mali (+1.7% per year).

In 2021, the average yield of rice in ECOWAS dropped modestly to X tons per ha, remaining stable against 2020 figures. The yield figure increased at an average annual rate of +1.0% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2014 with an increase of 9.3%. Over the period under review, the rice yield attained the maximum level at X tons per ha in 2018; however, from 2019 to 2021, the yield stood at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2021, the harvested area of rice in ECOWAS rose markedly to X ha, surging by 5.5% on the year before. The harvested area increased at an average annual rate of +3.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2016 with an increase of 15% against the previous year. The level of harvested area peaked in 2021 and is likely to see gradual growth in the immediate term.

Rice Exports

Exports in ECOWAS

In 2021, the amount of rice exported in ECOWAS skyrocketed to X tons, jumping by 18% against 2020 figures. In general, exports enjoyed a prominent increase. The pace of growth was the most pronounced in 2016 with an increase of 126% against the previous year. The volume of export peaked in 2021 and is likely to see gradual growth in the immediate term.

In value terms, rice exports stood at $X in 2021. Over the period under review, exports recorded prominent growth. The most prominent rate of growth was recorded in 2016 when exports increased by 180% against the previous year. The level of export peaked in 2021 and is expected to retain growth in years to come.

Exports by Country

Niger was the key exporter of rice in ECOWAS, with the volume of exports resulting at X tons, which was near 81% of total exports in 2021. It was distantly followed by Senegal (X tons), achieving a 16% share of total exports.

Niger was also the fastest-growing in terms of the rice exports, with a CAGR of +30.4% from 2012 to 2021. Senegal experienced a relatively flat trend pattern. Niger (+59 p.p.) significantly strengthened its position in terms of the total exports, while Senegal saw its share reduced by -30.8% from 2012 to 2021, respectively.

In value terms, Niger ($X) remains the largest rice supplier in ECOWAS, comprising 87% of total exports. The second position in the ranking was taken by Senegal ($X), with a 12% share of total exports.

In Niger, rice exports increased at an average annual rate of +29.5% over the period from 2012-2021.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, falling by -2.7% against the previous year. Export price indicated measured growth from 2012 to 2021: its price increased at an average annual rate of +3.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, rice export price increased by +64.1% against 2015 indices. The pace of growth appeared the most rapid in 2016 when the export price increased by 24% against the previous year. The level of export peaked at $X per ton in 2020, and then dropped modestly in the following year.

Average prices varied somewhat amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Niger ($X per ton), while Senegal stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+0.1%).

Rice Imports

Imports in ECOWAS

After three years of decline, overseas purchases of rice increased by 19% to X tons in 2021. The total import volume increased at an average annual rate of +1.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2017 when imports increased by 49% against the previous year. As a result, imports attained the peak of X tons. From 2018 to 2021, the growth of imports remained at a lower figure.

In value terms, rice imports skyrocketed to $X in 2021. In general, imports, however, showed a noticeable descent. The most prominent rate of growth was recorded in 2017 when imports increased by 49%. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Senegal (X tons), Cote d'Ivoire (X tons), Benin (X tons) and Ghana (X tons) was the major importer of rice in ECOWAS, creating 69% of total import. It was distantly followed by Niger (X tons), Sierra Leone (X tons) and Liberia (X tons), together comprising a 17% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Benin (with a CAGR of +10.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest rice importing markets in ECOWAS were Benin ($X), Cote d'Ivoire ($X) and Senegal ($X), together accounting for 58% of total imports.

Among the main importing countries, Benin, with a CAGR of +8.0%, recorded the highest rates of growth with regard to the value of imports, 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, leveling off at the previous year. In general, the import price saw a abrupt setback. The most prominent rate of growth was recorded in 2020 when the import price increased by 6.9% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Benin ($X per ton) and Ghana ($X per ton), while Senegal ($X per ton) and Sierra Leone ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sierra Leone (-1.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform