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Report ECOWAS - Rum - Market Analysis, Forecast, Size, Trends and Insights for 499$
Report Update Nov 1, 2024

ECOWAS - Rum - Market Analysis, Forecast, Size, Trends and Insights

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ECOWAS: Rum Market 2024

Rum Market Size in ECOWAS

In 2022, the ECOWAS rum market decreased by -5.6% to $X for the first time since 2015, thus ending a six-year rising trend. The market value increased at an average annual rate of +4.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2021, and then contracted in the following year.

Rum Production in ECOWAS

In value terms, rum production reached $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.9% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when the production volume increased by 21% against the previous year. Over the period under review, production attained the peak level at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

Rum Exports

Exports in ECOWAS

In 2022, shipments abroad of rum increased by 0.3% to X litres, rising for the second year in a row after two years of decline. Overall, exports recorded prominent growth. The pace of growth appeared the most rapid in 2014 with an increase of 493%. The volume of export peaked at X litres in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, rum exports totaled $X in 2022. Over the period under review, exports continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2014 when exports increased by 766% against the previous year. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Cote d'Ivoire dominates exports structure, resulting at X litres, which was approx. 93% of total exports in 2022. It was distantly followed by Ghana (X litres), committing a 6% share of total exports.

Cote d'Ivoire was also the fastest-growing in terms of the rum exports, with a CAGR of +26.2% from 2012 to 2022. Ghana (-6.8%) illustrated a downward trend over the same period. Cote d'Ivoire (+52 p.p.) significantly strengthened its position in terms of the total exports, while Ghana saw its share reduced by -48.2% from 2012 to 2022, respectively.

In value terms, Cote d'Ivoire ($X) remains the largest rum supplier in ECOWAS, comprising 95% of total exports. The second position in the ranking was held by Ghana ($X), with a 3.9% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Cote d'Ivoire amounted to +34.1%.

Rum Imports

Imports in ECOWAS

In 2022, after five years of growth, there was significant decline in purchases abroad of rum, when their volume decreased by -22.3% to X litres. In general, imports, however, continue to indicate a remarkable increase. The pace of growth was the most pronounced in 2013 when imports increased by 66% against the previous year. Over the period under review, imports reached the maximum at X litres in 2021, and then contracted markedly in the following year.

In value terms, rum imports fell remarkably to $X in 2022. Over the period under review, imports, however, recorded a resilient expansion. The most prominent rate of growth was recorded in 2013 when imports increased by 68%. Over the period under review, imports reached the peak figure at $X in 2021, and then declined notably in the following year.

Imports by Country

In 2022, Ghana (X litres) was the largest importer of rum, achieving 49% of total imports. Burkina Faso (X litres) took the second position in the ranking, distantly followed by Togo (X litres) and Nigeria (X litres). All these countries together held approx. 42% share of total imports. Cote d'Ivoire (X litres) followed a long way behind the leaders.

Ghana was also the fastest-growing in terms of the rum imports, with a CAGR of +37.9% from 2012 to 2022. At the same time, Cote d'Ivoire (+20.8%), Togo (+12.6%), Burkina Faso (+10.3%) and Nigeria (+4.6%) displayed positive paces of growth. Ghana (+41 p.p.) and Cote d'Ivoire (+1.6 p.p.) significantly strengthened its position in terms of the total imports, while Togo, Burkina Faso and Nigeria saw its share reduced by -2.4%, -10.2% and -13.9% from 2012 to 2022, respectively.

In value terms, Ghana ($X), Burkina Faso ($X) and Togo ($X) were the countries with the highest levels of imports in 2022, together comprising 74% of total imports.

In terms of the main importing countries, Ghana, with a CAGR of +34.9%, saw 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

In 2022, the import price in ECOWAS amounted to $X per litre, stabilizing at the previous year. Over the period under review, the import price, however, recorded a slight descent. The growth pace was the most rapid in 2016 an increase of 21% against the previous year. Over the period under review, import prices hit record highs at $X per litre in 2017; however, from 2018 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 ($X per litre), while Ghana ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Burkina Faso (+5.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

This report provides an in-depth analysis of the rum market in ECOWAS. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

  • Prodcom 11011040 - Rum and other spirits obtained by distilling fermented sugarcane products (important: excluding alcohol duty)

Country coverage:

  • Benin
  • Burkina Faso
  • Cabo Verde
  • Gambia
  • Ghana
  • Guinea
  • Guinea-Bissau
  • Liberia
  • Mali
  • Niger
  • Nigeria
  • Senegal
  • Sierra Leone
  • Togo
  • Cote d'Ivoire

Data coverage:

  • Market volume and value
  • Per Capita consumption
  • Forecast of the market dynamics in the medium term
  • Production in ECOWAS, split by region and country
  • Trade (exports and imports) in ECOWAS
  • Export and import prices
  • Market trends, drivers and restraints
  • Key market players and their profiles

Reasons to buy this report:

  • Take advantage of the latest data
  • Find deeper insights into current market developments
  • Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

  1. How to diversify your business and benefit from new market opportunities
  2. How to load your idle production capacity
  3. How to boost your sales on overseas markets
  4. How to increase your profit margins
  5. How to make your supply chain more sustainable
  6. How to reduce your production and supply chain costs
  7. How to outsource production to other countries
  8. How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

  1. 1. INTRODUCTION

    Making Data-Driven Decisions to Grow Your Business

    1. REPORT DESCRIPTION
    2. RESEARCH METHODOLOGY AND AI PLATFORM
    3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
    4. GLOSSARY AND SPECIFIC TERMS

  2. 2. EXECUTIVE SUMMARY

    A Quick Overview of Market Performance

    1. KEY FINDINGS
    2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO

  3. 3. MARKET OVERVIEW

    Understanding the Current State of The Market and Its Prospects

    1. MARKET SIZE
    2. CONSUMPTION BY COUNTRY
    3. MARKET FORECAST TO 2030

  4. 4. MOST PROMISING PRODUCT

    Finding New Products to Diversify Your Business

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
    2. BEST-SELLING PRODUCTS
    3. MOST CONSUMED PRODUCT
    4. MOST TRADED PRODUCT
    5. MOST PROFITABLE PRODUCT FOR EXPORT

  5. 5. MOST PROMISING SUPPLYING COUNTRIES

    Choosing the Best Countries to Establish Your Sustainable Supply Chain

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
    2. TOP PRODUCING COUNTRIES
    3. TOP EXPORTING COUNTRIES
    4. LOW-COST EXPORTING COUNTRIES

  6. 6. MOST PROMISING OVERSEAS MARKETS

    Choosing the Best Countries to Boost Your Exports

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
    2. TOP CONSUMING MARKETS
    3. UNSATURATED MARKETS
    4. TOP IMPORTING MARKETS
    5. MOST PROFITABLE MARKETS

  7. 7. PRODUCTION

    The Latest Trends and Insights into The Industry

    1. PRODUCTION VOLUME AND VALUE
    2. PRODUCTION BY COUNTRY

  8. 8. IMPORTS

    The Largest Importers on The Market and How They Succeed

    1. IMPORTS FROM 2012–2023
    2. IMPORTS BY COUNTRY
    3. IMPORT PRICES BY COUNTRY

  9. 9. EXPORTS

    The Largest Exporters on The Market and How They Succeed

    1. EXPORTS FROM 2012–2023
    2. EXPORTS BY COUNTRY
    3. EXPORT PRICES BY COUNTRY

  10. 10. PROFILES OF MAJOR PRODUCERS

    The Largest Producers on The Market and Their Profiles

    This Chapter is Available Only for the Professional Edition PRO

  11. 11. COUNTRY PROFILES

    The Largest Markets And Their Profiles

    This Chapter is Available Only for the Professional Edition PRO
    • Benin
    • Burkina Faso
    • Cabo Verde
    • Gambia
    • Ghana
    • Guinea
    • Guinea-Bissau
    • Liberia
    • Mali
    • Niger
    • Nigeria
    • Senegal
    • Sierra Leone
    • Togo
    • Cote d'Ivoire

  12. LIST OF TABLES

    1. Key Findings In 2023
    2. Market Volume, In Physical Terms, 2012–2023
    3. Market Value, 2012–2023
    4. Per Capita Consumption, By Country, 2018–2023
    5. Production, In Physical Terms, By Country, 2012–2023
    6. Imports, In Physical Terms, By Country, 2012–2023
    7. Imports, In Value Terms, By Country, 2012–2023
    8. Import Prices, By Country Of Destination, 2012–2023
    9. Exports, In Physical Terms, By Country, 2012–2023
    10. Exports, In Value Terms, By Country, 2012–2023
    11. Export Prices, By Country Of Origin, 2012–2023

  13. LIST OF FIGURES

    1. Market Volume, In Physical Terms, 2012–2023
    2. Market Value, 2012–2023
    3. Consumption, By Country, 2023
    4. Market Volume Forecast to 2030
    5. Market Value Forecast to 2030
    6. Products: Market Size And Growth, By Type
    7. Products: Average Per Capita Consumption, By Type
    8. Products: Exports And Growth, By Type
    9. Products: Export Prices And Growth, By Type
    10. Production Volume And Growth
    11. Exports And Growth
    12. Export Prices And Growth
    13. Market Size And Growth
    14. Per Capita Consumption
    15. Imports And Growth
    16. Import Prices
    17. Production, In Physical Terms, 2012–2023
    18. Production, In Value Terms, 2012–2023
    19. Production, By Country, 2023
    20. Production, In Physical Terms, By Country, 2012–2023
    21. Imports, In Physical Terms, 2012–2023
    22. Imports, In Value Terms, 2012–2023
    23. Imports, In Physical Terms, By Country, 2023
    24. Imports, In Physical Terms, By Country, 2012–2023
    25. Imports, In Value Terms, By Country, 2012–2023
    26. Import Prices, By Country, 2012–2023
    27. Exports, In Physical Terms, 2012–2023
    28. Exports, In Value Terms, 2012–2023
    29. Exports, In Physical Terms, By Country, 2023
    30. Exports, In Physical Terms, By Country, 2012–2023
    31. Exports, In Value Terms, By Country, 2012–2023
    32. Export Prices, 2012–2023

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