ECOWAS: Market for Rusks, Toasted Bread and Similar Toasted Products 2024

Market Size for Rusks, Toasted Bread and Similar Toasted Products in ECOWAS

After five years of growth, the ECOWAS rusks and toasted bread market decreased by -14.9% to $X in 2021. Overall, consumption, however, continues to indicate resilient growth. As a result, consumption reached the peak level of $X, and then contracted in the following year.

Production of Rusks, Toasted Bread and Similar Toasted Products in ECOWAS

In value terms, rusks and toasted bread production fell significantly to $X in 2021 estimated in export price. In general, production, however, recorded a buoyant increase. The pace of growth appeared the most rapid in 2020 when the production volume increased by 46% against the previous year. As a result, production reached the peak level of $X, and then contracted dramatically in the following year.

Exports of Rusks, Toasted Bread and Similar Toasted Products

Exports in ECOWAS

In 2021, rusks and toasted bread exports in ECOWAS expanded sharply to X tons, growing by 7.8% against the previous year's figure. Overall, exports enjoyed a remarkable increase. The growth pace was the most rapid in 2018 when exports increased by 660%. Over the period under review, the exports attained the maximum at X tons in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, rusks and toasted bread exports surged to $X in 2021. In general, exports showed resilient growth. The pace of growth was the most pronounced in 2018 with an increase of 992%. As a result, the exports attained the peak of $X. From 2019 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Ghana was the key exporting country with an export of around X tons, which recorded 59% of total exports. It was distantly followed by Cote d'Ivoire (X tons), Togo (X tons) and Nigeria (X tons), together mixing up a 37% share of total exports. Senegal (X kg) followed a long way behind the leaders.

Exports from Ghana increased at an average annual rate of +15.5% from 2012 to 2021. At the same time, Nigeria (+47.1%) and Cote d'Ivoire (+9.7%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +47.1% from 2012-2021. Togo experienced a relatively flat trend pattern. By contrast, Senegal (-12.7%) illustrated a downward trend over the same period. While the share of Togo (+13 p.p.), Ghana (+8.1 p.p.) and Nigeria (+7.5 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Cote d'Ivoire (-6.2 p.p.) and Senegal (-23 p.p.) displayed negative dynamics.

In value terms, Ghana ($X) remains the largest rusks and toasted bread supplier in ECOWAS, comprising 68% of total exports. The second position in the ranking was held by Togo ($X), with an 11% share of total exports. It was followed by Cote d'Ivoire, with a 9.7% share.

In Ghana, rusks and toasted bread exports increased at an average annual rate of +18.9% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Togo (0.0% per year) and Cote d'Ivoire (+5.6% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, increasing by 24% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The growth pace was the most rapid in 2015 an increase of 133%. As a result, the export price reached the peak level of $X per ton. From 2016 to 2021, the export prices remained at a 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 Ghana ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+4.4%), while the other leaders experienced mixed trends in the export price figures.

Imports of Rusks, Toasted Bread and Similar Toasted Products

Imports in ECOWAS

In 2021, supplies from abroad of rusks, toasted bread and similar toasted products increased by 41% to X tons for the first time since 2018, thus ending a two-year declining trend. Total imports indicated a remarkable increase from 2012 to 2021: its volume increased at an average annual rate of +9.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when imports increased by 67%. The volume of import peaked in 2021 and is expected to retain growth in years to come.

In value terms, rusks and toasted bread imports surged to $X in 2021. Over the period under review, imports saw buoyant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Benin (X tons), Cote d'Ivoire (X tons) and Senegal (X tons) represented roughly 62% of total imports in 2021. Cabo Verde (X tons) held an 11% share (based on physical terms) of total imports, which put it in second place, followed by Ghana (5.9%) and Niger (5.8%). Liberia (X tons) held a little share of total imports.

From 2012 to 2021, the biggest increases were recorded for Benin (with a CAGR of +26.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X), Senegal ($X) and Benin ($X) were the countries with the highest levels of imports in 2021, with a combined 66% share of total imports.

Senegal, with a CAGR of +32.1%, recorded the highest growth rate of the value of imports, in terms of 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

In 2021, the import price in ECOWAS amounted to $X per ton, growing by 22% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.5%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Senegal ($X per ton), while Benin ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+12.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform