ECOWAS: Shelled Walnut Market 2025

Shelled Walnut Market Size in ECOWAS

After four years of growth, the ECOWAS shelled walnut market decreased by -3.7% to $X in 2022. In general, consumption, however, posted notable growth. Over the period under review, the market attained the peak level at $X in 2021, and then reduced slightly in the following year.

Shelled Walnut Production in ECOWAS

In value terms, shelled walnut production stood at $X in 2022 estimated in export price. Overall, production posted a moderate increase. The pace of growth was the most pronounced in 2017 with an increase of 93%. The level of production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Shelled Walnut Exports

Exports in ECOWAS

Shelled walnut exports stood at X kg in 2022, leveling off at the year before. The total export volume increased at an average annual rate of +1.5% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2015 with an increase of 13% against the previous year. Over the period under review, the exports reached the maximum at X kg in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, shelled walnut exports stood at $X in 2022. Over the period under review, exports saw strong growth. The growth pace was the most rapid in 2015 with an increase of 28% against the previous year. Over the period under review, the exports hit record highs at $X in 2020; afterwards, it flattened through to 2022.

Exports by Country

Ghana represented the key exporting country with an export of about X kg, which accounted for 76% of total exports. It was distantly followed by Senegal (X kg), generating a 14% share of total exports. Niger (X kg), Nigeria (X kg) and Mali (X kg) took a little share of total exports.

From 2012 to 2022, average annual rates of growth with regard to shelled walnut exports from Ghana stood at +14.7%. At the same time, Nigeria (+17.9%), Niger (+16.7%) and Senegal (+6.1%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +17.9% from 2012-2022. By contrast, Mali (-21.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Ghana, Senegal, Niger and Nigeria increased by +53, +4.9, +3.2 and +2.5 percentage points, respectively.

In value terms, Ghana ($X) remains the largest shelled walnut supplier in ECOWAS, comprising 82% of total exports. The second position in the ranking was taken by Senegal ($X), with a 9.6% share of total exports. It was followed by Niger, with a 2.8% share.

From 2012 to 2022, the average annual growth rate of value in Ghana amounted to +23.3%. The remaining exporting countries recorded the following average annual rates of exports growth: Senegal (+3.9% per year) and Niger (+16.0% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, stabilizing at the previous year. In general, the export price, however, recorded a resilient increase. The growth pace was the most rapid in 2013 when the export price increased by 28%. Over the period under review, the export prices hit record highs at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Mali ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+7.5%), while the other leaders experienced more modest paces of growth.

Shelled Walnut Imports

Imports in ECOWAS

In 2022, after four years of growth, there was significant decline in overseas purchases of shelled walnuts, when their volume decreased by -6.2% to X tons. In general, imports, however, continue to indicate a moderate increase. The pace of growth was the most pronounced in 2018 with an increase of 77% against the previous year. Over the period under review, imports reached the maximum at X tons in 2021, and then dropped in the following year.

In value terms, shelled walnut imports shrank modestly to $X in 2022. Overall, imports, however, enjoyed a strong expansion. The pace of growth appeared the most rapid in 2018 when imports increased by 117% against the previous year. The level of import peaked at $X in 2021, and then fell slightly in the following year.

Imports by Country

In 2022, Cabo Verde (X tons) represented the largest importer of shelled walnuts, creating 47% of total imports. Ghana (X tons) ranks second in terms of the total imports with a 21% share, followed by Nigeria (12%), Cote d'Ivoire (6.7%) and Benin (5.7%). Senegal (X kg) held a little share of total imports.

Imports into Cabo Verde increased at an average annual rate of +4.1% from 2012 to 2022. At the same time, Benin (+32.8%), Nigeria (+30.3%) and Ghana (+1.6%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +32.8% from 2012-2022. Senegal experienced a relatively flat trend pattern. By contrast, Cote d'Ivoire (-2.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Nigeria and Benin increased by +11 and +5.2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cabo Verde ($X) constitutes the largest market for imported shelled walnuts in ECOWAS, comprising 55% of total imports. The second position in the ranking was held by Nigeria ($X), with an 18% share of total imports. It was followed by Cote d'Ivoire, with an 8.1% share.

From 2012 to 2022, the average annual growth rate of value in Cabo Verde totaled +6.8%. In the other countries, the average annual rates were as follows: Nigeria (+45.6% per year) and Cote d'Ivoire (-1.9% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, growing by 5.7% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.0%. The pace of growth appeared the most rapid in 2018 an increase of 22% against the previous year. As a result, import price attained the peak level of $X per ton. From 2019 to 2022, the import prices failed to regain momentum.

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 Senegal ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+11.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform