ECOWAS: Soya Bean Market 2025

Soya Bean Market Size in ECOWAS

The ECOWAS soya bean market rose remarkably to $X in 2021, increasing by 5.6% against the previous year. Over the period under review, consumption recorded a relatively flat trend pattern. The level of consumption peaked at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Soya Bean Production in ECOWAS

In value terms, soya bean production shrank markedly to $X in 2021 estimated in export price. In general, production recorded a significant increase. The most prominent rate of growth was recorded in 2020 with an increase of 3,176%. As a result, production attained the peak level of $X, and then dropped dramatically in the following year.

Nigeria (X tons) remains the largest soya bean producing country in ECOWAS, comprising approx. 53% of total volume. Moreover, soya bean production in Nigeria exceeded the figures recorded by the second-largest producer, Benin (X tons), threefold. Ghana (X tons) ranked third in terms of total production with a 15% share.

In Nigeria, soya bean production remained relatively stable over the period from 2012-2021. The remaining producing countries recorded the following average annual rates of production growth: Benin (+15.2% per year) and Ghana (+2.0% per year).

In 2021, the average yield of soya beans in ECOWAS amounted to X tons per ha, therefore, remained relatively stable against the previous year. Overall, the yield continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the yield increased by 20%. Over the period under review, the soya bean yield hit record highs at X tons per ha in 2019; afterwards, it flattened through to 2021. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2021, the soya bean harvested area in ECOWAS amounted to X ha, with an increase of 4.2% on 2020 figures. The total harvested area indicated temperate growth from 2012 to 2021: its figure increased at an average annual rate of +2.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, soya bean harvested area decreased by -24.5% against 2017 indices. The growth pace was the most rapid in 2016 with an increase of 54% against the previous year. The level of harvested area peaked at X ha in 2017; however, from 2018 to 2021, the harvested area failed to regain momentum.

Soya Bean Exports

Exports in ECOWAS

After two years of growth, shipments abroad of soya beans decreased by -21.4% to X tons in 2021. Overall, exports, however, recorded a significant expansion. The pace of growth appeared the most rapid in 2020 when exports increased by 129% against the previous year. As a result, the exports reached the peak of X tons, and then fell sharply in the following year.

In value terms, soya bean exports declined markedly to $X in 2021. Over the period under review, exports, however, enjoyed a significant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 425%. Over the period under review, the exports hit record highs at $X in 2020, and then dropped notably in the following year.

Exports by Country

Togo was the largest exporter of soya beans in ECOWAS, with the volume of exports recording X tons, which was approx. 53% of total exports in 2021. Benin (X tons) held the second position in the ranking, followed by Burkina Faso (X tons) and Ghana (X tons). All these countries together took approx. 43% share of total exports. Nigeria (X tons) held a relatively small share of total exports.

From 2012 to 2021, average annual rates of growth with regard to soya bean exports from Togo stood at +48.3%. At the same time, Burkina Faso (+92.4%), Ghana (+52.2%), Nigeria (+47.7%) and Benin (+34.9%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +92.4% from 2012-2021. Burkina Faso (+16 p.p.), Nigeria (+3.9 p.p.), Togo (+3.2 p.p.) and Ghana (+2.6 p.p.) significantly strengthened its position in terms of the total exports, while Benin saw its share reduced by -20.1% from 2012 to 2021, respectively.

In value terms, Togo ($X) remains the largest soya bean supplier in ECOWAS, comprising 37% of total exports. The second position in the ranking was taken by Benin ($X), with an 18% share of total exports. It was followed by Nigeria, with a 17% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Togo amounted to +29.7%. The remaining exporting countries recorded the following average annual rates of exports growth: Benin (+44.5% per year) and Nigeria (+43.3% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, picking up by 2.6% against the previous year. Overall, the export price, however, recorded a perceptible contraction. The pace of growth appeared the most rapid in 2017 an increase of 178% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 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, the country with the highest price was Nigeria ($X per ton), while Togo ($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 (+11.8%), while the other leaders experienced mixed trends in the export price figures.

Soya Bean Imports

Imports in ECOWAS

Soya bean imports stood at X tons in 2021, standing approx. at 2020. In general, imports enjoyed a prominent increase. The most prominent rate of growth was recorded in 2014 with an increase of 346%. Over the period under review, imports attained the peak figure at X tons in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, soya bean imports surged to $X in 2021. Overall, imports, however, showed a abrupt descent. The pace of growth appeared the most rapid in 2018 when imports increased by 1,092% against the previous year. The level of import peaked at $X in 2015; however, from 2016 to 2021, imports failed to regain momentum.

Imports by Country

Ghana represented the major importer of soya beans in ECOWAS, with the volume of imports resulting at X tons, which was approx. 47% of total imports in 2021. Togo (X tons) ranks second in terms of the total imports with a 31% share, followed by Nigeria (11%) and Senegal (8.4%). Guinea-Bissau (X tons) held a little share of total imports.

From 2012 to 2021, the biggest increases were in Togo (with a CAGR of +292.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest soya bean importing markets in ECOWAS were Ghana ($X), Nigeria ($X) and Senegal ($X), together accounting for 86% of total imports. These countries were followed by Togo and Guinea-Bissau, which together accounted for a further 11%.

Togo, with a CAGR of +137.5%, saw the highest growth rate of the value of imports, among 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, surging by 64% against the previous year. Over the period under review, the import price, however, showed a deep reduction. The most prominent rate of growth was recorded in 2018 an increase of 392% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2021, the import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Nigeria ($X per ton), while Togo ($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 (+1.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform