ECOWAS: Spice Market 2024

Spice Market Size in ECOWAS

After two years of growth, the ECOWAS spice market decreased by X% to $X in 2022. The total consumption indicated modest growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Spice Production in ECOWAS

In value terms, spice production stood at $X in 2022 estimated in export price. Overall, production continues to indicate a drastic downturn. The most prominent rate of growth was recorded in 2015 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Nigeria (X tons) constituted the country with the largest volume of spice production, accounting for X% of total volume. Moreover, spice production in Nigeria exceeded the figures recorded by the second-largest producer, Cote d'Ivoire (X tons), sixfold. The third position in this ranking was taken by Benin (X tons), with a X% share.

In Nigeria, spice production increased at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Cote d'Ivoire (X% per year) and Benin (X% per year).

In 2022, the average yield of spices in ECOWAS stood at X tons per ha, therefore, remained relatively stable against the previous year. The yield figure increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2016 with an increase of X%. The level of yield peaked at X tons per ha in 2017; however, from 2018 to 2022, 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 2022, the total area harvested in terms of spices production in ECOWAS dropped to X ha, which is down by X% against the previous year. The harvested area increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2018 when the harvested area increased by X%. As a result, the harvested area reached the peak level of X ha. From 2019 to 2022, the growth of the spice harvested area remained at a lower figure.

Spice Exports

Exports in ECOWAS

In 2022, approx. X tons of spices were exported in ECOWAS; growing by X% on 2021 figures. Overall, exports showed perceptible growth. The pace of growth was the most pronounced in 2018 when exports increased by X%. The volume of export peaked in 2022 and is likely to continue growth in the immediate term.

In value terms, spice exports skyrocketed to $X in 2022. Over the period under review, exports, however, showed a pronounced setback. The growth pace was the most rapid in 2020 with an increase of X% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Nigeria prevails in exports structure, accounting for X tons, which was approx. X% of total exports in 2022. It was distantly followed by Cote d'Ivoire (X tons), generating a X% share of total exports. The following exporters - Ghana (X tons) and Mali (X tons) - each accounted for a X% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to spice exports from Nigeria stood at X%. At the same time, Cote d'Ivoire (X%), Ghana (X%) and Mali (X%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. From 2012 to 2022, the share of Cote d'Ivoire increased by X percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

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

In Nigeria, spice exports contracted by an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Cote d'Ivoire (X% per year) and Ghana (X% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, growing by X% against the previous year. Over the period under review, the export price, however, showed a deep slump. The pace of growth was the most pronounced in 2020 an increase of X% against the previous year. Over the period under review, the export prices reached the maximum at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

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 Nigeria ($X per ton), while Mali ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mali (X%), while the other leaders experienced a decline in the export price figures.

Spice Imports

Imports in ECOWAS

Spice imports surged to X tons in 2022, increasing by X% on the previous year's figure. In general, imports continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2018 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in years to come.

In value terms, spice imports skyrocketed to $X in 2022. Over the period under review, imports posted a resilient expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Nigeria was the key importing country with an import of about X tons, which reached X% of total imports. Senegal (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Ghana (X%) and Mali (X%). The following importers - Burkina Faso (X tons), Cote d'Ivoire (X tons) and Togo (X tons) - each recorded a X% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to spice imports into Nigeria stood at X%. At the same time, Togo (X%), Mali (X%), Burkina Faso (X%), Ghana (X%), Cote d'Ivoire (X%) and Senegal (X%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. While the share of Ghana (X p.p.), Mali (X p.p.) and Togo (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Nigeria (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported spices in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Ghana ($X), with a X% share of total imports. It was followed by Senegal, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria stood at X%. In the other countries, the average annual rates were as follows: Ghana (X% per year) and Senegal (X% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, declining by X% against the previous year. Over the period under review, the import price recorded a slight decline. The pace of growth appeared the most rapid in 2014 when the import price increased by X%. Over the period under review, import prices reached the maximum at $X per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Ghana ($X per ton), while Burkina Faso ($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 (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform