ECOWAS: Sugars Market 2024

Sugars Market Size in ECOWAS

The ECOWAS sugars market expanded markedly to $X in 2021, surging by 11% against the previous year. The market value increased at an average annual rate of +3.1% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Sugars Production in ECOWAS

In value terms, sugars production soared to $X in 2021 estimated in export price. The total production indicated pronounced growth from 2012 to 2021: its value increased at an average annual rate of +4.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -17.5% against 2019 indices. The pace of growth was the most pronounced in 2015 when the production volume increased by 41%. The level of production peaked at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Sugars Exports

Exports in ECOWAS

In 2021, overseas shipments of sugars, sugar ethers and salts decreased by -51.4% to X tons for the first time since 2016, thus ending a four-year rising trend. Over the period under review, exports continue to indicate a perceptible curtailment. The growth pace was the most rapid in 2018 with an increase of 109% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2020, and then contracted rapidly in the following year.

In value terms, sugars exports soared to $X in 2021. Overall, exports, however, posted a temperate expansion. The most prominent rate of growth was recorded in 2018 with an increase of 96% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Sierra Leone represented the main exporting country with an export of about X tons, which resulted at 64% of total exports. Togo (X kg) held a 13% share (based on physical terms) of total exports, which put it in second place, followed by Senegal (9%), Cote d'Ivoire (7.9%) and Niger (5%).

Exports from Sierra Leone decreased at an average annual rate of -3.7% from 2012 to 2021. At the same time, Niger (+63.9%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +63.9% from 2012-2021. Togo experienced a relatively flat trend pattern. By contrast, Senegal (-5.1%) and Cote d'Ivoire (-8.4%) illustrated a downward trend over the same period. Togo (+13 p.p.) and Niger (+5 p.p.) significantly strengthened its position in terms of the total exports, while Senegal, Cote d'Ivoire and Sierra Leone saw its share reduced by -2.7%, -6.3% and -9.8% from 2012 to 2021, respectively.

In value terms, Sierra Leone ($X) remains the largest sugars supplier in ECOWAS, comprising 70% of total exports. The second position in the ranking was taken by Niger ($X), with an 11% share of total exports. It was followed by Senegal, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Sierra Leone totaled +3.7%. In the other countries, the average annual rates were as follows: Niger (+47.2% per year) and Senegal (-1.6% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, surging by 151% against the previous year. Over the period under review, the export price posted a prominent expansion. The level of export peaked at $X per ton in 2016; however, from 2017 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Niger ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sierra Leone (+7.8%), while the other leaders experienced mixed trends in the export price figures.

Sugars Imports

Imports in ECOWAS

After two years of growth, purchases abroad of sugars, sugar ethers and salts decreased by -45.7% to X tons in 2021. In general, imports, however, enjoyed buoyant growth. The most prominent rate of growth was recorded in 2014 with an increase of 131% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2020, and then dropped significantly in the following year.

In value terms, sugars imports dropped sharply to $X in 2021. Over the period under review, imports, however, saw buoyant growth. The most prominent rate of growth was recorded in 2014 when imports increased by 238%. The level of import peaked at $X in 2020, and then declined remarkably in the following year.

Imports by Country

Nigeria was the main importer of sugars, sugar ethers and salts in ECOWAS, with the volume of imports resulting at X tons, which was approx. 84% of total imports in 2021. It was distantly followed by Cote d'Ivoire (X tons), making up a 13% share of total imports. Ghana (X tons) held a minor share of total imports.

Imports into Nigeria increased at an average annual rate of +16.1% from 2012 to 2021. At the same time, Cote d'Ivoire (+23.5%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +23.5% from 2012-2021. By contrast, Ghana (-10.0%) illustrated a downward trend over the same period. While the share of Nigeria (+38 p.p.) and Cote d'Ivoire (+9 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Ghana (-10.7 p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) constitutes the largest market for imported sugars, sugar ethers and salts in ECOWAS, comprising 71% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 27% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value in Nigeria totaled +17.2%. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+35.1% per year) and Ghana (-14.6% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, surging by 41% against the previous year. Import price indicated a buoyant increase from 2012 to 2021: its price increased at an average annual rate of +5.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, sugars import price increased by +65.2% against 2019 indices. The growth pace was the most rapid in 2014 when the import price increased by 46%. Over the period under review, import prices attained the maximum in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cote d'Ivoire ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+9.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform