ECOWAS: Market for Sweet Biscuits, Waffles and Wafers 2024

Market Size for Sweet Biscuits, Waffles and Wafers in ECOWAS

The ECOWAS market for sweet biscuits, waffles and wafers shrank to $X in 2021, declining by -12.1% against the previous year. The total consumption indicated a moderate expansion from 2012 to 2021: its value increased at an average annual rate of +3.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +21.9% against 2019 indices. The level of consumption peaked at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Production of Sweet Biscuits, Waffles and Wafers in ECOWAS

In value terms, sweet biscuit, waffle and wafer production reduced dramatically to $X in 2021 estimated in export price. The total production indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +2.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +22.2% against 2019 indices. The pace of growth was the most pronounced in 2015 with an increase of 69%. The level of production peaked at $X in 2017; however, from 2018 to 2021, production failed to regain momentum.

Exports of Sweet Biscuits, Waffles and Wafers

Exports in ECOWAS

In 2021, shipments abroad of sweet biscuits, waffles and wafers increased by 13% to X tons, rising for the second consecutive year after two years of decline. The total export volume increased at an average annual rate of +3.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 when exports increased by 26% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the near future.

In value terms, sweet biscuit, waffle and wafer exports contracted slightly to $X in 2021. In general, exports, however, saw a perceptible downturn. The most prominent rate of growth was recorded in 2020 with an increase of 15% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Senegal was the largest exporting country with an export of about X tons, which recorded 73% of total exports. It was distantly followed by Ghana (X tons), constituting a 17% share of total exports. The following exporters - Cote d'Ivoire (X tons) and Nigeria (X tons) - each finished at a 7.4% share of total exports.

Exports from Senegal increased at an average annual rate of +6.8% from 2012 to 2021. At the same time, Ghana (+9.9%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +9.9% from 2012-2021. By contrast, Nigeria (-6.8%) and Cote d'Ivoire (-13.7%) illustrated a downward trend over the same period. Senegal (+20 p.p.) and Ghana (+7.5 p.p.) significantly strengthened its position in terms of the total exports, while Nigeria and Cote d'Ivoire saw its share reduced by -5.3% and -15.1% from 2012 to 2021, respectively.

In value terms, Senegal ($X) remains the largest sweet biscuit, waffle and wafer supplier in ECOWAS, comprising 56% of total exports. The second position in the ranking was taken by Ghana ($X), with a 25% share of total exports. It was followed by Nigeria, with an 8% share.

In Senegal, sweet biscuit, waffle and wafer exports expanded at an average annual rate of +3.4% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Ghana (+1.4% per year) and Nigeria (-14.5% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, waning by -12.6% against the previous year. Over the period under review, the export price recorded a deep setback. The pace of growth appeared the most rapid in 2016 an increase of 4.3% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat 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 Nigeria ($X per ton), while Senegal ($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 (-1.1%), while the other leaders experienced a decline in the export price figures.

Imports of Sweet Biscuits, Waffles and Wafers

Imports in ECOWAS

In 2021, purchases abroad of sweet biscuits, waffles and wafers increased by 18% to X tons, rising for the second year in a row after two years of decline. The total import volume increased at an average annual rate of +1.6% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, sweet biscuit, waffle and wafer imports surged to $X in 2021. The total import value increased at an average annual rate of +2.0% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

The purchases of the twelve major importers of sweet biscuits, waffles and wafers, namely Senegal, Cote d'Ivoire, Ghana, Togo, Guinea, Benin, Gambia, Liberia, Burkina Faso, Niger, Mali and Sierra Leone, represented more than two-thirds of total import.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Togo (with a CAGR of +18.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Senegal ($X), Cote d'Ivoire ($X) and Ghana ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 52% share of total imports. Guinea, Benin, Liberia, Gambia, Mali, Niger, Sierra Leone, Togo and Burkina Faso lagged somewhat behind, together accounting for a further 38%.

Togo, with a CAGR of +18.5%, 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, rising by 18% against the previous year. In general, the import price saw a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Cote d'Ivoire ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+6.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform