ECOWAS: Preserved Sweet Corn Market 2024

Preserved Sweet Corn Market Size in ECOWAS

In 2022, the ECOWAS preserved sweet corn market increased by 27% to $X, rising for the third year in a row after two years of decline. Over the period under review, consumption, however, continues to indicate a pronounced shrinkage. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Preserved Sweet Corn Production in ECOWAS

In value terms, preserved sweet corn production totaled $X in 2022 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the production volume increased by 44%. Over the period under review, production reached the maximum level at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Togo (X tons) remains the largest preserved sweet corn producing country in ECOWAS, accounting for 99.9% of total volume.

From 2012 to 2022, the average annual rate of growth in terms of volume in Togo amounted to +1.8%.

Preserved Sweet Corn Exports

Exports in ECOWAS

In 2022, the amount of sweet corn prepared or preserved exported in ECOWAS fell remarkably to X tons, shrinking by -45% against the previous year. Overall, exports, however, recorded a pronounced increase. The most prominent rate of growth was recorded in 2014 when exports increased by 310%. The volume of export peaked at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, preserved sweet corn exports shrank significantly to $X in 2022. In general, exports, however, showed a slight increase. The most prominent rate of growth was recorded in 2014 with an increase of 196% against the previous year. The level of export peaked at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Togo represented the major exporter of sweet corn prepared or preserved in ECOWAS, with the volume of exports amounting to X tons, which was approx. 46% of total exports in 2022. Senegal (X tons) ranks second in terms of the total exports with a 30% share, followed by Ghana (13%), Cote d'Ivoire (6.1%) and Nigeria (4.6%).

From 2012 to 2022, the biggest increases were recorded for Togo (with a CAGR of +44.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest preserved sweet corn supplying countries in ECOWAS were Senegal ($X), Togo ($X) and Nigeria ($X), together accounting for 86% of total exports.

Among the main exporting countries, Togo, with a CAGR of +39.3%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, growing by 53% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 an increase of 89% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 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 Nigeria ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+9.4%), while the other leaders experienced mixed trends in the export price figures.

Preserved Sweet Corn Imports

Imports in ECOWAS

In 2022, purchases abroad of sweet corn prepared or preserved increased by 9.7% to X tons, rising for the third year in a row after two years of decline. Over the period under review, imports, however, continue to indicate a deep slump. The most prominent rate of growth was recorded in 2021 with an increase of 54%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, preserved sweet corn imports soared to $X in 2022. Overall, imports, however, recorded a mild decline. The pace of growth was the most pronounced in 2021 when imports increased by 108% against the previous year. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Nigeria (X tons) was the main importer of sweet corn prepared or preserved, achieving 60% of total imports. Senegal (X tons) took a 13% share (based on physical terms) of total imports, which put it in second place, followed by Cabo Verde (6.1%) and Cote d'Ivoire (5.2%). The following importers - Benin (X tons), Ghana (X tons) and Sierra Leone (X tons) - together made up 9.8% of total imports.

Imports into Nigeria decreased at an average annual rate of -10.1% from 2012 to 2022. At the same time, Cote d'Ivoire (+23.8%), Sierra Leone (+9.0%), Ghana (+8.4%) and Senegal (+4.8%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +23.8% from 2012-2022. Cabo Verde experienced a relatively flat trend pattern. By contrast, Benin (-11.0%) illustrated a downward trend over the same period. Senegal (+9.4 p.p.), Cote d'Ivoire (+4.9 p.p.), Cabo Verde (+3.4 p.p.), Ghana (+2.6 p.p.) and Sierra Leone (+2 p.p.) significantly strengthened its position in terms of the total imports, while Benin and Nigeria saw its share reduced by -2.2% and -23.3% from 2012 to 2022, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported sweet corn prepared or preserved in ECOWAS, comprising 78% of total imports. The second position in the ranking was held by Cabo Verde ($X), with a 5.3% share of total imports. It was followed by Senegal, with a 4.8% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria stood at -1.1%. In the other countries, the average annual rates were as follows: Cabo Verde (+1.8% per year) and Senegal (-1.0% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, growing by 30% against the previous year. Import price indicated a remarkable increase from 2012 to 2022: its price increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, preserved sweet corn import price increased by +87.8% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the import price increased by 35% against the previous year. Over the period under review, import prices reached the maximum in 2022 and is likely to continue growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Nigeria ($X per ton), while Senegal ($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 (+10.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform