ECOWAS: Sweet Potato Market 2024

Sweet Potato Market Size in ECOWAS

The ECOWAS sweet potato market fell slightly to $X in 2021, which is down by -2.4% against the previous year. The market value increased at an average annual rate of +1.4% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 when the market value increased by 7.6%. As a result, consumption attained the peak level of $X, and then dropped slightly in the following year.

Sweet Potato Production in ECOWAS

In value terms, sweet potato production soared to $X in 2021 estimated in export price. The total production indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +5.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +84.8% against 2019 indices. As a result, production reached the peak level and is likely to continue growth in the immediate term.

Nigeria (X tons) constituted the country with the largest volume of sweet potato production, accounting for 71% of total volume. Moreover, sweet potato production in Nigeria exceeded the figures recorded by the second-largest producer, Mali (X tons), ninefold. The third position in this ranking was held by Guinea (X tons), with a 5.5% share.

In Nigeria, sweet potato production remained relatively stable over the period from 2012-2021. The remaining producing countries recorded the following average annual rates of production growth: Mali (+2.8% per year) and Guinea (+4.0% per year).

In 2021, the average yield of sweet potatoes in ECOWAS fell to X tons per ha, waning by -5% compared with the previous year. In general, the yield recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of 9.3%. Over the period under review, the sweet potato yield hit record highs at X tons per ha in 2020, and then dropped in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2021, approx. X ha of sweet potatoes were harvested in ECOWAS; surging by 2.1% against the previous year. The harvested area increased at an average annual rate of +1.4% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 when the harvested area increased by 5.2%. The level of harvested area peaked in 2021 and is expected to retain growth in years to come.

Sweet Potato Exports

Exports in ECOWAS

In 2021, the amount of sweet potatoes exported in ECOWAS soared to X tons, picking up by 93% on the previous year. Overall, exports, however, showed a deep contraction. The growth pace was the most rapid in 2016 with an increase of 730% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, sweet potato exports soared to $X in 2021. In general, exports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when exports increased by 644%. The level of export peaked at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

Senegal (X tons) and Burkina Faso (X tons) prevails in exports structure, together achieving 94% of total exports. It was distantly followed by Benin (X tons), committing a 6.3% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Burkina Faso (with a CAGR of +8.1%), while shipments for the other leaders experienced a decline in the exports figures.

In value terms, Senegal ($X) remains the largest sweet potato supplier in ECOWAS, comprising 87% of total exports. The second position in the ranking was held by Burkina Faso ($X), with an 8.4% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Senegal stood at -23.3%. In the other countries, the average annual rates were as follows: Burkina Faso (+26.1% per year) and Benin (+1.0% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, declining by -32.3% against the previous year. Over the period under review, the export price, however, posted significant growth. The pace of growth was the most pronounced in 2013 when the export price increased by 1,227% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 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, amid the top suppliers, the country with the highest price was Senegal ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Benin (+17.3%), while the other leaders experienced mixed trends in the export price figures.

Sweet Potato Imports

Imports in ECOWAS

In 2021, the amount of sweet potatoes imported in ECOWAS reduced markedly to X tons, with a decrease of -95.9% compared with the previous year. Overall, imports showed a significant decrease. The pace of growth appeared the most rapid in 2016 with an increase of 157% against the previous year. The volume of import peaked at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, sweet potato imports shrank notably to $X in 2021. Over the period under review, imports continue to indicate a dramatic slump. The most prominent rate of growth was recorded in 2018 when imports increased by 56%. As a result, imports attained the peak of $X. From 2019 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Nigeria represented the key importer of sweet potatoes in ECOWAS, with the volume of imports reaching X tons, which was approx. 85% of total imports in 2021. It was distantly followed by Senegal (X tons), mixing up a 15% share of total imports.

Nigeria was also the fastest-growing in terms of the sweet potatoes imports, with a CAGR of +77.0% from 2012 to 2021. Senegal (-8.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Nigeria and Senegal increased by +85 and +14 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported sweet potatoes in ECOWAS, comprising 93% of total imports. The second position in the ranking was held by Senegal ($X), with a 6.9% share of total imports.

From 2012 to 2021, the average annual growth rate of value in Nigeria stood at +74.0%.

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, rising by 154% against the previous year. Overall, the import price saw resilient growth. The pace of growth appeared the most rapid in 2015 an increase of 361%. Over the period under review, import prices hit record highs in 2021 and is expected to retain 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 Nigeria ($X per ton), while Senegal amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (-1.7%).

Source: IndexBox Platform