ECOWAS: Tapioca And Substitutes Market 2024

Tapioca And Substitutes Market Size in ECOWAS

In 2021, after two years of decline, there was significant growth in the ECOWAS tapioca and substitutes market, when its value increased by 303% to $X. In general, consumption saw a resilient expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Tapioca And Substitutes Production in ECOWAS

In value terms, tapioca and substitutes production declined slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.7% from 2012 to 2021; 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 12%. Over the period under review, production attained the maximum level at $X in 2020, and then fell modestly in the following year.

Tapioca And Substitutes Exports

Exports in ECOWAS

In 2021, shipments abroad of tapioca and substitutes decreased by -56% to X tons for the first time since 2014, thus ending a six-year rising trend. In general, exports, however, saw a noticeable expansion. The growth pace was the most rapid in 2015 when exports increased by 69% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2020, and then dropped remarkably in the following year.

In value terms, tapioca and substitutes exports contracted significantly to $X in 2021. Over the period under review, exports, however, posted a prominent expansion. The pace of growth was the most pronounced in 2013 when exports increased by 46%. The level of export peaked at $X in 2020, and then fell markedly in the following year.

Exports by Country

Cote d'Ivoire prevails in exports structure, recording X tons, which was near 82% of total exports in 2021. It was distantly followed by Nigeria (X tons) and Ghana (X tons), together achieving a 13% share of total exports. Togo (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to tapioca and substitutes exports from Cote d'Ivoire stood at +2.7%. At the same time, Ghana (+31.1%), Togo (+29.0%) and Nigeria (+22.0%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +31.1% from 2012-2021. While the share of Ghana (+5.5 p.p.), Nigeria (+4.9 p.p.) and Togo (+3.6 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Cote d'Ivoire (-14.5 p.p.) displayed negative dynamics.

In value terms, Cote d'Ivoire ($X) remains the largest tapioca and substitutes supplier in ECOWAS, comprising 76% of total exports. The second position in the ranking was taken by Nigeria ($X), with an 11% share of total exports. It was followed by Ghana, with a 5.8% share.

In Cote d'Ivoire, tapioca and substitutes exports increased at an average annual rate of +9.5% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Nigeria (+24.5% per year) and Ghana (+25.3% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, with an increase of 40% against the previous year. Export price indicated a prominent expansion from 2012 to 2021: its price increased at an average annual rate of +6.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, tapioca and substitutes export price increased by +62.4% against 2019 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Ghana ($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 (+6.7%), while the other leaders experienced more modest paces of growth.

Tapioca And Substitutes Imports

Imports in ECOWAS

In 2021, supplies from abroad of tapioca and substitutes increased by 122% to X tons for the first time since 2018, thus ending a two-year declining trend. Overall, imports saw a prominent expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, tapioca and substitutes imports surged to $X in 2021. Over the period under review, imports enjoyed a prominent expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Nigeria (X tons) was the key importer of tapioca and substitutes, creating 67% of total imports. Senegal (X tons) ranks second in terms of the total imports with a 10% share, followed by Ghana (9.9%) and Guinea (5.1%). The following importers - Togo (X tons) and Sierra Leone (X tons) - each accounted for a 6.3% share of total imports.

Nigeria was also the fastest-growing in terms of the tapioca and substitutes imports, with a CAGR of +63.8% from 2012 to 2021. At the same time, Ghana (+19.6%), Guinea (+9.8%), Togo (+8.3%) and Sierra Leone (+3.3%) displayed positive paces of growth. By contrast, Senegal (-1.9%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Nigeria increased by +63 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported tapioca and substitutes in ECOWAS, comprising 75% of total imports. The second position in the ranking was taken by Ghana ($X), with a 9.4% share of total imports. It was followed by Guinea, with a 4.7% share.

In Nigeria, tapioca and substitutes imports increased at an average annual rate of +62.1% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Ghana (+18.5% per year) and Guinea (+7.9% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, surging by 28% against the previous year. Overall, the import price showed a relatively flat trend pattern. The level of import peaked at $X per ton in 2016; however, from 2017 to 2021, import prices remained at a lower figure.

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 2021, the most notable rate of growth in terms of prices was attained by Ghana (-0.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform