ECOWAS: Waffle And Wafer Market 2024

Waffle And Wafer Market Size in ECOWAS

In 2021, the ECOWAS waffle and wafer market decreased by -16.2% to $X for the first time since 2018, thus ending a two-year rising trend. The total consumption indicated temperate growth from 2012 to 2021: its value increased at an average annual rate of +3.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +31.5% against 2018 indices. As a result, consumption reached the peak level of $X, and then fell sharply in the following year.

Waffle And Wafer Production in ECOWAS

In value terms, waffle and wafer production fell dramatically to $X in 2021 estimated in export price. The total production indicated a pronounced expansion from 2012 to 2021: its value increased at an average annual rate of +3.3% 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 +34.7% against 2018 indices. The pace of growth appeared the most rapid in 2020 with an increase of 60%. As a result, production reached the peak level of $X, and then contracted remarkably in the following year.

Waffle And Wafer Exports

Exports in ECOWAS

Waffle and wafer exports expanded notably to X tons in 2021, increasing by 15% compared with 2020. Over the period under review, exports, however, showed a deep contraction. The growth pace was the most rapid in 2019 with an increase of 98% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, waffle and wafer exports surged to $X in 2021. In general, exports, however, showed a abrupt decline. The most prominent rate of growth was recorded in 2019 when exports increased by 96% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Senegal was the major exporting country with an export of around X tons, which resulted at 56% of total exports. Nigeria (X tons) held a 17% share (based on physical terms) of total exports, which put it in second place, followed by Niger (10%) and Benin (7.8%). The following exporters - Ghana (X tons) and Cote d'Ivoire (X tons) - each accounted for a 6.7% share of total exports.

Exports from Senegal decreased at an average annual rate of -14.5% from 2012 to 2021. At the same time, Cote d'Ivoire (+50.0%), Benin (+40.5%) and Ghana (+21.0%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +50.0% from 2012-2021. By contrast, Niger (-8.4%) and Nigeria (-11.7%) illustrated a downward trend over the same period. While the share of Benin (+7.7 p.p.), Cote d'Ivoire (+3.3 p.p.), Ghana (+3.2 p.p.) and Niger (+3.1 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Senegal (-16.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X), Niger ($X) and Nigeria ($X) appeared to be the countries with the highest levels of exports in 2021, together accounting for 81% of total exports. Benin, Ghana and Cote d'Ivoire lagged somewhat behind, together accounting for a further 17%.

In terms of the main exporting countries, Cote d'Ivoire, with a CAGR of +42.6%, saw the highest growth rate of 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

In 2021, the export price in ECOWAS amounted to $X per ton, jumping by 17% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.3%. The pace of growth was the most pronounced in 2020 an increase of 24% against the previous year. Over the period under review, the export prices attained the maximum in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Niger ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Niger (+8.8%), while the other leaders experienced mixed trends in the export price figures.

Waffle And Wafer Imports

Imports in ECOWAS

In 2021, overseas purchases of waffles and wafers increased by 17% to X tons, rising for the fifth year in a row after three years of decline. Total imports indicated a resilient expansion from 2012 to 2021: its volume increased at an average annual rate of +7.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +101.2% against 2016 indices. The growth pace was the most rapid in 2013 with an increase of 54% against the previous year. The volume of import peaked in 2021 and is likely to see steady growth in the immediate term.

In value terms, waffle and wafer imports surged to $X in 2021. Total imports indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +6.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 when imports increased by 44% against the previous year. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, Cote d'Ivoire (X tons) and Ghana (X tons) represented the main importers of waffles and wafers in ECOWAS, together resulting at approx. 43% of total imports. Benin (X tons) ranks next in terms of the total imports with an 11% share, followed by Guinea (10%), Mali (7.5%), Senegal (7.5%), Nigeria (6.4%) and Sierra Leone (6%).

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Sierra Leone (with a CAGR of +37.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X), Ghana ($X) and Benin ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 55% share of total imports. Guinea, Mali, Senegal, Sierra Leone and Nigeria lagged somewhat behind, together comprising a further 36%.

In terms of the main importing countries, Sierra Leone, with a CAGR of +32.4%, saw the highest growth rate of the value of imports, 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, growing by 13% against the previous year. Over the period under review, the import price, however, recorded a mild slump. The level of import peaked at $X per ton in 2016; however, from 2017 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Ghana ($X per ton) and Mali ($X per ton), while Nigeria ($X per ton) and Sierra Leone ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mali (+1.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform