ECOWAS: Walnut Market 2025

Walnut Market Size in ECOWAS

The ECOWAS walnut market contracted to $X in 2021, waning by -8.8% against the previous year. Overall, consumption, however, recorded a relatively flat trend pattern. The level of consumption peaked at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Walnut Production in ECOWAS

In value terms, walnut production soared to $X in 2021 estimated in export price. Overall, production saw significant growth. The pace of growth appeared the most rapid in 2015 with an increase of 438% against the previous year. Over the period under review, production hit record highs at $X in 2016; however, from 2017 to 2021, production stood at a somewhat lower figure.

The countries with the highest volumes of production in 2021 were Togo (X tons), Burkina Faso (X tons) and Senegal (X tons), together accounting for 89% of total production.

From 2012 to 2021, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by Burkina Faso (with a CAGR of +2.5%), while production for the other leaders experienced more modest paces of growth.

Walnut Exports

Exports in ECOWAS

In 2021, approx. X tons of walnuts were exported in ECOWAS; growing by 1,210% compared with 2020 figures. In general, exports continue to indicate a significant increase. The pace of growth appeared the most rapid in 2015 with an increase of 26,736% against the previous year. The volume of export peaked at X tons in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, walnut exports surged to $X in 2021. Over the period under review, exports showed a significant expansion. The most prominent rate of growth was recorded in 2015 with an increase of 11,593% against the previous year. The level of export peaked at $X in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Togo prevails in exports structure, reaching X tons, which was approx. 90% of total exports in 2021. It was distantly followed by Cote d'Ivoire (X tons), committing a 9% share of total exports.

Togo experienced a relatively flat trend pattern with regard to volume of exports of walnuts. At the same time, Cote d'Ivoire (+83.9%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +83.9% from 2012-2021. From 2012 to 2021, the share of Togo and Cote d'Ivoire increased by +90 and +5.6 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest walnut supplying countries in ECOWAS were Cote d'Ivoire ($X) and Togo ($X).

Cote d'Ivoire, with a CAGR of +75.5%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review.

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, declining by -84.1% against the previous year. In general, the export price faced a abrupt setback. The pace of growth appeared the most rapid in 2014 an increase of 2,301%. Over the period under review, the export prices reached the peak figure at $X per ton in 2017; however, from 2018 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was Cote d'Ivoire ($X per ton), while Togo stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (-4.6%).

Walnut Imports

Imports in ECOWAS

Walnut imports reduced to X tons in 2021, with a decrease of -5% compared with the year before. Total imports indicated measured growth from 2012 to 2021: its volume increased at an average annual rate of +2.6% 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 decreased by -29.1% against 2019 indices. The growth pace was the most rapid in 2019 when imports increased by 86% against the previous year. As a result, imports attained the peak of X tons. From 2020 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, walnut imports surged to $X in 2021. Total imports indicated perceptible growth from 2012 to 2021: its value increased at an average annual rate of +3.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +66.2% against 2017 indices. The pace of growth appeared the most rapid in 2019 when imports increased by 46% against the previous year. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

Cabo Verde represented the major importing country with an import of about X tons, which finished at 37% of total imports. Benin (X kg) took a 17% share (based on physical terms) of total imports, which put it in second place, followed by Guinea (10%), Sierra Leone (5.7%), Liberia (5.5%), Cote d'Ivoire (5.1%), Gambia (4.7%) and Senegal (4.5%).

From 2012 to 2021, average annual rates of growth with regard to walnut imports into Cabo Verde stood at +11.0%. At the same time, Gambia (+44.7%), Sierra Leone (+41.6%), Benin (+17.8%), Guinea (+10.6%) and Cote d'Ivoire (+3.8%) displayed positive paces of growth. Moreover, Gambia emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +44.7% from 2012-2021. By contrast, Liberia (-8.3%) and Senegal (-13.6%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Cabo Verde, Benin, Sierra Leone, Guinea and Gambia increased by +19, +12, +5.4, +5.1 and +4.4 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cabo Verde ($X) constitutes the largest market for imported walnuts in ECOWAS, comprising 35% of total imports. The second position in the ranking was taken by Sierra Leone ($X), with a 13% share of total imports. It was followed by Benin, with a 12% share.

In Cabo Verde, walnut imports increased at an average annual rate of +10.6% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Sierra Leone (+49.2% per year) and Benin (+14.6% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, increasing by 27% against the previous year. Import price indicated modest growth from 2012 to 2021: its price increased at an average annual rate of +1.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, walnut import price increased by +51.0% against 2019 indices. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Sierra Leone ($X per ton), while Gambia ($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 (+5.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform