Western Africa: Caramel Market 2022

Caramel Market Size in Western Africa

In 2020, the West African caramel market increased by X% to $X, rising for the fourth consecutive year after three years of decline. The total consumption indicated measured growth from 2007 to 2020: its value increased at an average annual rate of +X% over the last thirteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2020 figures, consumption increased by +X% against 2016 indices. The pace of growth was the most pronounced in 2017 when the market value increased by X% y-o-y. Over the period under review, the market attained the peak level in 2020 and is likely to continue growth in the near future.

Caramel Production in Western Africa

In value terms, caramel production expanded remarkably to $X in 2020 estimated in export prices. In general, production, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of X% year-to-year. Over the period under review, production hit record highs in 2020 and is expected to retain growth in years to come.

Production By Country in Western Africa

The countries with the highest volumes of caramel production in 2020 were Niger (X tons), Burkina Faso (X tons) and Guinea (X tons), together accounting for X% of total production.

From 2007 to 2020, the most notable rate of growth in terms of caramel production, amongst the main producing countries, was attained by Niger, while caramel production for the other leaders experienced a decline in the production figures.

Caramel Exports

Exports in Western Africa

In 2020, exports of caramel in Western Africa soared to X tons, with an increase of X% on 2019. Over the period under review, exports posted a strong expansion. The most prominent rate of growth was recorded in 2012 with an increase of X% year-to-year. The volume of export peaked in 2020 and is likely to see gradual growth in the near future.

In value terms, caramel exports skyrocketed to $X in 2020. Overall, exports showed a buoyant expansion. The most prominent rate of growth was recorded in 2018 with an increase of X% y-o-y. As a result, exports reached the peak of $X. from 2019 to 2020, the growth exports remained at a somewhat lower figure.

Exports by Country

Senegal dominates caramel exports structure, accounting for X tons, which was near X% of total exports in 2020. Guinea (X tons) ranks second in terms of the total exports with a X% share, followed by Mauritania (X%) and Ghana (X%). The following exporters - Togo (X tons) and Benin (X tons) - each recorded a X% share of total exports.

Exports from Senegal increased at an average annual rate of +X% from 2007 to 2020. At the same time, Mauritania (+X%), Benin (+X%), Ghana (+X%) and Guinea (+X%) displayed positive paces of growth. Moreover, Mauritania emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +X% from 2007-2020. By contrast, Togo (-X%) illustrated a downward trend over the same period. While the share of Senegal (+X p.p.), Mauritania (+X p.p.), Guinea (+X p.p.), Ghana (+X p.p.) and Togo (+X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) remains the largest caramel supplier in Western Africa, comprising X% of total exports. The second position in the ranking was occupied by Togo ($X), with a X% share of total exports. It was followed by Ghana, with a X% share.

From 2007 to 2020, the average annual rate of growth in terms of value in Senegal amounted to +X%. In the other countries, the average annual rates were as follows: Togo (-X% per year) and Ghana (-X% per year).

Export Prices by Country

The caramel export price in Western Africa stood at $X per ton in 2020, shrinking by -X% against the previous year. Overall, the export price saw a noticeable descent. The growth pace was the most rapid in 2018 when the export price increased by X% year-to-year. As a result, export price attained the peak level of $X per ton. from 2019 to 2020, the growth in terms of the export prices remained at a somewhat lower figure.

Prices varied noticeably by the country of origin; the country with the highest price was Togo ($X per ton), while Mauritania ($X per ton) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was attained by Guinea, while the other leaders experienced mixed trends in the export price figures.

Caramel Imports

Imports in Western Africa

In 2020, supplies from abroad of caramel increased by X% to X tons, rising for the fourth consecutive year after three years of decline. Over the period under review, imports saw a prominent increase. The most prominent rate of growth was recorded in 2008 with an increase of X% against the previous year. The volume of import peaked in 2020 and is expected to retain growth in years to come.

In value terms, caramel imports skyrocketed to $X in 2020. Overall, imports saw a resilient increase. The most prominent rate of growth was recorded in 2008 with an increase of X% against the previous year. The level of import peaked in 2020 and is expected to retain growth in the immediate term.

Imports by Country

In 2020, Nigeria (X tons) represented the major importer of caramel, making up X% of total imports. It was distantly followed by Senegal (X tons) and Cote d'Ivoire (X tons), together generating a X% share of total imports.

Imports into Nigeria increased at an average annual rate of +X% from 2007 to 2020. At the same time, Senegal (+X%) and Cote d'Ivoire (+X%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +X% from 2007-2020. Senegal (+X p.p.) and Cote d'Ivoire (+X p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by -X% from 2007 to 2020, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported caramel in Western Africa, comprising X% of total imports. The second position in the ranking was occupied by Senegal ($X), with a X% share of total imports.

In Nigeria, caramel imports expanded at an average annual rate of +X% over the period from 2007-2020. The remaining importing countries recorded the following average annual rates of imports growth: Senegal (+X% per year) and Cote d'Ivoire (+X% per year).

Import Prices by Country

The caramel import price in Western Africa stood at $X per ton in 2020, rising by X% against the previous year. In general, the import price, however, continues to indicate a mild descent. The pace of growth appeared the most rapid in 2009 when the import price increased by X% against the previous year. As a result, import price reached the peak level of $X per ton. from 2010 to 2020, the growth in terms of the import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2020, the country with the highest price was Nigeria ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was attained by Nigeria, while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :