Western Africa: Coconut Market 2024

Coconut Market Size in Western Africa

The West African coconut market shrank modestly to $X in 2022, falling by -1.9% against the previous year. The total consumption indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -3.8% against 2019 indices. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Coconut Production in Western Africa

In value terms, coconut production shrank to $X in 2022 estimated in export price. Over the period under review, production, however, saw a resilient expansion. The most prominent rate of growth was recorded in 2014 when the production volume increased by 150%. The level of production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

The country with the largest volume of coconut production was Ghana (X tons), comprising approx. 50% of total volume. Moreover, coconut production in Ghana exceeded the figures recorded by the second-largest producer, Nigeria (X tons), twofold. The third position in this ranking was held by Cote d'Ivoire (X tons), with a 13% share.

In Ghana, coconut production expanded at an average annual rate of +3.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Nigeria (-1.6% per year) and Cote d'Ivoire (-1.8% per year).

In 2022, the average coconut yield in Western Africa reached X tons per ha, remaining relatively unchanged against 2021. Overall, the yield, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 13%. As a result, the yield attained the peak level of X tons per ha. From 2017 to 2022, the growth of the coconut yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the coconut harvested area in Western Africa shrank to X ha, therefore, remained relatively stable against the previous year's figure. The harvested area increased at an average annual rate of +1.7% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2018 when the harvested area increased by 12%. As a result, the harvested area reached the peak level of X ha. From 2019 to 2022, the growth of the coconut harvested area remained at a somewhat lower figure.

Coconut Exports

Exports in Western Africa

Coconut exports reduced to X tons in 2022, falling by -6.1% compared with 2021 figures. Overall, exports, however, continue to indicate prominent growth. The pace of growth appeared the most rapid in 2015 when exports increased by 189% against the previous year. The volume of export peaked at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, coconut exports dropped to $X in 2022. Over the period under review, exports, however, recorded a resilient increase. The growth pace was the most rapid in 2015 with an increase of 80% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Cote d'Ivoire dominates exports structure, recording X tons, which was near 96% of total exports in 2022. The following exporters - Ghana (X tons) and Burkina Faso (X tons) - each accounted for a 3.3% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to coconut exports from Cote d'Ivoire stood at +24.0%. At the same time, Burkina Faso (+30.0%) and Ghana (+21.0%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +30.0% from 2012-2022. Cote d'Ivoire (+29 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X) remains the largest coconut supplier in Western Africa, comprising 90% of total exports. The second position in the ranking was held by Ghana ($X), with a 9.7% share of total exports.

In Cote d'Ivoire, coconut exports increased at an average annual rate of +25.5% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (+40.5% per year) and Burkina Faso (-16.4% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, shrinking by -7.9% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the export price increased by 67% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+16.1%), while the other leaders experienced mixed trends in the export price figures.

Coconut Imports

Imports in Western Africa

In 2022, the amount of coconuts imported in Western Africa stood at X tons, increasing by 12% compared with 2021. Over the period under review, imports showed resilient growth. The pace of growth appeared the most rapid in 2016 when imports increased by 1,009% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, coconut imports skyrocketed to $X in 2022. In general, imports showed strong growth. The most prominent rate of growth was recorded in 2021 when imports increased by 130% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

Imports by Country

Burkina Faso (X tons) and Senegal (X tons) represented roughly 80% of total imports in 2022. It was distantly followed by Niger (X tons) and Mali (X tons), together achieving a 16% share of total imports. Cabo Verde (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Mali (with a CAGR of +60.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Senegal ($X) constitutes the largest market for imported coconuts in Western Africa, comprising 44% of total imports. The second position in the ranking was held by Niger ($X), with a 20% share of total imports. It was followed by Cabo Verde, with a 17% share.

From 2012 to 2022, the average annual growth rate of value in Senegal totaled +22.4%. In the other countries, the average annual rates were as follows: Niger (+36.3% per year) and Cabo Verde (+17.4% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, rising by 3.7% against the previous year. Overall, the import price posted temperate growth. The growth pace was the most rapid in 2013 when the import price increased by 531%. Over the period under review, import prices reached the peak figure at $X per ton in 2015; however, from 2016 to 2022, 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 Cabo Verde ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+3.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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