Western Africa: Modified Starches Market 2024

Modified Starches Market Size in Western Africa

The West African modified starches market rose rapidly to $X in 2022, surging by 5.2% against the previous year. Overall, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Modified Starches Production in Western Africa

In value terms, modified starches production rose to $X in 2022 estimated in export price. Over the period under review, production, however, showed a slight setback. The growth pace was the most rapid in 2015 when the production volume increased by 18% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Modified Starches Exports

Exports in Western Africa

In 2022, shipments abroad of dextrins and other modified starches decreased by -45.9% to X tons, falling for the second consecutive year after two years of growth. In general, exports showed a pronounced shrinkage. The most prominent rate of growth was recorded in 2013 with an increase of 44% against the previous year. The volume of export peaked at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, modified starches exports fell sharply to $X in 2022. Over the period under review, exports, however, showed tangible growth. The growth pace was the most rapid in 2013 when exports increased by 84% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Senegal (X tons) represented the major exporter of dextrins and other modified starches, mixing up 70% of total exports. Niger (X tons) took the second position in the ranking, followed by Nigeria (X tons), Ghana (X tons) and Cote d'Ivoire (X tons). All these countries together took approx. 29% share of total exports.

Exports from Senegal increased at an average annual rate of +35.2% from 2012 to 2022. At the same time, Ghana (+55.5%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +55.5% from 2012-2022. By contrast, Niger (-3.3%), Cote d'Ivoire (-7.0%) and Nigeria (-8.9%) illustrated a downward trend over the same period. While the share of Senegal (+68 p.p.), Niger (+11 p.p.) and Ghana (+4.6 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Cote d'Ivoire (-3 p.p.) and Nigeria (-9 p.p.) displayed negative dynamics.

In value terms, Senegal ($X) remains the largest modified starches supplier in Western Africa, comprising 85% of total exports. The second position in the ranking was held by Niger ($X), with an 8.3% share of total exports. It was followed by Ghana, with a 3.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Senegal stood at +25.5%. The remaining exporting countries recorded the following average annual rates of exports growth: Niger (-0.1% per year) and Ghana (+45.2% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, picking up by 28% against the previous year. Export price indicated a buoyant increase from 2012 to 2022: its price increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, modified starches export price increased by +84.1% against 2015 indices. The most prominent rate of growth was recorded in 2020 when the export price increased by 31% against the previous year. The level of export peaked in 2022 and is likely to see gradual growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Senegal ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+5.2%), while the other leaders experienced mixed trends in the export price figures.

Modified Starches Imports

Imports in Western Africa

In 2022, modified starches imports in Western Africa soared to X tons, increasing by 115% compared with 2021 figures. Over the period under review, imports continue to indicate a strong expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, modified starches imports soared to $X in 2022. Overall, imports enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2020 when imports increased by 94% against the previous year. The level of import peaked in 2022 and is likely to see gradual growth in years to come.

Imports by Country

Nigeria represented the major importer of dextrins and other modified starches in Western Africa, with the volume of imports reaching X tons, which was approx. 48% of total imports in 2022. Niger (X tons) held a 30% share (based on physical terms) of total imports, which put it in second place, followed by Ghana (6.6%) and Senegal (4.6%). Togo (X tons), Cote d'Ivoire (X tons) and Mauritania (X tons) held a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Niger (with a CAGR of +57.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) constitutes the largest market for imported dextrins and other modified starches in Western Africa, comprising 68% of total imports. The second position in the ranking was held by Ghana ($X), with a 6.6% share of total imports. It was followed by Senegal, with a 6.4% share.

In Nigeria, modified starches imports expanded at an average annual rate of +4.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Ghana (+4.3% per year) and Senegal (+12.6% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, with a decrease of -17.6% against the previous year. In general, the import price showed a noticeable decline. The growth pace was the most rapid in 2021 when the import price increased by 21%. Over the period under review, import prices attained the peak figure at $X per ton in 2012; however, from 2013 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 Mauritania ($X per ton), while Niger ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mauritania (+1.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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