Western Africa: Fructose Market 2024

Fructose Market Size in Western Africa

After two years of decline, the West African fructose market increased by 1.3% to $X in 2021. The market value increased at an average annual rate of +1.0% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Fructose Production in Western Africa

In value terms, fructose production stood at $X in 2021 estimated in export price. In general, production showed a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 31%. The level of production peaked at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Fructose Exports

Exports in Western Africa

In 2021, after four years of decline, there was significant growth in shipments abroad of fructose and fructose syrup, when their volume increased by 230% to X tons. Over the period under review, exports, however, saw a deep reduction. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, fructose exports surged to $X in 2021. In general, exports, however, saw a noticeable decrease. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, Senegal (X tons) was the largest exporter of fructose and fructose syrup, committing 68% of total exports. It was distantly followed by Nigeria (X tons), constituting a 23% share of total exports. Mauritania (X tons) and Ghana (X tons) held a little share of total exports.

From 2012 to 2021, average annual rates of growth with regard to fructose exports from Senegal stood at +59.1%. At the same time, Nigeria (+70.2%) and Mauritania (+46.0%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +70.2% from 2012-2021. By contrast, Ghana (-39.8%) illustrated a downward trend over the same period. Senegal (+68 p.p.), Nigeria (+23 p.p.) and Mauritania (+2.6 p.p.) significantly strengthened its position in terms of the total exports, while Ghana saw its share reduced by -81.4% from 2012 to 2021, respectively.

In value terms, Senegal ($X) remains the largest fructose supplier in Western Africa, comprising 67% of total exports. The second position in the ranking was taken by Ghana ($X), with an 8.3% share of total exports. It was followed by Nigeria, with a 7.5% share.

In Senegal, fructose exports increased at an average annual rate of +48.3% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (-23.2% per year) and Nigeria (+40.9% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, reducing by -32.4% against the previous year. Over the period under review, the export price, however, saw notable growth. The pace of growth was the most pronounced in 2015 an increase of 83% against the previous year. Over the period under review, the export prices reached the maximum at $X per ton in 2020, and then shrank markedly in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+27.6%), while the other leaders experienced a decline in the export price figures.

Fructose Imports

Imports in Western Africa

In 2021, after four years of growth, there was significant decline in purchases abroad of fructose and fructose syrup, when their volume decreased by -21.7% to X tons. In general, imports, however, posted a buoyant expansion. The growth pace was the most rapid in 2018 with an increase of 88%. The volume of import peaked at X tons in 2020, and then fell notably in the following year.

In value terms, fructose imports reduced sharply to $X in 2021. Over the period under review, imports, however, recorded a strong expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 42%. The level of import peaked at $X in 2020, and then reduced sharply in the following year.

Imports by Country

In 2021, Nigeria (X tons) and Ghana (X tons) represented the largest importers of fructose and fructose syrup in Western Africa, together reaching approx. 77% of total imports. It was distantly followed by Cote d'Ivoire (X tons) and Senegal (X tons), together generating a 20% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of +27.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) constitutes the largest market for imported fructose and fructose syrup in Western Africa, comprising 53% of total imports. The second position in the ranking was taken by Ghana ($X), with a 22% share of total imports. It was followed by Senegal, with a 10% share.

In Nigeria, fructose imports expanded at an average annual rate of +4.1% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+11.3% per year) and Senegal (+2.5% per year).

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, reducing by -7.8% against the previous year. Over the period under review, the import price saw a noticeable slump. The pace of growth was the most pronounced in 2020 when the import price increased by 18% against the previous year. The level of import peaked at $X per ton in 2016; however, from 2017 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Nigeria ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (-1.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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