Western Africa: Glucose Market 2024

Glucose Exports

Exports in Western Africa

In 2021, approx. X tons of glucose and glucose syrup were exported in Western Africa; picking up by 27% against the previous year's figure. Overall, exports recorded a prominent expansion. The pace of growth appeared the most rapid in 2014 with an increase of 69% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, glucose exports skyrocketed to $X in 2021. Over the period under review, exports recorded a resilient expansion. The most prominent rate of growth was recorded in 2014 with an increase of 56%. Over the period under review, the exports attained the peak figure in 2021 and are likely to continue growth in years to come.

Exports by Country

Niger was the major exporter of glucose and glucose syrup in Western Africa, with the volume of exports finishing at X tons, which was approx. 46% of total exports in 2021. Mauritania (X tons) ranks second in terms of the total exports with a 16% share, followed by Senegal (16%), Togo (11%), Ghana (4.8%) and Cote d'Ivoire (4.7%).

Niger was also the fastest-growing in terms of the glucose and glucose syrup exports, with a CAGR of +37.5% from 2012 to 2021. At the same time, Senegal (+30.1%), Togo (+19.4%) and Cote d'Ivoire (+7.1%) displayed positive paces of growth. By contrast, Mauritania (-3.5%) and Ghana (-8.4%) illustrated a downward trend over the same period. Niger (+42 p.p.), Senegal (+13 p.p.) and Togo (+7 p.p.) significantly strengthened its position in terms of the total exports, while Ghana and Mauritania saw its share reduced by -13.9% and -23.5% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Togo ($X) remains the largest glucose supplier in Western Africa, comprising 59% of total exports. The second position in the ranking was taken by Niger ($X), with a 22% share of total exports. It was followed by Senegal, with a 7.9% share.

In Togo, glucose exports increased at an average annual rate of +71.3% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Niger (+26.8% per year) and Senegal (+34.4% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, falling by -2.7% against the previous year. Over the period under review, the export price, however, showed a notable increase. The pace of growth was the most pronounced in 2019 an increase of 46%. The level of export peaked at $X per ton in 2020, and then declined in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Togo (+43.4%), while the other leaders experienced more modest paces of growth.

Glucose Imports

Imports in Western Africa

After two years of growth, purchases abroad of glucose and glucose syrup decreased by -20.5% to X tons in 2021. Total imports indicated notable growth from 2012 to 2021: its volume increased at an average annual rate of +4.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +33.3% against 2016 indices. The pace of growth was the most pronounced in 2020 with an increase of 46%. As a result, imports reached the peak of X tons, and then fell notably in the following year.

In value terms, glucose imports declined sharply to $X in 2021. Total imports indicated noticeable growth from 2012 to 2021: its value increased at an average annual rate of +2.9% 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 +30.5% against 2019 indices. The most prominent rate of growth was recorded in 2020 with an increase of 69%. As a result, imports reached the peak of $X, and then contracted remarkably in the following year.

Imports by Country

Nigeria represented the largest importer of glucose and glucose syrup in Western Africa, with the volume of imports finishing at X tons, which was near 61% of total imports in 2021. Ghana (X tons) took the second position in the ranking, followed by Togo (X tons), Cote d'Ivoire (X tons) and Senegal (X tons). All these countries together took approx. 33% share of total imports. Guinea (X tons) took a relatively small share of total imports.

Imports into Nigeria increased at an average annual rate of +1.1% from 2012 to 2021. At the same time, Ghana (+24.9%), Togo (+16.3%), Cote d'Ivoire (+10.8%), Guinea (+8.1%) and Senegal (+7.7%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +24.9% from 2012-2021. Ghana (+11 p.p.), Togo (+5 p.p.) and Cote d'Ivoire (+2.7 p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by -19.2% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported glucose and glucose syrup in Western Africa, comprising 70% of total imports. The second position in the ranking was held by Ghana ($X), with an 11% share of total imports. It was followed by Togo, with a 6.7% share.

From 2012 to 2021, the average annual growth rate of value in Nigeria amounted to +1.1%. In the other countries, the average annual rates were as follows: Ghana (+21.2% per year) and Togo (+13.6% per year).

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, falling by -3% against the previous year. Overall, the import price continues to indicate a slight reduction. The growth pace was the most rapid in 2018 when the import price increased by 24% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Nigeria ($X per ton), while Guinea ($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 (-0.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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