Western Africa: Maize Starch Market 2024

Maize Starch Market Size in Western Africa

After four years of growth, the West African maize starch market decreased by -6.8% to $X in 2021. Over the period under review, consumption, however, saw a strong increase. Over the period under review, the market hit record highs at $X in 2020, and then dropped in the following year.

Maize Starch Production in Western Africa

In value terms, maize starch production contracted to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate strong growth. The pace of growth appeared the most rapid in 2019 when the production volume increased by 31%. Over the period under review, production reached the peak level at $X in 2020, and then shrank in the following year.

Maize Starch Exports

Exports in Western Africa

In 2021, shipments abroad of maize (corn) starch increased by 48% to X tons, rising for the second year in a row after two years of decline. Overall, exports showed mild growth. The pace of growth appeared the most rapid in 2016 when exports increased by 146%. The volume of export peaked in 2021 and is expected to retain growth in the immediate term.

In value terms, maize starch exports skyrocketed to $X in 2021. In general, exports enjoyed a resilient expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Senegal represented the major exporting country with an export of about X tons, which recorded 62% of total exports. Nigeria (X tons) ranks second in terms of the total exports with a 24% share, followed by Ghana (9.2%). Togo (X tons) followed a long way behind the leaders.

Senegal was also the fastest-growing in terms of the maize (corn) starch exports, with a CAGR of +26.1% from 2012 to 2021. At the same time, Nigeria (+23.5%) and Togo (+16.6%) displayed positive paces of growth. By contrast, Ghana (-20.3%) illustrated a downward trend over the same period. While the share of Senegal (+53 p.p.), Nigeria (+20 p.p.) and Togo (+2.8 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Ghana (-70.7 p.p.) displayed negative dynamics.

In value terms, Nigeria ($X), Senegal ($X) and Ghana ($X) constituted the countries with the highest levels of exports in 2021, together accounting for 91% of total exports.

Nigeria, with a CAGR of +30.3%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, rising by 27% against the previous year. Export price indicated a moderate increase from 2012 to 2021: its price increased at an average annual rate of +3.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, maize starch export price increased by +73.2% against 2017 indices. The growth pace was the most rapid in 2014 when the export price increased by 49%. The level of export peaked at $X per ton in 2015; however, from 2016 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Togo ($X per ton), while Senegal ($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 (+8.8%), while the other leaders experienced more modest paces of growth.

Maize Starch Imports

Imports in Western Africa

In 2021, after two years of growth, there was significant decline in overseas purchases of maize (corn) starch, when their volume decreased by -13.2% to X tons. Over the period under review, imports, however, posted resilient growth. The pace of growth was the most pronounced in 2019 when imports increased by 58%. The volume of import peaked at X tons in 2020, and then fell in the following year.

In value terms, maize starch imports dropped to $X in 2021. Overall, imports, however, showed prominent growth. The most prominent rate of growth was recorded in 2019 with an increase of 59% against the previous year. The level of import peaked at $X in 2020, and then reduced modestly in the following year.

Imports by Country

Nigeria prevails in imports structure, amounting to X tons, which was approx. 76% of total imports in 2021. Cote d'Ivoire (X tons) held the second position in the ranking, followed by Senegal (X tons). All these countries together held approx. 20% share of total imports. Ghana (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to maize starch imports into Nigeria stood at +14.6%. At the same time, Cote d'Ivoire (+15.0%), Ghana (+12.8%) and Senegal (+10.5%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +15.0% from 2012-2021. From 2012 to 2021, the share of Nigeria increased by +2.5 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported maize (corn) starch in Western Africa, comprising 82% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 6.8% share of total imports. It was followed by Senegal, with a 6.7% share.

In Nigeria, maize starch imports expanded at an average annual rate of +17.6% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+12.5% per year) and Senegal (+6.4% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2021, with an increase of 15% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.4%. The most prominent rate of growth was recorded in 2020 an increase of 26%. Over the period under review, import prices hit record highs in 2021 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Nigeria ($X per ton), while Cote d'Ivoire ($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 (+2.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :