Western Africa: Maize Market 2024

Maize Market Size in Western Africa

The West African maize market fell modestly to $X in 2022, remaining stable against the previous year. Overall, consumption recorded a perceptible slump. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market remained at a somewhat lower figure.

Maize Production in Western Africa

In value terms, maize production fell modestly to $X in 2022 estimated in export price. In general, production saw a drastic downturn. The most prominent rate of growth was recorded in 2015 when the production volume increased by 41%. As a result, production reached the peak level of $X. From 2016 to 2022, production growth failed to regain momentum.

The country with the largest volume of maize production was Nigeria (X tons), comprising approx. 59% of total volume. Moreover, maize production in Nigeria exceeded the figures recorded by the second-largest producer, Guinea (X tons), threefold. The third position in this ranking was held by Cote d'Ivoire (X tons), with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in Nigeria was relatively modest. In the other countries, the average annual rates were as follows: Guinea (+0.5% per year) and Cote d'Ivoire (-0.5% per year).

In 2022, the average maize yield in Western Africa fell to X tons per ha, remaining stable against 2021 figures. In general, the yield showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the yield increased by 0.5% against the previous year. Over the period under review, the maize yield attained the maximum level at X tons per ha in 2012; however, from 2013 to 2022, the 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 maize harvested area in Western Africa declined slightly to X ha, remaining relatively unchanged against 2021 figures. Over the period under review, the harvested area, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 with an increase of 1.5%. Over the period under review, the harvested area dedicated to maize production reached the maximum at X ha in 2021, and then shrank slightly in the following year.

Maize Exports

Exports in Western Africa

In 2022, exports of maize (green) in Western Africa declined to X tons, waning by -7.7% compared with the previous year's figure. In general, exports, however, continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2017 when exports increased by 88%. The volume of export peaked at X tons in 2021, and then dropped in the following year.

In value terms, maize exports contracted to $X in 2022. Total exports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +7.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +97.4% against 2016 indices. The pace of growth appeared the most rapid in 2017 when exports increased by 62%. Over the period under review, the exports hit record highs at $X in 2021, and then shrank in the following year.

Exports by Country

Senegal dominates exports structure, amounting to X tons, which was approx. 89% of total exports in 2022. It was distantly followed by Togo (X tons), achieving a 6.5% share of total exports. Ghana (X tons) followed a long way behind the leaders.

Senegal was also the fastest-growing in terms of the maize (green) exports, with a CAGR of +10.3% from 2012 to 2022. At the same time, Togo (+6.6%) displayed positive paces of growth. Ghana experienced a relatively flat trend pattern. From 2012 to 2022, the share of Senegal increased by +7.7 percentage points.

In value terms, Senegal ($X) remains the largest maize supplier in Western Africa, comprising 83% of total exports. The second position in the ranking was held by Togo ($X), with an 8% share of total exports.

In Senegal, maize exports expanded at an average annual rate of +8.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Togo (+2.4% per year) and Ghana (+4.0% per year).

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, dropping by -3.3% against the previous year. Over the period under review, the export price continues to indicate a perceptible setback. The growth pace was the most rapid in 2020 an increase of 13% against the previous year. The level of export peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Senegal ($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 (+4.1%), while the other leaders experienced a decline in the export price figures.

Maize Imports

Imports in Western Africa

After three years of growth, purchases abroad of maize (green) decreased by -17% to X tons in 2022. Over the period under review, imports, however, continue to indicate a resilient expansion. The growth pace was the most rapid in 2016 when imports increased by 640% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports remained at a lower figure.

In value terms, maize imports shrank notably to $X in 2022. In general, imports, however, recorded a prominent expansion. The growth pace was the most rapid in 2016 with an increase of 821% against the previous year. As a result, imports attained the peak of $X. From 2017 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Cote d'Ivoire (X tons) and Nigeria (X tons) prevails in imports structure, together comprising 81% of total imports. It was distantly followed by Senegal (X tons), constituting a 6.6% share of total imports. The following importers - Liberia (X tons), Guinea (X tons) and Togo (X tons) - each resulted at a 6.1% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Togo (with a CAGR of +70.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X), Nigeria ($X) and Senegal ($X) appeared to be the countries with the highest levels of imports in 2022, together accounting for 71% of total imports. Guinea, Liberia and Togo lagged somewhat behind, together accounting for a further 16%.

In terms of the main importing countries, Togo, with a CAGR of +69.9%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, dropping by -7.9% against the previous year. Overall, the import price saw a slight shrinkage. The most prominent rate of growth was recorded in 2013 when the import price increased by 49% against the previous year. The level of import peaked at $X per ton in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Guinea ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guinea (+7.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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