Western Africa: Market for Malt Extract And Food Preparations Of Flour, Meal, And Starch 2024

Market Size for Malt Extract And Food Preparations Of Flour, Meal, And Starch in Western Africa

In 2022, the West African market for malt extract and food preparations of flour, meal, and starches decreased by -0.7% to $X, falling for the second year in a row after two years of growth. Overall, consumption enjoyed perceptible growth. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Production of Malt Extract And Food Preparations Of Flour, Meal, And Starch in Western Africa

In value terms, production of malt extract and food preparations of flour, meal, and starches expanded significantly to $X in 2022 estimated in export price. In general, production, however, continues to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2018 when the production volume increased by 164% against the previous year. The level of production peaked at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Exports of Malt Extract And Food Preparations Of Flour, Meal, And Starch

Exports in Western Africa

In 2022, shipments abroad of malt extract and food preparations of flour, meal, and starches was finally on the rise to reach X tons after two years of decline. Over the period under review, exports, however, saw a perceptible decline. The growth pace was the most rapid in 2013 with an increase of 109% against the previous year. Over the period under review, the exports of hit record highs at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, exports of malt extract and food preparations of flour, meal, and starches surged to $X in 2022. Overall, exports, however, continue to indicate a abrupt descent. The most prominent rate of growth was recorded in 2013 when exports increased by 99%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports of failed to regain momentum.

Exports by Country

In 2022, Ghana (X tons) represented the largest exporter of malt extract and food preparations of flour, meal, and starches, making up 48% of total exports. It was distantly followed by Nigeria (X tons), Cote d'Ivoire (X tons) and Niger (X tons), together achieving a 48% share of total exports. Benin (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to malt extract and food preparations of flour, meal, and starch exports from Ghana stood at +8.6%. At the same time, Benin (+30.3%), Niger (+20.3%), Nigeria (+12.6%) and Cote d'Ivoire (+2.7%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +30.3% from 2012-2022. Ghana (+33 p.p.), Nigeria (+17 p.p.), Cote d'Ivoire (+8.1 p.p.), Niger (+7.4 p.p.) and Benin (+1.8 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) remains the largest malt extract and food preparations of flour, meal, and starch supplier in Western Africa, comprising 61% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 21% share of total exports. It was followed by Nigeria, with a 7.7% share.

In Ghana, exports of malt extract and food preparations of flour, meal, and starches increased at an average annual rate of +18.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+8.8% per year) and Nigeria (-3.0% per year).

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, which is down by -1.6% against the previous year. In general, the export price saw a deep reduction. The growth pace was the most rapid in 2020 when the export price increased by 10% against the previous year. The level of export peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+9.2%), while the other leaders experienced more modest paces of growth.

Imports of Malt Extract And Food Preparations Of Flour, Meal, And Starch

Imports in Western Africa

For the fourth year in a row, Western Africa recorded growth in purchases abroad of malt extract and food preparations of flour, meal, and starches, which increased by 1.1% to X tons in 2022. Overall, imports saw a prominent expansion. The growth pace was the most rapid in 2019 when imports increased by 58% against the previous year. The volume of import peaked in 2022 and is likely to see gradual growth in the near future.

In value terms, imports of malt extract and food preparations of flour, meal, and starches amounted to $X in 2022. Over the period under review, imports recorded a resilient expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 68%. Over the period under review, imports of reached the peak figure in 2022 and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Senegal (X tons), distantly followed by Nigeria (X tons), Mauritania (X tons), Ghana (X tons), Mali (X tons), Gambia (X tons), Guinea (X tons) and Cote d'Ivoire (X tons) represented the main importers of malt extract and food preparations of flour, meal, and starches, together constituting 89% of total imports.

From 2012 to 2022, the biggest increases were recorded for Mali (with a CAGR of +35.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest malt extract and food preparations of flour, meal, and starch importing markets in Western Africa were Senegal ($X), Nigeria ($X) and Mali ($X), together accounting for 61% of total imports.

Mali, with a CAGR of +32.4%, recorded the highest growth rate of the value of imports, among the main importing countries 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, with an increase of 3.4% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the import price increased by 21% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2013; however, from 2014 to 2022, 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 ($X per ton), while Gambia ($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 (+2.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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