Western Africa: Molasse Market 2024

Molasse Market Size in Western Africa

The West African molasse market amounted to $X in 2022, remaining relatively unchanged against the previous year. The market value increased at an average annual rate of +4.2% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the peak level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Molasse Production in Western Africa

In value terms, molasse production reached $X in 2022 estimated in export price. The total production indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.7% against 2020 indices. The pace of growth was the most pronounced in 2013 when the production volume increased by 21% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Molasse Exports

Exports in Western Africa

Molasse exports shrank notably to X tons in 2022, dropping by -17.5% compared with the year before. In general, exports faced a precipitous decrease. The most prominent rate of growth was recorded in 2015 with an increase of 157% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, molasse exports dropped to $X in 2022. Overall, exports faced a precipitous descent. The growth pace was the most rapid in 2016 with an increase of 185% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Cote d'Ivoire prevails in exports structure, amounting to X tons, which was near 83% of total exports in 2022. It was distantly followed by Nigeria (X tons) and Senegal (X tons), together achieving a 12% share of total exports. Benin (X tons) and Cabo Verde (X tons) followed a long way behind the leaders.

Exports from Cote d'Ivoire decreased at an average annual rate of -7.8% from 2012 to 2022. At the same time, Nigeria (+1.9%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +1.9% from 2012-2022. By contrast, Cabo Verde (-3.4%), Senegal (-14.8%) and Benin (-48.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Cote d'Ivoire, Nigeria, Benin, Senegal and Cabo Verde increased by +66, +5.7, +3.4, +3 and +1.6 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X), Senegal ($X) and Cabo Verde ($X) were the countries with the highest levels of exports in 2022, with a combined 82% share of total exports. Benin and Nigeria lagged somewhat behind, together comprising a further 16%.

Among the main exporting countries, Nigeria, with a CAGR of +5.4%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, increasing by 8.1% against the previous year. In general, the export price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 an increase of 44% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Cabo Verde ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Benin (+13.3%), while the other leaders experienced more modest paces of growth.

Molasse Imports

Imports in Western Africa

In 2022, after three years of growth, there was significant decline in overseas purchases of molasses, when their volume decreased by -35.9% to X tons. In general, imports saw a perceptible setback. The most prominent rate of growth was recorded in 2016 when imports increased by 26%. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, molasse imports shrank sharply to $X in 2022. Overall, imports, however, saw a strong increase. The most prominent rate of growth was recorded in 2020 with an increase of 82% against the previous year. The level of import peaked at $X in 2021, and then shrank sharply in the following year.

Imports by Country

In 2022, Burkina Faso (X tons) and Mali (X tons) were the largest importers of molasses in Western Africa, together amounting to near 47% of total imports. Mauritania (X tons) ranks next in terms of the total imports with a 9.9% share, followed by Sierra Leone (9.2%), Nigeria (8.5%), Guinea (8%), Cote d'Ivoire (5.6%) and Gambia (4.9%).

From 2012 to 2022, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of +25.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Sierra Leone ($X), Guinea ($X) and Cote d'Ivoire ($X) constituted the countries with the highest levels of imports in 2022, with a combined 73% share of total imports.

Guinea, with a CAGR of +42.7%, recorded the highest rates of growth with regard to 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

The import price in Western Africa stood at $X per ton in 2022, picking up by 21% against the previous year. In general, the import price continues to indicate prominent growth. The most prominent rate of growth was recorded in 2020 an increase of 75% against the previous year. Over the period under review, import prices reached the peak figure in 2022 and is expected to retain growth in the near future.

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 Sierra Leone ($X per ton), while Mali ($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 (+19.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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