Western Africa: Market for Nutmeg, Mace And Cardamoms 2024

Market Size for Nutmeg, Mace And Cardamoms in Western Africa

In 2022, after three years of growth, there was significant decline in the West African nutmeg, mace and cardamom market, when its value decreased by -16.2% to $X. Overall, consumption, however, showed a prominent increase. The level of consumption peaked at $X in 2021, and then declined significantly in the following year.

Production of Nutmeg, Mace And Cardamoms in Western Africa

In value terms, nutmeg, mace and cardamom production rose to $X in 2022 estimated in export price. The total production indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +4.4% 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 -5.8% against 2018 indices. The most prominent rate of growth was recorded in 2018 with an increase of 25% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

Cote d'Ivoire (X tons) remains the largest nutmeg, mace and cardamom producing country in Western Africa, accounting for 63% of total volume. Moreover, nutmeg, mace and cardamom production in Cote d'Ivoire exceeded the figures recorded by the second-largest producer, Togo (X tons), fourfold. The third position in this ranking was taken by Nigeria (X tons), with a 9.2% share.

From 2012 to 2022, the average annual growth rate of volume in Cote d'Ivoire stood at +2.0%. The remaining producing countries recorded the following average annual rates of production growth: Togo (+0.6% per year) and Nigeria (+2.6% per year).

In 2022, the average nutmeg, mace and cardamom yield in Western Africa totaled X tons per ha, approximately reflecting the previous year's figure. The yield figure increased at an average annual rate of +2.7% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 with an increase of 8.8% against the previous year. Over the period under review, the nutmeg, mace and cardamom yield reached the maximum level at X tons per ha in 2020; afterwards, it flattened through to 2022. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The nutmeg, mace and cardamom harvested area stood at X ha in 2022, approximately reflecting the previous year. In general, the harvested area showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 with a decrease of -2.8%. Over the period under review, the harvested area dedicated to nutmeg, mace and cardamom production attained the peak figure at X ha in 2013; however, from 2014 to 2022, the harvested area stood at a somewhat lower figure.

Exports of Nutmeg, Mace And Cardamoms

Exports in Western Africa

Nutmeg, mace and cardamom exports expanded modestly to X tons in 2022, with an increase of 2.8% against 2021 figures. In general, exports, however, saw a mild descent. The most prominent rate of growth was recorded in 2020 when exports increased by 628%. The volume of export peaked at X tons in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, nutmeg, mace and cardamom exports reduced to $X in 2022. Over the period under review, exports posted prominent growth. The pace of growth appeared the most rapid in 2020 when exports increased by 227% against the previous year. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Cote d'Ivoire (X tons) was the largest exporter of nutmeg, mace and cardamoms, making up 56% of total exports. It was distantly followed by Sierra Leone (X tons), Nigeria (X tons) and Ghana (X tons), together mixing up a 43% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to nutmeg, mace and cardamom exports from Cote d'Ivoire stood at -3.0%. At the same time, Sierra Leone (+15.6%) and Ghana (+2.8%) displayed positive paces of growth. Moreover, Sierra Leone emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +15.6% from 2012-2022. By contrast, Nigeria (-3.1%) illustrated a downward trend over the same period. Sierra Leone (+15 p.p.) and Ghana (+1.6 p.p.) significantly strengthened its position in terms of the total exports, while Nigeria and Cote d'Ivoire saw its share reduced by -3.7% and -10.7% from 2012 to 2022, respectively.

In value terms, Cote d'Ivoire ($X) remains the largest nutmeg, mace and cardamom supplier in Western Africa, comprising 63% of total exports. The second position in the ranking was taken by Sierra Leone ($X), with a 17% share of total exports. It was followed by Nigeria, with a 12% share.

In Cote d'Ivoire, nutmeg, mace and cardamom exports increased at an average annual rate of +9.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Sierra Leone (+9.2% per year) and Nigeria (-4.8% per year).

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, shrinking by -8.2% against the previous year. Over the period under review, the export price, however, saw buoyant growth. The most prominent rate of growth was recorded in 2021 an increase of 149%. The level of export peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, 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 Cote d'Ivoire (+13.3%), while the other leaders experienced mixed trends in the export price figures.

Imports of Nutmeg, Mace And Cardamoms

Imports in Western Africa

After three years of growth, supplies from abroad of nutmeg, mace and cardamoms decreased by -29.4% to X tons in 2022. Overall, imports, however, saw buoyant growth. The most prominent rate of growth was recorded in 2013 with an increase of 92%. Over the period under review, imports hit record highs at X tons in 2021, and then shrank notably in the following year.

In value terms, nutmeg, mace and cardamom imports shrank sharply to $X in 2022. Over the period under review, imports, however, continue to indicate strong growth. The pace of growth was the most pronounced in 2013 with an increase of 139% against the previous year. Over the period under review, imports attained the maximum at $X in 2021, and then reduced notably in the following year.

Imports by Country

Ghana represented the largest importing country with an import of around X tons, which reached 62% of total imports. It was distantly followed by Nigeria (X tons), committing a 31% share of total imports. Senegal (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Senegal (with a CAGR of +15.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X) constitutes the largest market for imported nutmeg, mace and cardamoms in Western Africa, comprising 75% of total imports. The second position in the ranking was held by Nigeria ($X), with a 19% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in Ghana stood at +23.6%. In the other countries, the average annual rates were as follows: Nigeria (+4.7% per year) and Senegal (+15.4% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, waning by -8.4% against the previous year. Import price indicated a resilient expansion from 2012 to 2022: its price increased at an average annual rate of +7.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 an increase of 79% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2016; however, from 2017 to 2022, import prices failed to regain momentum.

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 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 (+10.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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