Western Africa: Roasted Malt Market 2024

Roasted Malt Market Size in Western Africa

In 2022, the West African roasted malt market increased by 0.1% to $X for the first time since 2019, thus ending a two-year declining trend. Overall, consumption recorded a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Roasted Malt Production in Western Africa

In value terms, roasted malt production reached $X in 2022 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 18% against the previous year. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Roasted Malt Exports

Exports in Western Africa

In 2022, after two years of decline, there was significant growth in shipments abroad of roasted malt, when their volume increased by 26% to X tons. Over the period under review, exports saw a slight increase. The pace of growth was the most pronounced in 2019 with an increase of 11,514% against the previous year. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports failed to regain momentum.

In value terms, roasted malt exports fell notably to $X in 2022. In general, exports saw a resilient expansion. The pace of growth was the most pronounced in 2019 with an increase of 3,720% against the previous year. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

The biggest shipments were from Nigeria (X tons), together reaching 100% of total export.

Nigeria was also the fastest-growing in terms of the roasted malt exports, with a CAGR of +1.8% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) also remains the largest roasted malt supplier in Western Africa.

From 2012 to 2022, the average annual growth rate of value in Nigeria totaled +10.3%.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, reducing by -53.8% against the previous year. In general, the export price, however, continues to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2018 when the export price increased by 396% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2019 to 2022, the export prices remained at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Nigeria.

From 2012 to 2022, the rate of growth in terms of prices for Nigeria amounted to +8.4% per year.

Roasted Malt Imports

Imports in Western Africa

In 2022, approx. X tons of roasted malt were imported in Western Africa; with an increase of 37% against the previous year's figure. Over the period under review, imports, however, saw a abrupt contraction. The most prominent rate of growth was recorded in 2016 with an increase of 1,069% 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, roasted malt imports soared to $X in 2022. Overall, imports, however, showed a abrupt decrease. The most prominent rate of growth was recorded in 2016 when imports increased by 1,011% against the previous year. As a result, imports reached the peak of $X. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Nigeria prevails in imports structure, amounting to X tons, which was near 70% of total imports in 2022. Sierra Leone (X tons) ranks second in terms of the total imports with an 8.2% share, followed by Senegal (4.8%). The following importers - Ghana (X tons), Benin (X tons), Cote d'Ivoire (X tons) and Niger (X tons) - together made up 13% of total imports.

Imports into Nigeria decreased at an average annual rate of -16.2% from 2012 to 2022. At the same time, Niger (+26.7%), Cote d'Ivoire (+20.9%), Benin (+10.9%) and Senegal (+1.8%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +26.7% from 2012-2022. By contrast, Ghana (-4.3%) and Sierra Leone (-6.8%) illustrated a downward trend over the same period. Sierra Leone (+4.6 p.p.), Senegal (+3.9 p.p.), Benin (+3.2 p.p.), Cote d'Ivoire (+3.1 p.p.), Ghana (+2.7 p.p.) and Niger (+2.6 p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by -20.5% from 2012 to 2022, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported roasted malt in Western Africa, comprising 75% of total imports. The second position in the ranking was held by Sierra Leone ($X), with a 6.3% share of total imports. It was followed by Senegal, with a 4% share.

In Nigeria, roasted malt imports shrank by an average annual rate of -14.5% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Sierra Leone (-9.2% per year) and Senegal (-0.2% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, approximately equating the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. The pace of growth was the most pronounced in 2019 an increase of 21%. Over the period under review, import prices attained the peak figure at $X per ton in 2020; however, from 2021 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 Niger ($X per ton), while Benin ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+2.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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