Western Africa: Rum Market 2024

Rum Market Size in Western Africa

In 2022, the West African rum market decreased by -5.7% to $X for the first time since 2015, thus ending a six-year rising trend. The market value increased at an average annual rate of +4.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs at $X in 2021, and then fell in the following year.

Rum Production in Western Africa

In value terms, rum production totaled $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.9% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 21% against the previous year. The level of production peaked at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Rum Exports

Exports in Western Africa

In 2022, shipments abroad of rum increased by 0.3% to X litres, rising for the second year in a row after two years of decline. Over the period under review, exports continue to indicate a strong increase. The pace of growth appeared the most rapid in 2014 when exports increased by 493%. Over the period under review, the exports attained the peak figure at X litres in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, rum exports stood at $X in 2022. In general, exports continue to indicate a significant increase. The pace of growth appeared the most rapid in 2014 with an increase of 765%. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Cote d'Ivoire prevails in exports structure, resulting at X litres, which was approx. 93% of total exports in 2022. It was distantly followed by Ghana (X litres), comprising a 6% share of total exports.

Cote d'Ivoire was also the fastest-growing in terms of the rum exports, with a CAGR of +26.2% from 2012 to 2022. Ghana (-6.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Cote d'Ivoire increased by +52 percentage points.

In value terms, Cote d'Ivoire ($X) remains the largest rum supplier in Western Africa, comprising 95% of total exports. The second position in the ranking was taken by Ghana ($X), with a 3.9% share of total exports.

In Cote d'Ivoire, rum exports expanded at an average annual rate of +34.1% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per litre, rising by 3.4% against the previous year. Export price indicated a buoyant expansion from 2012 to 2022: its price increased at an average annual rate of +9.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, rum export price decreased by -4.5% against 2020 indices. The most prominent rate of growth was recorded in 2013 an increase of 67% against the previous year. Over the period under review, the export prices attained the maximum at $X per litre in 2020; however, from 2021 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 Cote d'Ivoire ($X per litre), while Ghana totaled $X per litre.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+12.2%).

Rum Imports

Imports in Western Africa

After five years of growth, overseas purchases of rum decreased by -22.3% to X litres in 2022. In general, imports, however, recorded a buoyant expansion. The pace of growth was the most pronounced in 2013 with an increase of 65%. The volume of import peaked at X litres in 2021, and then dropped significantly in the following year.

In value terms, rum imports shrank remarkably to $X in 2022. Over the period under review, imports, however, posted a prominent increase. The most prominent rate of growth was recorded in 2013 with an increase of 67%. Over the period under review, imports hit record highs at $X in 2021, and then contracted notably in the following year.

Imports by Country

Ghana was the major importer of rum in Western Africa, with the volume of imports accounting for X litres, which was approx. 49% of total imports in 2022. Burkina Faso (X litres) took the second position in the ranking, distantly followed by Togo (X litres) and Nigeria (X litres). All these countries together took near 42% share of total imports. Cote d'Ivoire (X litres) took a relatively small share of total imports.

Ghana was also the fastest-growing in terms of the rum imports, with a CAGR of +37.9% from 2012 to 2022. At the same time, Cote d'Ivoire (+20.8%), Togo (+12.6%), Burkina Faso (+10.3%) and Nigeria (+4.6%) displayed positive paces of growth. Ghana (+41 p.p.) and Cote d'Ivoire (+1.6 p.p.) significantly strengthened its position in terms of the total imports, while Togo, Burkina Faso and Nigeria saw its share reduced by -2.3%, -10% and -13.7% from 2012 to 2022, respectively.

In value terms, the largest rum importing markets in Western Africa were Ghana ($X), Burkina Faso ($X) and Togo ($X), with a combined 74% share of total imports.

Among the main importing countries, Ghana, with a CAGR of +34.9%, recorded the highest rates of growth with regard to 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 litre, flattening at the previous year. In general, the import price, however, showed a mild decrease. The pace of growth appeared the most rapid in 2016 when the import price increased by 21% against the previous year. The level of import peaked at $X per litre in 2017; however, from 2018 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 Nigeria ($X per litre), while Ghana ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Burkina Faso (+5.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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