Western Africa: Market for Rusks, Toasted Bread and Similar Toasted Products 2024

Market Size for Rusks, Toasted Bread and Similar Toasted Products in Western Africa

In 2021, the West African rusks and toasted bread market decreased by -14.5% to $X for the first time since 2015, thus ending a five-year rising trend. In general, consumption, however, recorded a buoyant increase. As a result, consumption attained the peak level of $X, and then contracted in the following year.

Production of Rusks, Toasted Bread and Similar Toasted Products in Western Africa

In value terms, rusks and toasted bread production shrank notably to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a strong increase. The most prominent rate of growth was recorded in 2020 with an increase of 44% against the previous year. As a result, production reached the peak level of $X, and then shrank significantly in the following year.

Exports of Rusks, Toasted Bread and Similar Toasted Products

Exports in Western Africa

In 2021, rusks and toasted bread exports in Western Africa expanded sharply to X tons, picking up by 7.8% compared with the previous year's figure. In general, exports continue to indicate prominent growth. The pace of growth appeared the most rapid in 2018 with an increase of 660%. Over the period under review, the exports reached the maximum at X tons in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, rusks and toasted bread exports skyrocketed to $X in 2021. Over the period under review, exports enjoyed a remarkable increase. The growth pace was the most rapid in 2018 when exports increased by 992% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Ghana represented the major exporting country with an export of around X tons, which reached 59% of total exports. Cote d'Ivoire (X tons) ranks second in terms of the total exports with a 16% share, followed by Togo (13%) and Nigeria (8.3%). Senegal (X kg) followed a long way behind the leaders.

Exports from Ghana increased at an average annual rate of +15.5% from 2012 to 2021. At the same time, Nigeria (+47.1%) and Cote d'Ivoire (+9.7%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +47.1% from 2012-2021. Togo experienced a relatively flat trend pattern. By contrast, Senegal (-12.7%) illustrated a downward trend over the same period. While the share of Togo (+13 p.p.), Ghana (+8.1 p.p.) and Nigeria (+7.5 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Cote d'Ivoire (-6.2 p.p.) and Senegal (-23 p.p.) displayed negative dynamics.

In value terms, Ghana ($X) remains the largest rusks and toasted bread supplier in Western Africa, comprising 68% of total exports. The second position in the ranking was taken by Togo ($X), with an 11% share of total exports. It was followed by Cote d'Ivoire, with a 9.7% share.

In Ghana, rusks and toasted bread exports increased at an average annual rate of +18.9% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Togo (0.0% per year) and Cote d'Ivoire (+5.6% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, rising by 24% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when the export price increased by 133%. As a result, the export price attained the peak level of $X per ton. From 2016 to 2021, the export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+4.4%), while the other leaders experienced mixed trends in the export price figures.

Imports of Rusks, Toasted Bread and Similar Toasted Products

Imports in Western Africa

Rusks and toasted bread imports soared to X tons in 2021, jumping by 21% against 2020 figures. Total imports indicated a strong increase from 2012 to 2021: its volume increased at an average annual rate of +8.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +16.8% against 2018 indices. The growth pace was the most rapid in 2013 when imports increased by 55% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to continue growth in the immediate term.

In value terms, rusks and toasted bread imports soared to $X in 2021. Total imports indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +9.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +120.0% against 2015 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

The countries with the highest levels of rusks and toasted bread imports in 2021 were Benin (X tons), Cote d'Ivoire (X tons) and Senegal (X tons), together accounting for 60% of total import. Cabo Verde (X tons) ranks next in terms of the total imports with a 10% share, followed by Ghana (5.7%) and Niger (5.6%). The following importers - Mauritania (X tons) and Liberia (X tons) - each finished at a 5.4% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Benin (with a CAGR of +26.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest rusks and toasted bread importing markets in Western Africa were Cote d'Ivoire ($X), Senegal ($X) and Benin ($X), with a combined 64% share of total imports.

In terms of the main importing countries, Senegal, with a CAGR of +32.1%, saw the highest growth rate of 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

The import price in Western Africa stood at $X per ton in 2021, surging by 22% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Senegal ($X per ton), while Benin ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+12.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform