Western Africa: Soups Market 2024

Soups Market Size in Western Africa

In 2021, the West African soups market increased by 1.4% to $X, rising for the fifth consecutive year after three years of decline. The market value increased at an average annual rate of +2.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market remained at a lower figure.

Soups Production in Western Africa

In value terms, soups production shrank to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of 33% against the previous year. The level of production peaked at $X in 2020, and then declined in the following year.

Soups Exports

Exports in Western Africa

In 2021, after four years of growth, there was significant decline in overseas shipments of soups and broths, when their volume decreased by -8.9% to X tons. Total exports indicated a strong increase from 2012 to 2021: its volume increased at an average annual rate of +6.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when exports increased by 33%. The volume of export peaked at X tons in 2020, and then declined in the following year.

In value terms, soups exports fell slightly to $X in 2021. The total export value increased at an average annual rate of +3.8% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2017 with an increase of 29% against the previous year. The level of export peaked at $X in 2020, and then dropped modestly in the following year.

Exports by Country

Senegal represented the main exporter of soups and broths in Western Africa, with the volume of exports finishing at X tons, which was approx. 78% of total exports in 2021. It was distantly followed by Cote d'Ivoire (X tons) and Nigeria (X tons), together mixing up a 19% share of total exports. Ghana (X tons) held a little share of total exports.

Exports from Senegal increased at an average annual rate of +9.7% from 2012 to 2021. At the same time, Ghana (+12.5%) and Nigeria (+8.9%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +12.5% from 2012-2021. By contrast, Cote d'Ivoire (-3.2%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Senegal increased by +17 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) remains the largest soups supplier in Western Africa, comprising 78% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 16% share of total exports. It was followed by Nigeria, with a 4.3% share.

In Senegal, soups exports expanded at an average annual rate of +6.4% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Cote d'Ivoire (-3.5% per year) and Nigeria (-0.5% per year).

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, surging by 6.8% against the previous year. In general, the export price, however, saw a noticeable curtailment. The level of export peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a 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 Cote d'Ivoire ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (-0.3%), while the other leaders experienced a decline in the export price figures.

Soups Imports

Imports in Western Africa

In 2021, overseas purchases of soups and broths decreased by -5.5% to X tons for the first time since 2016, thus ending a four-year rising trend. Total imports indicated a prominent expansion from 2012 to 2021: its volume increased at an average annual rate of +6.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -5.5% against 2013 indices. The growth pace was the most rapid in 2013 when imports increased by 80%. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports remained at a lower figure.

In value terms, soups imports stood at $X in 2021. Total imports indicated a perceptible increase from 2012 to 2021: its value increased at an average annual rate of +4.4% 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 +40.6% against 2016 indices. The growth pace was the most rapid in 2013 when imports increased by 82%. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Mali represented the largest importing country with an import of around X tons, which finished at 34% of total imports. Ghana (X tons) ranks second in terms of the total imports with a 10% share, followed by Niger (7.7%), Guinea (7.6%), Nigeria (6.4%), Burkina Faso (5.6%), Gambia (5.2%) and Mauritania (4.7%). The following importers - Guinea-Bissau (X tons) and Togo (X tons) - each reached a 7.8% share of total imports.

Imports into Mali increased at an average annual rate of +10.5% from 2012 to 2021. At the same time, Nigeria (+32.0%), Niger (+27.8%), Guinea-Bissau (+16.0%), Mauritania (+11.4%), Gambia (+8.4%), Togo (+7.4%), Guinea (+5.0%) and Ghana (+1.7%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +32.0% from 2012-2021. By contrast, Burkina Faso (-7.1%) illustrated a downward trend over the same period. While the share of Mali (+10 p.p.), Niger (+6.3 p.p.), Nigeria (+5.5 p.p.), Guinea-Bissau (+2.2 p.p.) and Mauritania (+1.7 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Ghana (-4.8 p.p.) and Burkina Faso (-12.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mali ($X) constitutes the largest market for imported soups and broths in Western Africa, comprising 31% of total imports. The second position in the ranking was taken by Ghana ($X), with an 11% share of total imports. It was followed by Niger, with a 10% share.

From 2012 to 2021, the average annual growth rate of value in Mali totaled +7.0%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (-0.2% per year) and Niger (+27.3% per year).

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, picking up by 8.4% against the previous year. Over the period under review, the import price, however, saw a mild setback. Over the period under review, import prices attained the maximum at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

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 Niger ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Guinea (+0.7%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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