Western Africa: Soya Bean Market 2025

Soya Bean Market Size in Western Africa

The West African soya bean market expanded sharply to $X in 2021, with an increase of 5.6% against the previous year. Overall, consumption saw a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Soya Bean Production in Western Africa

In value terms, soya bean production declined notably to $X in 2021 estimated in export price. Over the period under review, production posted a significant increase. The most prominent rate of growth was recorded in 2020 with an increase of 3,176% against the previous year. As a result, production reached the peak level of $X, and then declined dramatically in the following year.

The country with the largest volume of soya bean production was Nigeria (X tons), accounting for 53% of total volume. Moreover, soya bean production in Nigeria exceeded the figures recorded by the second-largest producer, Benin (X tons), threefold. The third position in this ranking was held by Ghana (X tons), with a 15% share.

In Nigeria, soya bean production remained relatively stable over the period from 2012-2021. In the other countries, the average annual rates were as follows: Benin (+15.2% per year) and Ghana (+2.0% per year).

The average soya bean yield stood at X tons per ha in 2021, almost unchanged from the previous year. Overall, the yield saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the yield increased by 20% against the previous year. Over the period under review, the soya bean yield attained the maximum level at X tons per ha in 2019; afterwards, it flattened through to 2021. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2021, approx. X ha of soya beans were harvested in Western Africa; with an increase of 4.2% compared with the previous year. The total harvested area indicated perceptible growth from 2012 to 2021: its figure increased at an average annual rate of +2.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, soya bean harvested area decreased by -24.5% against 2017 indices. The most prominent rate of growth was recorded in 2016 with an increase of 54%. Over the period under review, the harvested area dedicated to soya bean production attained the peak figure at X ha in 2017; however, from 2018 to 2021, the harvested area remained at a lower figure.

Soya Bean Exports

Exports in Western Africa

In 2021, after two years of growth, there was significant decline in shipments abroad of soya beans, when their volume decreased by -21.4% to X tons. Over the period under review, exports, however, enjoyed significant growth. The pace of growth appeared the most rapid in 2020 when exports increased by 129%. As a result, the exports reached the peak of X tons, and then declined sharply in the following year.

In value terms, soya bean exports reduced dramatically to $X in 2021. Overall, exports, however, posted a significant increase. The pace of growth was the most pronounced in 2017 with an increase of 425% against the previous year. The level of export peaked at $X in 2020, and then shrank markedly in the following year.

Exports by Country

Togo represented the main exporting country with an export of around X tons, which finished at 53% of total exports. Benin (X tons) took a 17% share (based on physical terms) of total exports, which put it in second place, followed by Burkina Faso (16%) and Ghana (10%). Nigeria (X tons) held a minor share of total exports.

From 2012 to 2021, average annual rates of growth with regard to soya bean exports from Togo stood at +48.3%. At the same time, Burkina Faso (+92.4%), Ghana (+52.2%), Nigeria (+47.7%) and Benin (+34.9%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +92.4% from 2012-2021. While the share of Burkina Faso (+16 p.p.), Nigeria (+3.9 p.p.), Togo (+3.2 p.p.) and Ghana (+2.6 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Benin (-20.1 p.p.) displayed negative dynamics.

In value terms, Togo ($X) remains the largest soya bean supplier in Western Africa, comprising 37% of total exports. The second position in the ranking was held by Benin ($X), with an 18% share of total exports. It was followed by Nigeria, with a 17% share.

From 2012 to 2021, the average annual growth rate of value in Togo amounted to +29.7%. In the other countries, the average annual rates were as follows: Benin (+44.5% per year) and Nigeria (+43.3% per year).

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, increasing by 2.6% against the previous year. Over the period under review, the export price, however, continues to indicate a pronounced decline. The pace of growth was the most pronounced in 2017 when the export price increased by 178%. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Nigeria ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+11.8%), while the other leaders experienced mixed trends in the export price figures.

Soya Bean Imports

Imports in Western Africa

In 2021, approx. X tons of soya beans were imported in Western Africa; remaining relatively unchanged against the previous year's figure. In general, imports continue to indicate prominent growth. The growth pace was the most rapid in 2014 with an increase of 346% against the previous year. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, soya bean imports soared to $X in 2021. Overall, imports, however, continue to indicate a abrupt slump. The pace of growth was the most pronounced in 2018 with an increase of 1,092%. The level of import peaked at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Ghana was the key importing country with an import of around X tons, which recorded 47% of total imports. Togo (X tons) ranks second in terms of the total imports with a 31% share, followed by Nigeria (11%) and Senegal (8.4%). Guinea-Bissau (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were in Togo (with a CAGR of +292.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest soya bean importing markets in Western Africa were Ghana ($X), Nigeria ($X) and Senegal ($X), together accounting for 86% of total imports. These countries were followed by Togo and Guinea-Bissau, which together accounted for a further 11%.

In terms of the main importing countries, Togo, with a CAGR of +137.5%, 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 2021, the import price in Western Africa amounted to $X per ton, jumping by 64% against the previous year. Overall, the import price, however, continues to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2018 an increase of 392% against the previous year. As a result, import price attained the peak level of $X per ton. From 2019 to 2021, the import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+1.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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