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Report Western Africa - Soya Sauce - Market Analysis, Forecast, Size, Trends and Insights for 499$
Report Update Nov 1, 2024

Western Africa - Soya Sauce - Market Analysis, Forecast, Size, Trends and Insights

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Western Africa: Soya Sauce Market 2024

Soya Sauce Market Size in Western Africa

The West African soya sauce market expanded slightly to $X in 2022, growing by 4.8% against the previous year. Overall, consumption showed a prominent increase. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Soya Sauce Production in Western Africa

In value terms, soya sauce production expanded notably to $X in 2022 estimated in export price. The total production indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -5.7% against 2020 indices. The pace of growth was the most pronounced in 2017 with an increase of 31%. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Soya Sauce Exports

Exports in Western Africa

In 2022, after two years of growth, there was significant decline in overseas shipments of soya sauce, when their volume decreased by -41.9% to X tons. Over the period under review, exports, however, posted a significant expansion. The growth pace was the most rapid in 2020 with an increase of 380% against the previous year. The volume of export peaked at X tons in 2021, and then contracted notably in the following year.

In value terms, soya sauce exports fell sharply to $X in 2022. Overall, exports, however, continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 705% against the previous year. The level of export peaked at $X in 2021, and then plummeted in the following year.

Exports by Country

Nigeria (X tons) represented roughly 98% of total exports in 2022.

Nigeria was also the fastest-growing in terms of the soya sauce exports, with a CAGR of +50.7% from 2012 to 2022. From 2012 to 2022, the share of Nigeria increased by +36 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2012 to 2022, the average annual growth rate of value in Nigeria stood at +45.2%.

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, surging by 6.1% against the previous year. Over the period under review, the export price, however, continues to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2018 an increase of 128%. Over the period under review, the export prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a 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 -3.6% per year.

Soya Sauce Imports

Imports in Western Africa

In 2022, the amount of soya sauce imported in Western Africa declined to X tons, dropping by -4.1% on 2021. Overall, imports, however, posted a prominent increase. The growth pace was the most rapid in 2019 when imports increased by 84% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2021, and then contracted modestly in the following year.

In value terms, soya sauce imports reduced to $X in 2022. Over the period under review, imports, however, saw resilient growth. The most prominent rate of growth was recorded in 2016 with an increase of 73% against the previous year. Over the period under review, imports reached the maximum at $X in 2021, and then declined in the following year.

Imports by Country

In 2022, Senegal (X tons) was the key importer of soya sauce, creating 47% of total imports. Ghana (X tons) ranks second in terms of the total imports with a 29% share, followed by Nigeria (20%).

From 2012 to 2022, the biggest increases were recorded for Senegal (with a CAGR of +46.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest soya sauce importing markets in Western Africa were Senegal ($X), Ghana ($X) and Nigeria ($X), together accounting for 91% of total imports.

Senegal, with a CAGR of +46.4%, saw the highest rates of growth with regard to the value of imports, among the main importing countries 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 ton, which is down by -7.6% against the previous year. In general, the import price saw a pronounced downturn. The pace of growth was the most pronounced in 2014 when the import price increased by 42%. Over the period under review, import prices hit record highs at $X per ton in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Ghana ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+3.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

The country with the largest volume of soya sauce consumption was Nigeria, accounting for 56% of total volume. Moreover, soya sauce consumption in Nigeria exceeded the figures recorded by the second-largest consumer, Niger, eightfold. The third position in this ranking was occupied by Burkina Faso, with a 6.4% share.
Nigeria remains the largest soya sauce producing country in Western Africa, accounting for 57% of total volume. Moreover, soya sauce production in Nigeria exceeded the figures recorded by the second-largest producer, Niger, eightfold. Burkina Faso ranked third in terms of total production with a 6.6% share.
In value terms, Ghana, Senegal and Togo $356) appeared to be the countries with the highest levels of exports in 2021.
In value terms, the largest soya sauce importing markets in Western Africa were Ghana, Senegal and Nigeria, with a combined 93% share of total imports.
In 2021, the export price in Western Africa amounted to $2,692 per ton, picking up by 10% against the previous year.
The import price in Western Africa stood at $1,032 per ton in 2021, picking up by 6.7% against the previous year.

This report provides an in-depth analysis of the soya sauce market in Western Africa. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

  • Prodcom 10841210 - Soya sauce

Country coverage:

  • Benin
  • Burkina Faso
  • Cabo Verde
  • Gambia
  • Ghana
  • Guinea
  • Guinea-Bissau
  • Liberia
  • Mali
  • Mauritania
  • Niger
  • Nigeria
  • Saint Helena, Ascension and Tristan da Cunha
  • Senegal
  • Sierra Leone
  • Togo
  • Cote d'Ivoire

Data coverage:

  • Market volume and value
  • Per Capita consumption
  • Forecast of the market dynamics in the medium term
  • Production in Western Africa, split by region and country
  • Trade (exports and imports) in Western Africa
  • Export and import prices
  • Market trends, drivers and restraints
  • Key market players and their profiles

Reasons to buy this report:

  • Take advantage of the latest data
  • Find deeper insights into current market developments
  • Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

  1. How to diversify your business and benefit from new market opportunities
  2. How to load your idle production capacity
  3. How to boost your sales on overseas markets
  4. How to increase your profit margins
  5. How to make your supply chain more sustainable
  6. How to reduce your production and supply chain costs
  7. How to outsource production to other countries
  8. How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

  1. 1. INTRODUCTION

    Making Data-Driven Decisions to Grow Your Business

    1. REPORT DESCRIPTION
    2. RESEARCH METHODOLOGY AND AI PLATFORM
    3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
    4. GLOSSARY AND SPECIFIC TERMS

  2. 2. EXECUTIVE SUMMARY

    A Quick Overview of Market Performance

    1. KEY FINDINGS
    2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO

  3. 3. MARKET OVERVIEW

    Understanding the Current State of The Market and Its Prospects

    1. MARKET SIZE
    2. CONSUMPTION BY COUNTRY
    3. MARKET FORECAST TO 2030

  4. 4. MOST PROMISING PRODUCT

    Finding New Products to Diversify Your Business

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
    2. BEST-SELLING PRODUCTS
    3. MOST CONSUMED PRODUCT
    4. MOST TRADED PRODUCT
    5. MOST PROFITABLE PRODUCT FOR EXPORT

  5. 5. MOST PROMISING SUPPLYING COUNTRIES

    Choosing the Best Countries to Establish Your Sustainable Supply Chain

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
    2. TOP PRODUCING COUNTRIES
    3. TOP EXPORTING COUNTRIES
    4. LOW-COST EXPORTING COUNTRIES

  6. 6. MOST PROMISING OVERSEAS MARKETS

    Choosing the Best Countries to Boost Your Exports

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
    2. TOP CONSUMING MARKETS
    3. UNSATURATED MARKETS
    4. TOP IMPORTING MARKETS
    5. MOST PROFITABLE MARKETS

  7. 7. PRODUCTION

    The Latest Trends and Insights into The Industry

    1. PRODUCTION VOLUME AND VALUE
    2. PRODUCTION BY COUNTRY

  8. 8. IMPORTS

    The Largest Importers on The Market and How They Succeed

    1. IMPORTS FROM 2012–2023
    2. IMPORTS BY COUNTRY
    3. IMPORT PRICES BY COUNTRY

  9. 9. EXPORTS

    The Largest Exporters on The Market and How They Succeed

    1. EXPORTS FROM 2012–2023
    2. EXPORTS BY COUNTRY
    3. EXPORT PRICES BY COUNTRY

  10. 10. PROFILES OF MAJOR PRODUCERS

    The Largest Producers on The Market and Their Profiles

    This Chapter is Available Only for the Professional Edition PRO

  11. 11. COUNTRY PROFILES

    The Largest Markets And Their Profiles

    This Chapter is Available Only for the Professional Edition PRO
    • Benin
    • Burkina Faso
    • Cabo Verde
    • Gambia
    • Ghana
    • Guinea
    • Guinea-Bissau
    • Liberia
    • Mali
    • Mauritania
    • Niger
    • Nigeria
    • Saint Helena, Ascension and Tristan da Cunha
    • Senegal
    • Sierra Leone
    • Togo
    • Cote d'Ivoire

  12. LIST OF TABLES

    1. Key Findings In 2023
    2. Market Volume, In Physical Terms, 2012–2023
    3. Market Value, 2012–2023
    4. Per Capita Consumption, By Country, 2018–2023
    5. Production, In Physical Terms, By Country, 2012–2023
    6. Imports, In Physical Terms, By Country, 2012–2023
    7. Imports, In Value Terms, By Country, 2012–2023
    8. Import Prices, By Country Of Destination, 2012–2023
    9. Exports, In Physical Terms, By Country, 2012–2023
    10. Exports, In Value Terms, By Country, 2012–2023
    11. Export Prices, By Country Of Origin, 2012–2023

  13. LIST OF FIGURES

    1. Market Volume, In Physical Terms, 2012–2023
    2. Market Value, 2012–2023
    3. Consumption, By Country, 2023
    4. Market Volume Forecast to 2030
    5. Market Value Forecast to 2030
    6. Products: Market Size And Growth, By Type
    7. Products: Average Per Capita Consumption, By Type
    8. Products: Exports And Growth, By Type
    9. Products: Export Prices And Growth, By Type
    10. Production Volume And Growth
    11. Exports And Growth
    12. Export Prices And Growth
    13. Market Size And Growth
    14. Per Capita Consumption
    15. Imports And Growth
    16. Import Prices
    17. Production, In Physical Terms, 2012–2023
    18. Production, In Value Terms, 2012–2023
    19. Production, By Country, 2023
    20. Production, In Physical Terms, By Country, 2012–2023
    21. Imports, In Physical Terms, 2012–2023
    22. Imports, In Value Terms, 2012–2023
    23. Imports, In Physical Terms, By Country, 2023
    24. Imports, In Physical Terms, By Country, 2012–2023
    25. Imports, In Value Terms, By Country, 2012–2023
    26. Import Prices, By Country, 2012–2023
    27. Exports, In Physical Terms, 2012–2023
    28. Exports, In Value Terms, 2012–2023
    29. Exports, In Physical Terms, By Country, 2023
    30. Exports, In Physical Terms, By Country, 2012–2023
    31. Exports, In Value Terms, By Country, 2012–2023
    32. Export Prices, 2012–2023

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