Western Africa: Sugar Market 2022

Sugar Market Size in Western Africa

In 2021, after two years of growth, there was decline in the West African sugar market, when its value decreased by -2.7% to $X. The total consumption indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +5.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +19.9% against 2018 indices. As a result, consumption reached the peak level of $X, and then reduced in the following year.

Sugar Production in Western Africa

In value terms, sugar production contracted to $X in 2021 estimated in export price. The total production indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +8.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +101.9% against 2012 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 30% against the previous year. The level of production peaked at $X in 2020, and then fell in the following year.

The countries with the highest volumes of production in 2021 were Cote d'Ivoire (X tons), Senegal (X tons) and Mali (X tons), together comprising 80% of total production.

From 2012 to 2021, the biggest increases were in Mali (with a CAGR of +14.0%), while production for the other leaders experienced more modest paces of growth.

Sugar Exports

Exports in Western Africa

In 2021, overseas shipments of sugar decreased by -8.3% to X tons, falling for the fourth year in a row after four years of growth. Overall, exports, however, showed a moderate increase. The growth pace was the most rapid in 2017 with an increase of 69% against the previous year. As a result, the exports reached the peak of X tons. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, sugar exports rose notably to $X in 2021. In general, exports, however, continue to indicate a modest increase. The most prominent rate of growth was recorded in 2017 with an increase of 86%. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Togo was the largest exporter of sugar in Western Africa, with the volume of exports accounting for X tons, which was approx. 48% of total exports in 2021. Benin (X tons) took the second position in the ranking, distantly followed by Cote d'Ivoire (X tons) and Niger (X tons). All these countries together held approx. 48% share of total exports. Gambia (X tons) followed a long way behind the leaders.

Togo was also the fastest-growing in terms of the sugar exports, with a CAGR of +116.7% from 2012 to 2021. Benin (-2.7%), Cote d'Ivoire (-2.9%), Gambia (-3.2%) and Niger (-6.3%) illustrated a downward trend over the same period. Togo (+48 p.p.) significantly strengthened its position in terms of the total exports, while Cote d'Ivoire, Benin and Niger saw its share reduced by -8.2%, -14.2% and -15.1% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X) remains the largest sugar supplier in Western Africa, comprising 55% of total exports. The second position in the ranking was taken by Benin ($X), with a 20% share of total exports. It was followed by Togo, with an 11% share.

In Cote d'Ivoire, sugar exports expanded at an average annual rate of +10.2% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Benin (-5.0% per year) and Togo (+86.2% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, rising by 18% against the previous year. Overall, the export price, however, saw a mild reduction. Over the period under review, the export prices reached the peak figure 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, the country with the highest price was Cote d'Ivoire ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+13.5%), while the other leaders experienced mixed trends in the export price figures.

Sugar Imports

Imports in Western Africa

After two years of growth, overseas purchases of sugar decreased by -7.3% to X tons in 2021. In general, imports, however, saw a prominent increase. The pace of growth was the most pronounced in 2013 with an increase of 26% against the previous year. Over the period under review, imports reached the maximum at X tons in 2020, and then shrank in the following year.

In value terms, sugar imports amounted to $X in 2021. The total import 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 throughout the analyzed period. The pace of growth was the most pronounced in 2020 when imports increased by 23% against the previous year. The level of import peaked at $X in 2017; afterwards, it flattened through to 2021.

Imports by Country

Nigeria prevails in imports structure, finishing at X tons, which was near 73% of total imports in 2021. It was distantly followed by Ghana (X tons), committing a 7.7% share of total imports. Mauritania (X tons), Togo (X tons), Guinea (X tons), Gambia (X tons) and Senegal (X tons) held a minor share of total imports.

Nigeria was also the fastest-growing in terms of the sugar imports, with a CAGR of +14.0% from 2012 to 2021. At the same time, Togo (+12.8%), Gambia (+10.6%), Guinea (+9.0%) and Ghana (+7.0%) displayed positive paces of growth. Mauritania and Senegal experienced a relatively flat trend pattern. While the share of Nigeria (+18 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Ghana (-2.6 p.p.), Senegal (-3 p.p.) and Mauritania (-4.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported sugar in Western Africa, comprising 73% of total imports. The second position in the ranking was held by Ghana ($X), with a 7.7% share of total imports. It was followed by Mauritania, with a 3.5% share.

From 2012 to 2021, the average annual growth rate of value in Nigeria totaled +5.9%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+0.2% per year) and Mauritania (-4.0% per year).

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, picking up by 7.9% against the previous year. In general, the import price, however, recorded a abrupt decrease. Over the period under review, import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Gambia (+3.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform