Western Africa: Sugars Market 2024

Sugars Market Size in Western Africa

The West African sugars market reached $X in 2021, surging by 11% against the previous year. The market value increased at an average annual rate of +3.1% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Sugars Production in Western Africa

In value terms, sugars production surged to $X in 2021 estimated in export price. The total production indicated measured growth from 2012 to 2021: its value increased at an average annual rate of +4.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -17.5% against 2019 indices. The most prominent rate of growth was recorded in 2015 with an increase of 41% against the previous year. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Sugars Exports

Exports in Western Africa

After four years of growth, shipments abroad of sugars, sugar ethers and salts decreased by -51.4% to X tons in 2021. Overall, exports showed a pronounced decrease. The most prominent rate of growth was recorded in 2018 when exports increased by 109% against the previous year. The volume of export peaked at X tons in 2020, and then declined significantly in the following year.

In value terms, sugars exports skyrocketed to $X in 2021. Over the period under review, exports, however, posted a moderate expansion. The growth pace was the most rapid in 2018 when exports increased by 96% against the previous year. The level of export peaked at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Sierra Leone (X tons) represented the largest exporter of sugars, sugar ethers and salts, constituting 64% of total exports. Togo (X kg) ranks second in terms of the total exports with a 13% share, followed by Senegal (9%), Cote d'Ivoire (7.9%) and Niger (5%).

From 2012 to 2021, average annual rates of growth with regard to sugars exports from Sierra Leone stood at -3.7%. At the same time, Niger (+63.9%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +63.9% from 2012-2021. Togo experienced a relatively flat trend pattern. By contrast, Senegal (-5.1%) and Cote d'Ivoire (-8.4%) illustrated a downward trend over the same period. While the share of Togo (+13 p.p.) and Niger (+5 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Senegal (-2.7 p.p.), Cote d'Ivoire (-6.3 p.p.) and Sierra Leone (-9.8 p.p.) displayed negative dynamics.

In value terms, Sierra Leone ($X) remains the largest sugars supplier in Western Africa, comprising 70% of total exports. The second position in the ranking was held by Niger ($X), with an 11% share of total exports. It was followed by Senegal, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Sierra Leone amounted to +3.7%. The remaining exporting countries recorded the following average annual rates of exports growth: Niger (+47.2% per year) and Senegal (-1.6% per year).

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, growing by 151% against the previous year. In general, the export price continues to indicate a strong expansion. The level of export peaked at $X per ton in 2016; however, from 2017 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Niger ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sierra Leone (+7.8%), while the other leaders experienced mixed trends in the export price figures.

Sugars Imports

Imports in Western Africa

After two years of growth, supplies from abroad of sugars, sugar ethers and salts decreased by -45.8% to X tons in 2021. In general, imports, however, recorded a buoyant expansion. The most prominent rate of growth was recorded in 2014 with an increase of 131% against the previous year. The volume of import peaked at X tons in 2020, and then shrank rapidly in the following year.

In value terms, sugars imports reduced sharply to $X in 2021. Over the period under review, imports, however, recorded a strong increase. The pace of growth appeared the most rapid in 2014 when imports increased by 237%. Over the period under review, imports hit record highs at $X in 2020, and then fell notably in the following year.

Imports by Country

Nigeria was the major importer of sugars, sugar ethers and salts in Western Africa, with the volume of imports finishing at X tons, which was near 82% of total imports in 2021. It was distantly followed by Cote d'Ivoire (X tons), creating a 13% share of total imports. Ghana (X tons) followed a long way behind the leaders.

Imports into Nigeria increased at an average annual rate of +16.1% from 2012 to 2021. At the same time, Cote d'Ivoire (+23.5%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +23.5% from 2012-2021. By contrast, Ghana (-10.0%) illustrated a downward trend over the same period. While the share of Nigeria (+37 p.p.) and Cote d'Ivoire (+8.9 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Ghana (-10.6 p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) constitutes the largest market for imported sugars, sugar ethers and salts in Western Africa, comprising 69% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 26% share of total imports.

In Nigeria, sugars imports expanded at an average annual rate of +17.2% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+35.1% per year) and Ghana (-14.6% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2021, with an increase of 42% against the previous year. Import price indicated a strong expansion from 2012 to 2021: its price increased at an average annual rate of +5.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, sugars import price increased by +66.2% against 2019 indices. The pace of growth appeared the most rapid in 2014 when the import price increased by 46%. Over the period under review, import prices reached the maximum in 2021 and is expected to retain growth in the near future.

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 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 (+9.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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