Western Africa: Waffle And Wafer Market 2024

Waffle And Wafer Market Size in Western Africa

In 2021, after two years of growth, there was significant decline in the West African waffle and wafer market, when its value decreased by -16.3% to $X. The total consumption indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +3.9% 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 +31.0% against 2018 indices. As a result, consumption attained the peak level of $X, and then shrank rapidly in the following year.

Waffle And Wafer Production in Western Africa

In value terms, waffle and wafer production shrank sharply to $X in 2021 estimated in export price. The total production indicated a noticeable increase from 2012 to 2021: its value increased at an average annual rate of +3.3% 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 +34.7% against 2018 indices. The most prominent rate of growth was recorded in 2020 with an increase of 60%. As a result, production attained the peak level of $X, and then reduced rapidly in the following year.

Waffle And Wafer Exports

Exports in Western Africa

In 2021, exports of waffles and wafers in Western Africa expanded significantly to X tons, picking up by 14% compared with 2020. Over the period under review, exports, however, faced a abrupt descent. The pace of growth appeared the most rapid in 2019 when exports increased by 95%. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, waffle and wafer exports skyrocketed to $X in 2021. Overall, exports, however, recorded a abrupt descent. The pace of growth was the most pronounced in 2019 when exports increased by 93%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Senegal (X tons) was the major exporter of waffles and wafers, making up 56% of total exports. It was distantly followed by Nigeria (X tons), Niger (X tons) and Benin (X tons), together creating a 35% share of total exports. The following exporters - Ghana (X tons) and Cote d'Ivoire (X tons) - each reached a 6.7% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to waffle and wafer exports from Senegal stood at -14.5%. At the same time, Cote d'Ivoire (+50.0%), Benin (+40.5%) and Ghana (+21.0%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +50.0% from 2012-2021. By contrast, Niger (-8.4%) and Nigeria (-11.7%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Benin, Niger, Cote d'Ivoire and Ghana increased by +7.7, +3.4, +3.3 and +3.2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X), Niger ($X) and Nigeria ($X) appeared to be the countries with the highest levels of exports in 2021, together comprising 81% of total exports. Benin, Ghana and Cote d'Ivoire lagged somewhat behind, together comprising a further 17%.

Cote d'Ivoire, with a CAGR of +42.6%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, growing by 17% against the previous year. Over the last nine years, it increased at an average annual rate of +3.2%. The growth pace was the most rapid in 2020 an increase of 23%. Over the period under review, the export prices reached the maximum in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was Niger ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Niger (+8.8%), while the other leaders experienced mixed trends in the export price figures.

Waffle And Wafer Imports

Imports in Western Africa

In 2021, overseas purchases of waffles and wafers increased by 14% to X tons, rising for the fifth year in a row after three years of decline. Total imports indicated strong growth from 2012 to 2021: its volume increased at an average annual rate of +7.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +86.6% against 2016 indices. The most prominent rate of growth was recorded in 2013 when imports increased by 61%. The volume of import peaked in 2021 and is expected to retain growth in the near future.

In value terms, waffle and wafer imports soared to $X in 2021. Total imports indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +6.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 when imports increased by 46%. The level of import peaked in 2021 and is expected to retain growth in years to come.

Imports by Country

Cote d'Ivoire (X tons) and Ghana (X tons) represented roughly 41% of total imports in 2021. It was distantly followed by Benin (X tons), Guinea (X tons), Mali (X tons), Senegal (X tons), Nigeria (X tons), Sierra Leone (X tons) and Mauritania (X tons), together committing a 52% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Sierra Leone (with a CAGR of +37.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X), Ghana ($X) and Benin ($X) constituted the countries with the highest levels of imports in 2021, with a combined 52% share of total imports. These countries were followed by Guinea, Mali, Senegal, Mauritania, Sierra Leone and Nigeria, which together accounted for a further 41%.

In terms of the main importing countries, Sierra Leone, with a CAGR of +32.4%, 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, with an increase of 10% against the previous year. Over the period under review, the import price, however, continues to indicate a mild descent. The most prominent rate of growth was recorded in 2015 when the import price increased by 12%. The level of import peaked at $X per ton in 2016; however, from 2017 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mauritania (+3.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform