Western Africa: Walnut Market 2024

Walnut Market Size in Western Africa

The West African walnut market fell to $X in 2021, with a decrease of -8.7% against the previous year. Over the period under review, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Walnut Production in Western Africa

In value terms, walnut production surged to $X in 2021 estimated in export price. Over the period under review, production saw significant growth. The pace of growth was the most pronounced in 2015 with an increase of 438% against the previous year. The level of production peaked at $X in 2016; however, from 2017 to 2021, production stood at a somewhat lower figure.

The countries with the highest volumes of production in 2021 were Togo (X tons), Burkina Faso (X tons) and Senegal (X tons), with a combined 89% share of total production.

From 2012 to 2021, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by Burkina Faso (with a CAGR of +2.5%), while production for the other leaders experienced more modest paces of growth.

Walnut Exports

Exports in Western Africa

Walnut exports skyrocketed to X tons in 2021, surging by 1,210% against the previous year. In general, exports recorded a significant expansion. The most prominent rate of growth was recorded in 2015 with an increase of 26,736%. The volume of export peaked at X tons in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, walnut exports skyrocketed to $X in 2021. Over the period under review, exports enjoyed significant growth. The growth pace was the most rapid in 2015 with an increase of 11,593%. Over the period under review, the exports reached the peak figure at $X in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

Exports by Country

Togo dominates exports structure, accounting for X tons, which was near 90% of total exports in 2021. It was distantly followed by Cote d'Ivoire (X tons), creating a 9% share of total exports.

Togo experienced a relatively flat trend pattern with regard to volume of exports of walnuts. At the same time, Cote d'Ivoire (+83.9%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +83.9% from 2012-2021. From 2012 to 2021, the share of Togo and Cote d'Ivoire increased by +90 and +5.6 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest walnut supplying countries in Western Africa were Cote d'Ivoire ($X) and Togo ($X).

Among the main exporting countries, Cote d'Ivoire, with a CAGR of +75.5%, saw the highest rates of growth with regard to the value of exports, over the period under review.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, shrinking by -84.1% against the previous year. Overall, the export price recorded a deep reduction. The growth pace was the most rapid in 2014 when the export price increased by 2,301%. Over the period under review, the export prices reached the peak figure at $X per ton in 2017; however, from 2018 to 2021, the export prices stood at a somewhat 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 amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (-4.6%).

Walnut Imports

Imports in Western Africa

In 2021, the amount of walnuts imported in Western Africa contracted to X tons, with a decrease of -4.4% compared with 2020. Total imports indicated tangible growth from 2012 to 2021: its volume increased at an average annual rate of +2.9% 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 decreased by -28.4% against 2019 indices. The most prominent rate of growth was recorded in 2019 with an increase of 88% against the previous year. As a result, imports reached the peak of X tons. From 2020 to 2021, the growth of imports remained at a lower figure.

In value terms, walnut imports soared to $X in 2021. Total imports indicated measured growth from 2012 to 2021: its value increased at an average annual rate of +4.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +72.0% against 2017 indices. The growth pace was the most rapid in 2019 when imports increased by 49%. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Cabo Verde represented the key importing country with an import of around X tons, which accounted for 36% of total imports. It was distantly followed by Benin (X kg), Guinea (X kg), Sierra Leone (X kg), Liberia (X kg) and Cote d'Ivoire (X kg), together achieving a 42% share of total imports. The following importers - Gambia (X kg), Senegal (X kg), Mauritania (X kg), Mali (X kg), Togo (X kg) and Niger (X kg) - together made up 20% of total imports.

From 2012 to 2021, average annual rates of growth with regard to walnut imports into Cabo Verde stood at +11.0%. At the same time, Gambia (+44.7%), Sierra Leone (+41.6%), Benin (+17.8%), Niger (+14.8%), Mauritania (+12.8%), Guinea (+10.6%) and Cote d'Ivoire (+3.8%) displayed positive paces of growth. Moreover, Gambia emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +44.7% from 2012-2021. By contrast, Togo (-6.9%), Liberia (-8.3%), Mali (-12.6%) and Senegal (-13.6%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Cabo Verde, Benin, Sierra Leone, Guinea, Gambia and Mauritania increased by +18, +12, +5.2, +4.8, +4.3 and +2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cabo Verde ($X) constitutes the largest market for imported walnuts in Western Africa, comprising 33% of total imports. The second position in the ranking was taken by Sierra Leone ($X), with a 13% share of total imports. It was followed by Benin, with an 11% share.

From 2012 to 2021, the average annual growth rate of value in Cabo Verde totaled +10.6%. In the other countries, the average annual rates were as follows: Sierra Leone (+49.2% per year) and Benin (+14.6% per year).

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, picking up by 26% against the previous year. Import price indicated a slight increase from 2012 to 2021: its price increased at an average annual rate of +1.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, walnut import price increased by +51.4% against 2019 indices. Over the period under review, import prices attained the maximum at $X per ton in 2014; however, from 2015 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 Sierra Leone ($X per ton), while Gambia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mali (+8.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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