ECOWAS: Market for Fresh Bread and Miscellaneous Bakery 2024

Market Size for Fresh Bread and Miscellaneous Bakery in ECOWAS

The ECOWAS market for fresh bread and miscellaneous bakery stood at $X in 2023, stabilizing at the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2020; however, from 2021 to 2023, consumption remained at a lower figure.

Production of Fresh Bread and Miscellaneous Bakery in ECOWAS

In value terms, fresh bread and miscellaneous bakery production declined modestly to $X in 2023 estimated in export price. The total production indicated a measured expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production decreased by X% against 2020 indices. The pace of growth appeared the most rapid in 2015 when the production volume increased by X% against the previous year. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2023, production failed to regain momentum.

Exports of Fresh Bread and Miscellaneous Bakery

Exports in ECOWAS

In 2023, shipments abroad of fresh bread and miscellaneous bakery increased by X% to X tons for the first time since 2019, thus ending a three-year declining trend. Over the period under review, exports, however, saw a noticeable decline. The pace of growth appeared the most rapid in 2015 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons. From 2016 to 2023, the growth of the exports remained at a somewhat lower figure.

In value terms, fresh bread and miscellaneous bakery exports rose markedly to $X in 2023. In general, exports, however, continue to indicate a slight slump. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2023, the growth of the exports remained at a lower figure.

Exports by Country

Cote d'Ivoire (X tons), Senegal (X tons), Ghana (X tons), Cabo Verde (X tons) and Nigeria (X tons) represented roughly X% of total exports in 2023. It was distantly followed by Mali (X tons), committing a X% share of total exports.

From 2012 to 2023, the biggest increases were recorded for Cabo Verde (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest fresh bread and miscellaneous bakery supplying countries in ECOWAS were Cabo Verde ($X), Senegal ($X) and Ghana ($X), with a combined X% share of total exports.

Among the main exporting countries, Cabo Verde, with a CAGR of X%, saw the highest growth rate of the value of exports, 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 ECOWAS stood at $X per ton in 2023, which is down by X% against the previous year. Overall, the export price, however, enjoyed a tangible expansion. The pace of growth was the most pronounced in 2015 when the export price increased by X%. As a result, the export price attained the peak level of $X per ton. From 2016 to 2023, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Cabo Verde ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Senegal (X%), while the other leaders experienced more modest paces of growth.

Imports of Fresh Bread and Miscellaneous Bakery

Imports in ECOWAS

In 2023, overseas purchases of fresh bread and miscellaneous bakery increased by X% to X tons, rising for the third consecutive year after three years of decline. Overall, imports posted resilient growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, fresh bread and miscellaneous bakery imports skyrocketed to $X in 2023. Over the period under review, imports showed a resilient expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Nigeria prevails in imports structure, accounting for X tons, which was near X% of total imports in 2023. The following importers - Senegal (X tons), Togo (X tons) and Ghana (X tons) - together made up X% of total imports.

Nigeria was also the fastest-growing in terms of the fresh bread and miscellaneous bakery imports, with a CAGR of X% from 2012 to 2023. At the same time, Senegal (X%) displayed positive paces of growth. Togo experienced a relatively flat trend pattern. By contrast, Ghana (X%) illustrated a downward trend over the same period. Nigeria (X p.p.) significantly strengthened its position in terms of the total imports, while Senegal, Togo and Ghana saw its share reduced by X%, X% and X% from 2012 to 2023, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported fresh bread and miscellaneous bakery in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Senegal ($X), with a X% share of total imports. It was followed by Ghana, with a X% share.

In Nigeria, fresh bread and miscellaneous bakery imports expanded at an average annual rate of X% over the period from 2012-2023. The remaining importing countries recorded the following average annual rates of imports growth: Senegal (X% per year) and Ghana (X% per year).

Import Prices by Country

In 2023, the import price in ECOWAS amounted to $X per ton, declining by X% against the previous year. Over the period under review, the import price recorded a slight curtailment. The growth pace was the most rapid in 2020 when the import price increased by X%. Over the period under review, import prices attained the maximum at $X per ton in 2021; however, from 2022 to 2023, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Senegal ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Ghana (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform