ECOWAS: Caramel Market 2024

Caramel Market Size in ECOWAS

In 2022, the ECOWAS caramel market decreased by X% to $X, falling for the second year in a row after two years of growth. In general, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Caramel Production in ECOWAS

In value terms, caramel production fell to $X in 2022 estimated in export price. Overall, production continues to indicate a pronounced setback. The most prominent rate of growth was recorded in 2014 when the production volume increased by X%. Over the period under review, production attained the peak level at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

Caramel Exports

Exports in ECOWAS

In 2022, exports of caramel in ECOWAS totaled X tons, stabilizing at 2021 figures. Over the period under review, exports showed a significant increase. The pace of growth was the most pronounced in 2016 with an increase of X%. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in years to come.

In value terms, caramel exports skyrocketed to $X in 2022. In general, exports enjoyed a prominent increase. The pace of growth was the most pronounced in 2016 when exports increased by X% against the previous year. The level of export peaked in 2022 and is expected to retain growth in years to come.

Exports by Country

Cote d'Ivoire (X tons) and Senegal (X tons) prevails in exports structure, together making up X% of total exports. Sierra Leone (X tons), Liberia (X tons) and Ghana (X tons) held a little share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Sierra Leone (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest caramel supplying countries in ECOWAS were Cote d'Ivoire ($X), Senegal ($X) and Liberia ($X), together comprising X% of total exports. Sierra Leone and Ghana lagged somewhat behind, together accounting for a further X%.

Sierra Leone, with a CAGR of X%, saw the highest growth rate of the value of exports, among 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

In 2022, the export price in ECOWAS amounted to $X per ton, jumping by X% against the previous year. Over the period under review, the export price, however, recorded a noticeable decrease. The growth pace was the most rapid in 2019 when the export price increased by X%. Over the period under review, the export prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, 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 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (X%), while the other leaders experienced a decline in the export price figures.

Caramel Imports

Imports in ECOWAS

In 2022, overseas purchases of caramel decreased by X% to X tons, falling for the second year in a row after four years of growth. In general, imports, however, continue to indicate a perceptible increase. The pace of growth was the most pronounced in 2019 when imports increased by X%. Over the period under review, imports attained the peak figure at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, caramel imports fell remarkably to $X in 2022. Overall, imports, however, showed a moderate expansion. The most prominent rate of growth was recorded in 2020 with an increase of X%. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Nigeria represented the key importing country with an import of around X tons, which accounted for X% of total imports. Senegal (X tons) held the second position in the ranking, followed by Ghana (X tons) and Cote d'Ivoire (X tons). All these countries together took near X% share of total imports. Mali (X tons) followed a long way behind the leaders.

Imports into Nigeria decreased at an average annual rate of X% from 2012 to 2022. At the same time, Mali (X%), Ghana (X%), Cote d'Ivoire (X%) and Senegal (X%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. Ghana (X p.p.), Cote d'Ivoire (X p.p.) and Senegal (X p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria amounted to X%. In the other countries, the average annual rates were as follows: Senegal (X% per year) and Ghana (X% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, remaining constant against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the import price increased by X%. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Mali ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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