ECOWAS: Fructose Market 2024

Fructose Market Size in ECOWAS

The ECOWAS fructose market rose to $X in 2023, surging by X% against the previous year. In general, consumption, however, continues to indicate a relatively flat trend pattern. The level of consumption peaked at $X in 2013; however, from 2014 to 2023, consumption remained at a lower figure.

Fructose Production in ECOWAS

In value terms, fructose production rose markedly to $X in 2023 estimated in export price. In general, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2023, production remained at a lower figure.

Fructose Exports

Exports in ECOWAS

Fructose exports fell markedly to X tons in 2023, reducing by X% on 2022. In general, exports continue to indicate a slight curtailment. The growth pace was the most rapid in 2021 when exports increased by X%. As a result, the exports reached the peak of X tons. From 2022 to 2023, the growth of the exports remained at a somewhat lower figure.

In value terms, fructose exports fell remarkably to $X in 2023. Over the period under review, exports saw a mild downturn. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at $X in 2022, and then shrank significantly in the following year.

Exports by Country

Senegal was the major exporting country with an export of about X tons, which finished at X% of total exports. Nigeria (X tons) ranks second in terms of the total exports with an X% share, followed by Cote d'Ivoire (X%). The following exporters - Ghana (X tons) and Cabo Verde (X tons) - each amounted to a X% share of total exports.

Exports from Senegal increased at an average annual rate of X% from 2012 to 2023. At the same time, Cabo Verde (X%), Nigeria (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Cabo Verde emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2023. By contrast, Ghana (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Senegal, Nigeria, Cote d'Ivoire and Cabo Verde increased by X, X, X and X percentage points, respectively.

In value terms, Senegal ($X) remains the largest fructose supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was held by Cote d'Ivoire ($X), with a X% share of total exports. It was followed by Nigeria, with a X% share.

From 2012 to 2023, the average annual growth rate of value in Senegal amounted to X%. In the other countries, the average annual rates were as follows: Cote d'Ivoire (X% per year) and Nigeria (X% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2023, with a decrease of X% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 an increase of X%. Over the period under review, the export prices hit record highs at $X per ton in 2015; however, from 2016 to 2023, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Cabo Verde ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Nigeria (X%), while the other leaders experienced a decline in the export price figures.

Fructose Imports

Imports in ECOWAS

In 2023, overseas purchases of fructose and fructose syrup decreased by X% to X tons, falling for the third consecutive year after four years of growth. Overall, imports, however, showed a tangible increase. The most prominent rate of growth was recorded in 2018 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at X tons in 2020; however, from 2021 to 2023, imports failed to regain momentum.

In value terms, fructose imports reduced modestly to $X in 2023. In general, imports, however, saw a pronounced expansion. The most prominent rate of growth was recorded in 2020 when imports increased by X% against the previous year. As a result, imports attained the peak of $X. From 2021 to 2023, the growth of imports failed to regain momentum.

Imports by Country

The purchases of the three major importers of fructose and fructose syrup, namely Nigeria, Ghana and Cote d'Ivoire, represented more than two-thirds of total import. It was distantly followed by Senegal (X tons), constituting a X% share of total imports.

From 2012 to 2023, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) constitutes the largest market for imported fructose and fructose syrup in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Ghana ($X), with a X% share of total imports. It was followed by Cote d'Ivoire, with a X% share.

In Nigeria, fructose imports remained relatively stable over the period from 2012-2023. In the other countries, the average annual rates were as follows: Ghana (X% per year) and Cote d'Ivoire (X% per year).

Import Prices by Country

In 2023, the import price in ECOWAS amounted to $X per ton, increasing by X% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the import price increased by X%. Over the period under review, import prices hit record highs at $X per ton in 2016; however, from 2017 to 2023, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Nigeria ($X per ton), while Ghana ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform