ECOWAS: Grain Market 2024

Grain Market Size in ECOWAS

After four years of growth, the ECOWAS grain market decreased by X% to $X in 2022. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs at $X in 2021, and then fell in the following year.

Grain Production in ECOWAS

In value terms, grain production dropped slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Nigeria (X tons) remains the largest grain producing country in ECOWAS, comprising approx. X% of total volume. Moreover, grain production in Nigeria exceeded the figures recorded by the second-largest producer, Mali (X tons), threefold. Burkina Faso (X tons) ranked third in terms of total production with a X% share.

In Nigeria, grain production expanded at an average annual rate of X% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: Mali (X% per year) and Burkina Faso (X% per year).

The average grain yield totaled X tons per ha in 2022, surging by X% against the previous year's figure. The yield figure increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of X%. Over the period under review, the grain yield attained the maximum level at X tons per ha in 2020; afterwards, it flattened through to 2022. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the harvested area of grain in ECOWAS reduced modestly to X ha, leveling off at the previous year. The harvested area increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of X%. Over the period under review, the harvested area dedicated to grain production attained the peak figure at X ha in 2018; however, from 2019 to 2022, the harvested area failed to regain momentum.

Grain Exports

Exports in ECOWAS

In 2022, approx. X tons of grain were exported in ECOWAS; surging by X% against the previous year. Over the period under review, exports, however, saw a slight shrinkage. The pace of growth appeared the most rapid in 2020 when exports increased by X%. As a result, the exports reached the peak of X tons. From 2021 to 2022, the growth of the exports remained at a lower figure.

In value terms, grain exports reached $X in 2022. In general, exports, however, saw a slight downturn. The growth pace was the most rapid in 2013 with an increase of X%. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Cote d'Ivoire was the key exporting country with an export of about X tons, which amounted to X% of total exports. Liberia (X tons) took a X% share (based on physical terms) of total exports, which put it in second place, followed by Burkina Faso (X%) and Senegal (X%). The following exporters - Benin (X tons), Niger (X tons) and Mali (X tons) - together made up X% of total exports.

From 2012 to 2022, average annual rates of growth with regard to grain exports from Cote d'Ivoire stood at X%. At the same time, Niger (X%), Senegal (X%), Mali (X%), Liberia (X%) and Burkina Faso (X%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Benin (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Cote d'Ivoire, Liberia, Senegal, Burkina Faso and Niger increased by X, X, X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest grain supplying countries in ECOWAS were Senegal ($X), Cote d'Ivoire ($X) and Liberia ($X), with a combined X% share of total exports. Burkina Faso, Mali, Niger and Benin lagged somewhat behind, together accounting for a further X%.

Niger, with a CAGR of X%, recorded 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, falling by X% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mali (X%), while the other leaders experienced mixed trends in the export price figures.

Grain Imports

Imports in ECOWAS

In 2022, overseas purchases of grain increased by X% to X tons, rising for the third consecutive year after two years of decline. Total imports indicated a resilient expansion from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2019 indices. The pace of growth was the most pronounced in 2017 when imports increased by X%. Over the period under review, imports reached the maximum in 2022 and are likely to continue growth in years to come.

In value terms, grain imports contracted to $X in 2022. Overall, imports saw a resilient expansion. The most prominent rate of growth was recorded in 2020 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2021, and then dropped in the following year.

Imports by Country

Nigeria was the main importer of grain in ECOWAS, with the volume of imports reaching X tons, which was near X% of total imports in 2022. Senegal (X tons) ranks second in terms of the total imports with a X% share, followed by Ghana (X%), Cote d'Ivoire (X%), Guinea (X%) and Mali (X%). Burkina Faso (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to grain imports into Nigeria stood at X%. At the same time, Guinea (X%), Mali (X%), Burkina Faso (X%), Senegal (X%), Ghana (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. While the share of Guinea (X p.p.), Mali (X p.p.) and Senegal (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Cote d'Ivoire (X p.p.) and Nigeria (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

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

In Nigeria, grain imports increased at an average annual rate of X% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Senegal (X% per year) and Cote d'Ivoire (X% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, falling by X% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 an increase of X%. Over the period under review, import prices hit record highs at $X per ton in 2021, and then fell in the following year.

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 Nigeria ($X per ton), while Mali ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Burkina Faso (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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