ECOWAS: Groundnuts Market 2024

Groundnuts Market Size in ECOWAS

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

Groundnuts Production in ECOWAS

In value terms, groundnuts production contracted slightly to $X in 2022 estimated in export price. In general, production, however, showed a pronounced decrease. The growth pace was the most rapid in 2018 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

The country with the largest volume of groundnuts production was Nigeria (X tons), accounting for X% of total volume. Moreover, groundnuts production in Nigeria exceeded the figures recorded by the second-largest producer, Senegal (X tons), threefold. The third position in this ranking was taken by Guinea (X tons), with a X% share.

In Nigeria, groundnuts production increased 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: Senegal (X% per year) and Guinea (X% per year).

In 2022, the average groundnuts yield in ECOWAS rose modestly to X tons per ha, with an increase of X% compared with the previous year. Overall, the yield, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of X%. Over the period under review, the groundnuts yield hit record highs at X tons per ha in 2018; 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.

The groundnuts harvested area declined slightly to X ha in 2022, approximately equating the previous year. The harvested area increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2016 when the harvested area increased by X% against the previous year. The level of harvested area peaked at X ha in 2021, and then shrank modestly in the following year.

Groundnuts Exports

Exports in ECOWAS

In 2022, shipments abroad of ground-nut (in-shell) increased by X% to X tons for the first time since 2017, thus ending a four-year declining trend. Over the period under review, exports, however, recorded a pronounced decrease. The most prominent rate of growth was recorded in 2016 when exports increased by X%. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, groundnuts exports stood at $X in 2022. Overall, exports continue to indicate a modest expansion. The most prominent rate of growth was recorded in 2016 when exports increased by X%. Over the period under review, the exports attained the peak figure at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Togo (X tons) was the major exporter of ground-nut (in-shell), achieving X% of total exports. Cote d'Ivoire (X tons) ranks second in terms of the total exports with a X% share, followed by Nigeria (X%), Burkina Faso (X%), Senegal (X%) and Niger (X%).

Exports from Togo increased at an average annual rate of X% from 2012 to 2022. At the same time, Burkina Faso (X%), Nigeria (X%), Cote d'Ivoire (X%) and Niger (X%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Senegal (X%) illustrated a downward trend over the same period. Togo (X p.p.), Nigeria (X p.p.), Cote d'Ivoire (X p.p.), Burkina Faso (X p.p.) and Niger (X p.p.) significantly strengthened its position in terms of the total exports, while Senegal saw its share reduced by X% from 2012 to 2022, respectively.

In value terms, Togo ($X) remains the largest groundnuts supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was taken by Nigeria ($X), with a X% share of total exports. It was followed by Senegal, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Togo stood at X%. The remaining exporting countries recorded the following average annual rates of exports growth: Nigeria (X% per year) and Senegal (X% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, falling by X% against the previous year. Overall, the export price, however, showed a strong increase. The most prominent rate of growth was recorded in 2021 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, and then reduced rapidly in the following year.

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

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

Groundnuts Imports

Imports in ECOWAS

In 2022, overseas purchases of ground-nut (in-shell) decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, imports, however, enjoyed perceptible growth. The pace of growth was the most pronounced in 2017 with an increase of X%. Over the period under review, imports hit record highs at X tons in 2021, and then reduced markedly in the following year.

In value terms, groundnuts imports reduced to $X in 2022. Over the period under review, imports, however, posted a moderate expansion. The most prominent rate of growth was recorded in 2017 when imports increased by X% against the previous year. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

The countries with the highest levels of groundnuts imports in 2022 were Mali (X tons), Togo (X tons) and Benin (X tons), together reaching X% of total import. It was distantly followed by Niger (X tons) and Senegal (X tons), together generating a X% share of total imports. Guinea (X tons) and Liberia (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Guinea (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Mali ($X) constitutes the largest market for imported ground-nut (in-shell) in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Togo ($X), with a X% share of total imports. It was followed by Liberia, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Mali stood at X%. The remaining importing countries recorded the following average annual rates of imports growth: Togo (X% per year) and Liberia (X% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, growing by X% against the previous year. In general, the import price, however, continues to indicate a noticeable decrease. The growth pace was the most rapid in 2013 when the import price increased by X%. As a result, import price reached the peak level of $X per ton. From 2014 to 2022, the import prices failed to regain momentum.

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

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

Source: IndexBox Platform

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