ECOWAS: Market for Nutmeg, Mace And Cardamoms 2024

Market Size for Nutmeg, Mace And Cardamoms in ECOWAS

In 2022, after seven years of growth, there was significant decline in the ECOWAS nutmeg, mace and cardamom market, when its value decreased by X% to $X. Over the period under review, consumption, however, posted a prominent increase. The level of consumption peaked at $X in 2021, and then plummeted in the following year.

Production of Nutmeg, Mace And Cardamoms in ECOWAS

In value terms, nutmeg, mace and cardamom production reached $X in 2022 estimated in export price. The total production indicated strong growth from 2012 to 2022: its value 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, production decreased by X% against 2020 indices. The growth pace was the most rapid in 2020 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

The country with the largest volume of nutmeg, mace and cardamom production was Cote d'Ivoire (X tons), comprising approx. X% of total volume. Moreover, nutmeg, mace and cardamom production in Cote d'Ivoire exceeded the figures recorded by the second-largest producer, Togo (X tons), fourfold. Benin (X tons) ranked third in terms of total production with a X% share.

In Cote d'Ivoire, nutmeg, mace and cardamom production increased at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Togo (X% per year) and Benin (X% per year).

In 2022, the average yield of nutmeg, mace and cardamoms in ECOWAS stood at X tons per ha, standing approx. at 2021 figures. The yield figure increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when the yield increased by X% against the previous year. The level of yield peaked 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, approx. X ha of nutmeg, mace and cardamoms were harvested in ECOWAS; standing approx. at the year before. Overall, the harvested area continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with a decrease of X% against the previous year. Over the period under review, the harvested area dedicated to nutmeg, mace and cardamom production reached the maximum at X ha in 2013; however, from 2014 to 2022, the harvested area remained at a lower figure.

Exports of Nutmeg, Mace And Cardamoms

Exports in ECOWAS

After two years of growth, shipments abroad of nutmeg, mace and cardamoms decreased by X% to X tons in 2022. In general, exports continue to indicate a abrupt downturn. The pace of growth was the most pronounced in 2017 with an increase of X%. The volume of export peaked at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, nutmeg, mace and cardamom exports shrank remarkably to $X in 2022. Over the period under review, exports continue to indicate a noticeable downturn. The growth pace was the most rapid in 2017 with an increase of X%. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Sierra Leone was the largest exporting country with an export of about X tons, which reached X% of total exports. It was distantly followed by Ghana (X tons), comprising a X% share of total exports. The following exporters - Cote d'Ivoire (X kg), Gambia (X kg) and Senegal (X kg) - each finished at an X% share of total exports.

Sierra Leone was also the fastest-growing in terms of the nutmeg, mace and cardamoms exports, with a CAGR of X% from 2012 to 2022. At the same time, Ghana (X%) and Gambia (X%) displayed positive paces of growth. By contrast, Senegal (X%) and Cote d'Ivoire (X%) illustrated a downward trend over the same period. Sierra Leone (X p.p.), Ghana (X p.p.) and Gambia (X p.p.) significantly strengthened its position in terms of the total exports, while Senegal and Cote d'Ivoire saw its share reduced by X% and X% from 2012 to 2022, respectively.

In value terms, Sierra Leone ($X) emerged as the largest nutmeg, mace and cardamom supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was held by Ghana ($X), with a X% share of total exports. It was followed by Gambia, with a X% share.

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

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, with a decrease of X% against the previous year. In general, the export price, however, enjoyed strong growth. The pace of growth appeared the most rapid in 2016 an increase of X% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2017 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 Gambia ($X per ton), while Senegal ($X per ton) was amongst the lowest.

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

Imports of Nutmeg, Mace And Cardamoms

Imports in ECOWAS

In 2022, after three years of growth, there was significant decline in overseas purchases of nutmeg, mace and cardamoms, when their volume decreased by X% to X tons. Over the period under review, imports, however, saw a strong increase. The pace of growth was the most pronounced in 2020 with an increase of X% against the previous year. Over the period under review, imports reached the maximum at X tons in 2021, and then contracted sharply in the following year.

In value terms, nutmeg, mace and cardamom imports contracted remarkably to $X in 2022. Overall, imports, however, recorded a buoyant increase. The pace of growth appeared the most rapid in 2013 when imports increased by X%. Over the period under review, imports reached the peak figure at $X in 2021, and then fell dramatically in the following year.

Imports by Country

Ghana represented the largest importer of nutmeg, mace and cardamoms in ECOWAS, with the volume of imports recording X tons, which was approx. X% of total imports in 2022. Senegal (X tons) ranks second in terms of the total imports with a X% share, followed by Nigeria (X%).

Imports into Ghana increased at an average annual rate of X% from 2012 to 2022. At the same time, Senegal (X%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Nigeria (X%) illustrated a downward trend over the same period. Ghana (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.

In value terms, Ghana ($X) constitutes the largest market for imported nutmeg, mace and cardamoms in ECOWAS, comprising X% of total imports. The second position in the ranking was taken by Nigeria ($X), with a X% share of total imports.

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

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, which is down by X% against the previous year. Overall, the import price, however, recorded resilient growth. The pace of growth was the most pronounced in 2018 an increase of X% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2021, and then shrank in the following year.

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

From 2012 to 2022, 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

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