ECOWAS: Nuts Market 2024

Nuts Market Size in ECOWAS

In 2022, the ECOWAS nuts market increased by X% to $X for the first time since 2018, thus ending a three-year declining trend. The market value increased at an average annual rate of X% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the peak level at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Nuts Production in ECOWAS

In value terms, nuts production reduced to $X in 2022 estimated in export price. The total production indicated tangible 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 increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2015 with an increase of X%. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

The countries with the highest volumes of production in 2022 were Cote d'Ivoire (X tons), Ghana (X tons) and Nigeria (X tons), together comprising X% of total production. Burkina Faso, Benin, Guinea-Bissau and Senegal lagged somewhat behind, together accounting for a further X%.

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

The average nuts yield shrank to X kg per ha in 2022, dropping by X% on the year before. In general, the yield, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the yield increased by X% against the previous year. The level of yield peaked at X kg per ha in 2018; however, from 2019 to 2022, the yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of nuts production in ECOWAS declined slightly to X ha, remaining relatively unchanged against 2021. The harvested area increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2020 with an increase of X%. The level of harvested area peaked at X ha in 2021, and then contracted in the following year.

Nuts Exports

Exports in ECOWAS

In 2022, after two years of growth, there was significant decline in shipments abroad of nuts, when their volume decreased by X% to X tons. Total exports indicated a resilient increase 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, exports increased by X% against 2018 indices. The most prominent rate of growth was recorded in 2021 with an increase of X%. As a result, the exports reached the peak of X tons, and then declined dramatically in the following year.

In value terms, nuts exports contracted sharply to $X in 2022. Over the period under review, exports, however, saw a notable expansion. The growth pace was the most rapid in 2017 when exports increased by X%. The level of export peaked at $X in 2021, and then reduced notably in the following year.

Exports by Country

Cote d'Ivoire represented the key exporter of nuts in ECOWAS, with the volume of exports reaching X tons, which was near X% of total exports in 2022. It was distantly followed by Ghana (X tons), Nigeria (X tons), Burkina Faso (X tons), Senegal (X tons) and Guinea-Bissau (X tons), together generating a X% share of total exports. Guinea (X tons) took a minor share of total exports.

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

In value terms, Cote d'Ivoire ($X), Ghana ($X) and Nigeria ($X) constituted the countries with the highest levels of exports in 2022, with a combined X% share of total exports. Guinea-Bissau, Burkina Faso, Senegal and Guinea lagged somewhat behind, together comprising a further X%.

Senegal, with a CAGR of X%, saw the highest growth rate of the value of exports, in terms of 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

The export price in ECOWAS stood at $X per ton in 2022, dropping by X% against the previous year. Overall, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of X% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Guinea-Bissau ($X per ton) and Ghana ($X per ton), while Nigeria ($X per ton) and Guinea ($X per ton) were 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.

Nuts Imports

Imports in ECOWAS

In 2022, overseas purchases of nuts increased by X% to X tons, rising for the third consecutive year after three years of decline. In general, imports showed a resilient increase. The pace of growth was the most pronounced in 2013 when imports increased by X% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, nuts imports skyrocketed to $X in 2022. Over the period under review, imports showed a prominent expansion. The growth pace was the most rapid in 2013 when imports increased by X% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Nigeria (X tons) was the key importer of nuts, generating X% of total imports. Burkina Faso (X tons) ranks second in terms of the total imports with a X% share, followed by Togo (X%).

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

In value terms, Nigeria ($X) constitutes the largest market for imported nuts in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Burkina Faso ($X), with a X% share of total imports.

In Nigeria, nuts imports 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: Burkina Faso (X% per year) and Togo (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 posted a mild increase. The most prominent rate of growth was recorded 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 remained at a lower figure.

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 ($X per ton), while Togo ($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 a decline in the import price figures.

Source: IndexBox Platform

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