Western Africa: Groundnuts Market 2024

Groundnuts Market Size in Western Africa

After eight years of growth, the West African 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 reached the maximum level at $X in 2021, and then reduced modestly in the following year.

Groundnuts Production in Western Africa

In value terms, groundnuts production reduced modestly to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a perceptible curtailment. The pace of growth was the most pronounced in 2018 with an increase of X%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Nigeria (X tons) constituted the country with the largest volume of groundnuts production, accounting for X% of total volume. Moreover, groundnuts production in Nigeria exceeded the figures recorded by the second-largest producer, Senegal (X tons), threefold. Guinea (X tons) ranked third in terms of total production 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).

The average groundnuts yield expanded modestly to X tons per ha in 2022, picking up by X% on 2021. In general, the yield, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the yield increased by X% against the previous year. The level of yield peaked 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 shrank slightly to X ha in 2022, stabilizing at the previous year's figure. The harvested area 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. The most prominent rate of growth was recorded in 2016 when the harvested area increased by X%. Over the period under review, the harvested area dedicated to groundnuts production attained the maximum at X ha in 2021, and then contracted in the following year.

Groundnuts Exports

Exports in Western Africa

In 2022, after four years of decline, there was significant growth in overseas shipments of ground-nut (in-shell), when their volume increased by X% to X tons. Overall, exports, however, showed a pronounced slump. The pace of growth appeared the most rapid in 2016 with an increase of X%. Over the period under review, the exports attained the peak figure at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, groundnuts exports stood at $X in 2022. In general, exports showed a slight expansion. The pace of growth appeared the most rapid in 2016 with an increase of X%. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Togo was the major exporter of ground-nut (in-shell) in Western Africa, with the volume of exports accounting for X tons, which was approx. X% of total exports in 2022. Cote d'Ivoire (X tons) took the second position in the ranking, followed by Nigeria (X tons), Burkina Faso (X tons), Senegal (X tons) and Niger (X tons). All these countries together took near X% share of total exports.

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 Western Africa, with a CAGR of X% from 2012-2022. By contrast, Senegal (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Togo, Nigeria, Cote d'Ivoire, Burkina Faso and Niger increased by X, X, X, X and X percentage points, respectively.

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

From 2012 to 2022, the average annual rate of growth in terms of value in Togo amounted to 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 Western Africa stood at $X per ton in 2022, reducing by X% against the previous year. Over the period under review, the export price, however, recorded a resilient increase. The pace of growth was the most pronounced in 2021 when the export price increased by X% against the previous year. As a result, the export price reached the peak level of $X per ton, and then declined markedly 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 Western Africa

After two years of growth, purchases abroad of ground-nut (in-shell) decreased by X% to X tons in 2022. In general, imports, however, enjoyed temperate growth. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. The volume of import peaked at X tons in 2021, and then reduced sharply in the following year.

In value terms, groundnuts imports declined to $X in 2022. Overall, imports, however, posted a temperate expansion. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. Over the period under review, imports reached the peak figure at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Mali (X tons), Togo (X tons) and Benin (X tons) was the largest importer of ground-nut (in-shell) in Western Africa, making up X% of total import. Niger (X tons) took the next position in the ranking, followed by Senegal (X tons). All these countries together took approx. X% share of total imports. Guinea (X tons) and Liberia (X tons) held a relatively small share of total imports.

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 ($X) constitutes the largest market for imported ground-nut (in-shell) in Western Africa, comprising X% of total imports. The second position in the ranking was taken by Togo ($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 amounted to X%. In the other countries, the average annual rates were as follows: Togo (X% per year) and Liberia (X% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, increasing by X% against the previous year. In general, the import price, however, saw a slight slump. The pace of growth appeared the most rapid in 2013 an increase of 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.

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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