ECOWAS: Market for Cereal Grain Products (Including Corn Flakes) 2024

Market Size for Cereal Grain Products (Including Corn Flakes) in ECOWAS

The ECOWAS market for cereal grain products (including corn flakes) rose modestly to $X in 2022, growing by X% against the previous year. In general, consumption continues to indicate strong growth. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Production of Cereal Grain Products (Including Corn Flakes) in ECOWAS

In value terms, corn flakes and cereal products production rose slightly to $X in 2022 estimated in export price. In general, production posted a buoyant expansion. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Exports of Cereal Grain Products (Including Corn Flakes)

Exports in ECOWAS

In 2022, the amount of cereal grain products (including corn flakes) exported in ECOWAS skyrocketed to X tons, picking up by X% against 2021. Overall, exports posted significant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, corn flakes and cereal products exports skyrocketed to $X in 2022. Over the period under review, exports posted a significant expansion. The growth pace was the most rapid in 2020 with an increase of X%. The level of export peaked in 2022 and is expected to retain growth in years to come.

Exports by Country

Senegal represented the main exporter of cereal grain products (including corn flakes) in ECOWAS, with the volume of exports amounting to X tons, which was near X% of total exports in 2022. It was distantly followed by Cote d'Ivoire (X tons), comprising a X% share of total exports. Ghana (X tons), Burkina Faso (X tons) and Nigeria (X tons) followed a long way behind the leaders.

Senegal was also the fastest-growing in terms of the cereal grain products (including corn flakes) exports, with a CAGR of X% from 2012 to 2022. At the same time, Cote d'Ivoire (X%), Ghana (X%), Nigeria (X%) and Burkina Faso (X%) displayed positive paces of growth. From 2012 to 2022, the share of Senegal and Cote d'Ivoire increased by X and X percentage points, respectively.

In value terms, Senegal ($X) remains the largest corn flakes and cereal products supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was held by Cote d'Ivoire ($X), with a X% share of total exports. It was followed by Ghana, with a X% share.

In Senegal, corn flakes and cereal products exports expanded at an average annual rate of X% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Cote d'Ivoire (X% per year) and Ghana (X% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, shrinking by X% against the previous year. Overall, the export price, however, posted a notable expansion. The most prominent rate of growth was recorded in 2020 an increase of X% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2021, and then contracted dramatically in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Senegal ($X per ton), while Burkina Faso ($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 a decline in the export price figures.

Imports of Cereal Grain Products (Including Corn Flakes)

Imports in ECOWAS

In 2022, overseas purchases of cereal grain products (including corn flakes) decreased by X% to X tons, falling for the second consecutive year after four years of growth. In general, imports, however, enjoyed a remarkable increase. The pace of growth was the most pronounced in 2020 when imports increased by X%. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, corn flakes and cereal products imports surged to $X in 2022. Over the period under review, imports, however, saw a strong increase. The most prominent rate of growth was recorded in 2020 with an increase of X%. Over the period under review, imports attained the peak figure in 2022 and are likely to see gradual growth in years to come.

Imports by Country

Nigeria represented the main importing country with an import of about X tons, which amounted to X% of total imports. It was distantly followed by Ghana (X tons), Burkina Faso (X tons), Senegal (X tons) and Cote d'Ivoire (X tons), together comprising a X% share of total imports. The following importers - Liberia (X tons) and Mali (X tons) - each recorded a X% share of total imports.

Imports into Nigeria increased at an average annual rate of X% from 2012 to 2022. At the same time, Senegal (X%), Mali (X%), Burkina Faso (X%), Ghana (X%), Cote d'Ivoire (X%) and Liberia (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. Nigeria (X p.p.), Senegal (X p.p.), Burkina Faso (X p.p.) and Ghana (X p.p.) significantly strengthened its position in terms of the total imports, while Liberia saw its share reduced by X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

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

In Nigeria, corn flakes and cereal products 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: Ghana (X% per year) and Cote d'Ivoire (X% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, with an increase of X% against the previous year. Over the last decade, it increased at an average annual rate of X%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

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

Source: IndexBox Platform

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