ECOWAS: Extracts Of Tea Market 2024

Extracts Of Tea Market Size in ECOWAS

The ECOWAS extracts of tea market amounted to $X in 2022, increasing by X% against the previous year. The total consumption indicated perceptible 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, consumption decreased by X% against 2020 indices. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Extracts Of Tea Production in ECOWAS

In value terms, extracts of tea production rose remarkably to $X in 2022 estimated in export price. The total production indicated a tangible expansion 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 most prominent rate of growth was recorded in 2020 with an increase of X%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Extracts Of Tea Exports

Exports in ECOWAS

In 2022, shipments abroad of extracts, essences and concentrates of tea or mate increased by X% to X tons, rising for the third consecutive year after two years of decline. Overall, exports showed significant growth. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see steady growth in years to come.

In value terms, extracts of tea exports skyrocketed to $X in 2022. Over the period under review, exports showed significant growth. The pace of growth was the most pronounced in 2013 when exports increased by X%. The level of export peaked in 2022 and is likely to continue growth in years to come.

Exports by Country

The shipments of the one major exporters of extracts, essences and concentrates of tea or mate, namely Nigeria, represented more than two-thirds of total export.

Nigeria was also the fastest-growing in terms of the extracts, essences and concentrates of tea or mate exports, with a CAGR of X% from 2012 to 2022. While the share of Nigeria (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) also remains the largest extracts of tea supplier in ECOWAS.

From 2012 to 2022, the average annual growth rate of value in Nigeria amounted to X%.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, with an increase of X% against the previous year. In general, the export price, however, recorded a noticeable shrinkage. The growth pace was the most rapid in 2013 when the export price increased by X%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the export prices remained at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Nigeria.

From 2012 to 2022, the rate of growth in terms of prices for Nigeria amounted to X% per year.

Extracts Of Tea Imports

Imports in ECOWAS

In 2022, the amount of extracts, essences and concentrates of tea or mate imported in ECOWAS declined sharply to X tons, waning by X% compared with the previous year. In general, imports, however, enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2019 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum at X tons in 2021, and then contracted notably in the following year.

In value terms, extracts of tea imports contracted significantly to $X in 2022. Over the period under review, imports, however, enjoyed a strong increase. The pace of growth appeared the most rapid in 2019 with an increase of X%. Over the period under review, imports hit record highs at $X in 2021, and then dropped markedly in the following year.

Imports by Country

In 2022, Burkina Faso (X tons) represented the main importer of extracts, essences and concentrates of tea or mate, achieving X% of total imports. Senegal (X tons) took the second position in the ranking, followed by Mali (X tons). All these countries together took approx. X% share of total imports. Nigeria (X tons) and Niger (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to extracts of tea imports into Burkina Faso stood at X%. At the same time, Senegal (X%), Mali (X%), Niger (X%) and Nigeria (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. While the share of Burkina Faso (X p.p.), Senegal (X p.p.) and Mali (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Niger (X p.p.) and Nigeria (X p.p.) displayed negative dynamics.

In value terms, the largest extracts of tea importing markets in ECOWAS were Burkina Faso ($X), Mali ($X) and Nigeria ($X), with a combined X% share of total imports.

Mali, with a CAGR of X%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, dropping by X% against the previous year. Over the period under review, the import price showed a deep reduction. The pace of growth was the most pronounced in 2013 when the import price increased by X% against the previous year. The level of import peaked at $X per ton in 2016; however, from 2017 to 2022, import prices failed to regain momentum.

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

Source: IndexBox Platform