ECOWAS: Millet Market 2024

Millet Market Size in ECOWAS

The ECOWAS millet market stood at $X in 2022, surging by X% against the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Millet Production in ECOWAS

In value terms, millet production expanded significantly to $X in 2022 estimated in export price. The total production indicated a moderate 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 growth pace was the most rapid in 2020 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

The countries with the highest volumes of production in 2022 were Niger (X tons), Nigeria (X tons) and Mali (X tons), together accounting for X% of total production. Senegal, Burkina Faso, Ghana and Guinea lagged somewhat behind, together comprising a further X%.

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

In 2022, the average yield of millet in ECOWAS rose significantly to X kg per ha, increasing by X% compared with the year before. Over the period under review, the yield, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of X%. Over the period under review, the millet yield attained the peak level at X kg per ha in 2018; however, from 2019 to 2022, the yield stood at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The millet harvested area expanded modestly to X ha in 2022, with an increase of X% compared with the previous year. Over the period under review, the harvested area continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. The level of harvested area peaked at X ha in 2018; however, from 2019 to 2022, the harvested area failed to regain momentum.

Millet Exports

Exports in ECOWAS

In 2022, shipments abroad of millet decreased by X% to X tons for the first time since 2017, thus ending a four-year rising trend. In general, exports, however, saw a prominent expansion. The pace of growth appeared the most rapid in 2013 when exports increased by X%. The volume of export peaked at X tons in 2021, and then contracted sharply in the following year.

In value terms, millet exports shrank remarkably to $X in 2022. Overall, exports, however, continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2013 when exports increased by X% against the previous year. The level of export peaked at $X in 2021, and then reduced rapidly in the following year.

Exports by Country

In 2022, Niger (X tons) represented the largest exporter of millet, comprising X% of total exports. Nigeria (X tons) ranks second in terms of the total exports with a X% share, followed by Burkina Faso (X%) and Mali (X%). Togo (X tons) took a minor share of total exports.

Niger was also the fastest-growing in terms of the millet exports, with a CAGR of X% from 2012 to 2022. At the same time, Mali (X%), Burkina Faso (X%) and Nigeria (X%) displayed positive paces of growth. By contrast, Togo (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Niger, Mali and Togo increased by X, X and X percentage points, respectively.

In value terms, Niger ($X) emerged as the largest millet supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was taken by Mali ($X), with a X% share of total exports. It was followed by Burkina Faso, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Niger amounted to X%. In the other countries, the average annual rates were as follows: Mali (X% per year) and Burkina Faso (X% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, picking up by X% against the previous year. In general, the export price showed a perceptible increase. Over the period under review, the export prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Mali ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

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

Millet Imports

Imports in ECOWAS

In 2022, purchases abroad of millet decreased by X% to X tons, falling for the fourth year in a row after two years of growth. In general, imports saw a sharp downturn. The growth pace was the most rapid in 2017 with an increase of X%. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, millet imports contracted dramatically to $X in 2022. Over the period under review, imports recorded a abrupt decrease. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Ghana represented the key importer of millet in ECOWAS, with the volume of imports accounting for X tons, which was approx. X% of total imports in 2022. It was distantly followed by Benin (X tons), Cote d'Ivoire (X tons) and Niger (X tons), together creating a X% share of total imports. Burkina Faso (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to millet imports into Ghana stood at X%. At the same time, Benin (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Burkina Faso (X%) and Niger (X%) illustrated a downward trend over the same period. While the share of Ghana (X p.p.), Benin (X p.p.) and Cote d'Ivoire (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Niger (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) constitutes the largest market for imported millet in ECOWAS, comprising X% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a X% share of total imports. It was followed by Benin, with a X% share.

In Ghana, millet imports expanded at an average annual rate of X% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (X% per year) and Benin (X% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, reducing by X% against the previous year. Over the period under review, the import price, however, saw a remarkable increase. The most prominent rate of growth was recorded in 2020 an increase of X% against the previous year. As a result, import price attained the peak level of $X per ton. From 2021 to 2022, the import prices remained at a somewhat 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 Cote d'Ivoire ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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