ECOWAS: Rice Bran Market 2024

Rice Bran Market Size in ECOWAS

The ECOWAS rice bran market rose significantly to $X in 2022, increasing by X% against the previous year. Overall, consumption, however, showed a mild slump. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market failed to regain momentum.

Rice Bran Production in ECOWAS

In value terms, rice bran production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when the production volume increased by X%. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

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Rice Bran Exports

Exports in ECOWAS

After two years of growth, overseas shipments of rice bran decreased by X% to X tons in 2022. In general, exports, however, enjoyed a strong expansion. The growth pace was the most rapid in 2014 with an increase of X%. Over the period under review, the exports reached the peak figure at X tons in 2021, and then contracted notably in the following year.

In value terms, rice bran exports dropped remarkably to $X in 2022. Overall, exports, however, enjoyed buoyant growth. The pace of growth appeared the most rapid in 2014 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then dropped remarkably in the following year.

Exports by Country

In 2022, Guinea (X tons), Liberia (X tons), Cote d'Ivoire (X tons) and Ghana (X tons) was the key exporter of rice bran in ECOWAS, committing X% of total export. Togo (X tons) took the next position in the ranking, followed by Nigeria (X tons). All these countries together took approx. X% share of total exports. Mali (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Cote d'Ivoire (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest rice bran supplying countries in ECOWAS were Guinea ($X), Liberia ($X) and Ghana ($X), with a combined X% share of total exports.

Guinea, 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, growing by X% against the previous year. Over the period under review, the export price, however, recorded a pronounced decrease. The most prominent rate of growth was recorded in 2020 an increase of X%. The level of export peaked at $X per ton in 2012; however, from 2013 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 Nigeria ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

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

Rice Bran Imports

Imports in ECOWAS

In 2022, approx. X tons of rice bran were imported in ECOWAS; growing by X% compared with 2021 figures. Over the period under review, imports continue to indicate a strong increase. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, rice bran imports surged to $X in 2022. Overall, imports showed a remarkable increase. The most prominent rate of growth was recorded in 2020 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum in 2022 and are likely to continue growth in the near future.

Imports by Country

Niger represented the main importing country with an import of around X tons, which resulted at X% of total imports. Senegal (X tons) ranks second in terms of the total imports with a X% share, followed by Nigeria (X%). Ghana (X tons) took a relatively small share of total imports.

From 2012 to 2022, average annual rates of growth with regard to rice bran imports into Niger stood at X%. At the same time, Senegal (X%), Ghana (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. Senegal (X p.p.) and Nigeria (X p.p.) significantly strengthened its position in terms of the total imports, while Niger 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, the largest rice bran importing markets in ECOWAS were Niger ($X), Ghana ($X) and Senegal ($X), with a combined X% share of total imports.

Ghana, 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

In 2022, the import price in ECOWAS amounted to $X per ton, shrinking by X% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the import price increased by X%. As a result, import price reached the peak level of $X per ton. From 2021 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 Ghana ($X per ton), while Niger ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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