ECOWAS: Rice Market 2024

Rice Market Size in ECOWAS

In 2022, the ECOWAS rice market increased by X% to $X, rising for the second consecutive year after two years of decline. The total consumption indicated a perceptible increase 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 increased by X% against 2020 indices. The level of consumption peaked in 2022 and is expected to retain growth in the immediate term.

Rice Production in ECOWAS

In value terms, rice production reduced slightly to $X in 2022 estimated in export price. Overall, production, however, saw a buoyant increase. The pace of growth appeared the most rapid in 2016 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

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

In Nigeria, rice production expanded at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Mali (X% per year) and Guinea (X% per year).

In 2022, the average rice yield in ECOWAS reached X tons per ha, remaining constant against 2021. Over the period under review, the yield saw 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. Over the period under review, the rice yield hit record highs at X tons 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.

In 2022, the rice harvested area in ECOWAS reduced modestly to X ha, falling by X% compared with the previous year's figure. The harvested area increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2016 when the harvested area increased by X% against the previous year. Over the period under review, the harvested area dedicated to rice production reached the maximum at X ha in 2021, and then declined slightly in the following year.

Rice Exports

Exports in ECOWAS

Rice exports declined slightly to X tons in 2022, waning by X% against the year before. Overall, exports recorded a noticeable decline. The most prominent rate of growth was recorded in 2016 with an increase of X%. The volume of export peaked at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, rice exports fell to $X in 2022. Over the period under review, exports continue to indicate a perceptible decline. The growth pace was the most rapid in 2016 when exports increased by X%. Over the period under review, the exports attained the peak figure at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Senegal represented the largest exporter of rice in ECOWAS, with the volume of exports resulting at X tons, which was approx. X% of total exports in 2022. Cote d'Ivoire (X tons) took a X% share (based on physical terms) of total exports, which put it in second place, followed by Togo (X%) and Niger (X%).

Senegal experienced a relatively flat trend pattern with regard to volume of exports of rice. Cote d'Ivoire experienced a relatively flat trend pattern. Togo (X%) and Niger (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Senegal and Cote d'Ivoire increased by X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

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

In Senegal, rice exports remained relatively stable 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 Niger (X% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, stabilizing at the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 an increase of X%. Over the period under review, the export prices reached the maximum at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Niger ($X per ton), while Togo ($X per ton) was amongst the lowest.

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

Rice Imports

Imports in ECOWAS

In 2022, the amount of rice imported in ECOWAS rose notably to X tons, with an increase of X% on the previous year. Total imports indicated a noticeable expansion from 2012 to 2022: its volume 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, imports increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2021 with an increase of X%. The volume of import peaked in 2022 and is expected to retain growth in the near future.

In value terms, rice imports totaled $X in 2022. Overall, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of X%. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

The countries with the highest levels of rice imports in 2022 were Benin (X tons), Cote d'Ivoire (X tons), Senegal (X tons), Niger (X tons), Ghana (X tons), Guinea (X tons) and Burkina Faso (X tons), together amounting to X% of total import.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Niger (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X), Benin ($X) and Ghana ($X) constituted the countries with the highest levels of imports in 2022, together accounting for X% of total imports. Senegal, Niger, Guinea and Burkina Faso lagged somewhat behind, together accounting for a further X%.

In terms of the main importing countries, Niger, with a CAGR of X%, saw the highest growth rate of the value of imports, 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, growing by X% against the previous year. In general, the import price, however, recorded a abrupt curtailment. The most prominent rate of growth was recorded in 2020 when the import price increased by X% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a 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 Ghana ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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