ECOWAS: Sugar Crop Market 2024

Sugar Crop Market Size in ECOWAS

In 2022, after two years of decline, there was significant growth in the ECOWAS sugar crop market, when its value increased by X% to $X. Overall, consumption recorded a deep downturn. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Sugar Crop Production in ECOWAS

In value terms, sugar crop production amounted to $X in 2022 estimated in export price. In general, production continues to indicate a abrupt decline. The growth pace was the most rapid in 2020 when the production volume increased by X%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

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

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

The average sugar crop yield shrank slightly to X tons per ha in 2022, stabilizing at 2021. Overall, the yield, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. The level of yield peaked at X tons per ha in 2021, and then shrank in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. X ha of sugar crops were harvested in ECOWAS; leveling off at the previous year. The harvested area increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2014 with an increase of X%. Over the period under review, the harvested area dedicated to sugar crop production reached the peak figure in 2022 and is expected to retain growth in the immediate term.

Sugar Crop Exports

Exports in ECOWAS

In 2022, approx. X tons of sugar crops were exported in ECOWAS; which is down by X% on 2021 figures. Overall, exports, however, saw a resilient expansion. The growth pace was the most rapid in 2019 with an increase of X%. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, sugar crop exports contracted markedly to $X in 2022. The total export value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 when exports increased by X%. As a result, the exports attained the peak of $X, and then dropped rapidly in the following year.

Exports by Country

In 2022, Niger (X tons) represented the key exporter of sugar crops, constituting X% of total exports. It was distantly followed by Nigeria (X tons), generating a X% share of total exports. Ghana (X tons) and Guinea (X tons) followed a long way behind the leaders.

Exports from Niger increased at an average annual rate of X% from 2012 to 2022. At the same time, Guinea (X%), Nigeria (X%) and Ghana (X%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. While the share of Nigeria (X p.p.) and Guinea (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Ghana (X p.p.) and Niger (X p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) remains the largest sugar crop supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was held by Niger ($X), with a X% share of total exports. It was followed by Ghana, with an X% share.

In Nigeria, sugar crop exports remained relatively stable over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Niger (X% per year) and Ghana (X% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, dropping by X% against the previous year. Over the period under review, the export price recorded a deep slump. The pace of growth appeared the most rapid in 2014 an increase of X%. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; however, from 2013 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 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 export price figures.

Sugar Crop Imports

Imports in ECOWAS

In 2022, purchases abroad of sugar crops was finally on the rise to reach X tons after two years of decline. In general, imports showed a prominent increase. The growth pace was the most rapid in 2019 when imports increased by X% against the previous year. As a result, imports attained the peak of X tons. From 2020 to 2022, the growth of imports remained at a lower figure.

In value terms, sugar crop imports stood at $X in 2022. Total imports indicated a temperate 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, imports decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. The level of import peaked at $X in 2016; however, from 2017 to 2022, imports remained at a lower figure.

Imports by Country

Nigeria represented the major importing country with an import of around X tons, which finished at X% of total imports. Cabo Verde (X tons) held a X% share (based on physical terms) of total imports, which put it in second place, followed by Benin (X%). Niger (X tons) and Cote d'Ivoire (X tons) followed a long way behind the leaders.

Imports into Nigeria increased at an average annual rate of X% from 2012 to 2022. At the same time, Cabo Verde (X%), Benin (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Cabo Verde emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Niger (X%) illustrated a downward trend over the same period. While the share of Nigeria (X p.p.), Cabo Verde (X p.p.) and Benin (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, Nigeria ($X) constitutes the largest market for imported sugar crops in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Benin ($X), with a X% share of total imports. It was followed by Cote d'Ivoire, with a X% share.

In Nigeria, sugar crop 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: Benin (X% per year) and Cote d'Ivoire (X% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, approximately mirroring the previous year. Overall, the import price recorded a abrupt slump. The growth pace was the most rapid in 2020 when the import price increased by X% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2013; however, from 2014 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 Cote d'Ivoire ($X per ton), while Cabo Verde ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :