ECOWAS: Sugar Market 2024

Sugar Market Size in ECOWAS

In 2022, the ECOWAS sugar market decreased by X% to $X for the first time since 2018, thus ending a three-year rising trend. Overall, consumption, however, showed a relatively flat trend pattern. The level of consumption peaked at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Sugar Production in ECOWAS

In value terms, sugar production fell to $X in 2022 estimated in export price. Over the period under review, production, however, saw strong growth. The growth pace was the most rapid in 2013 when the production volume increased by X%. Over the period under review, production hit record highs at $X in 2019; afterwards, it flattened through to 2022.

The countries with the highest volumes of production in 2022 were Cote d'Ivoire (X tons), Senegal (X tons) and Mali (X tons), together comprising X% of total production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by Mali (with a CAGR of X%), while production for the other leaders experienced more modest paces of growth.

Sugar Exports

Exports in ECOWAS

In 2022, the amount of sugar exported in ECOWAS dropped modestly to X tons, reducing by X% compared with 2021 figures. Over the period under review, exports saw a abrupt setback. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, sugar exports contracted modestly to $X in 2022. Overall, exports showed a abrupt setback. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Benin prevails in exports structure, reaching X tons, which was approx. X% of total exports in 2022. Togo (X tons) held a minor share of total exports.

Exports from Benin decreased at an average annual rate of X% from 2012 to 2022. At the same time, Togo (X%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. While the share of Benin (X p.p.) and Togo (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Benin ($X) remains the largest sugar supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was taken by Togo ($X), with a X% share of total exports.

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

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, stabilizing at the previous year. Overall, the export price recorded a perceptible slump. The growth pace was the most rapid in 2018 when the export price increased by X% against the previous year. The level of export peaked 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 Benin ($X per ton), while Togo amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Benin (X%).

Sugar Imports

Imports in ECOWAS

In 2022, overseas purchases of sugar decreased by X% to X tons, falling for the second consecutive year after two years of growth. Overall, imports showed a noticeable reduction. The most prominent rate of growth was recorded in 2016 when imports increased by X%. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, sugar imports dropped to $X in 2022. In general, imports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2016 when imports increased by X% against the previous year. The level of import peaked at $X in 2021, and then dropped in the following year.

Imports by Country

Nigeria prevails in imports structure, finishing at X tons, which was near X% of total imports in 2022. The following importers - Cote d'Ivoire (X tons) and Ghana (X tons) - each accounted for a X% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to sugar imports into Nigeria stood at X%. At the same time, Cote d'Ivoire (X%) and Ghana (X%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. While the share of Cote d'Ivoire (X p.p.) and Ghana (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Nigeria (X p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) constitutes the largest market for imported sugar in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with a X% share of total imports.

From 2012 to 2022, the average annual growth rate of value in Nigeria was relatively modest. In the other countries, the average annual rates were as follows: Cote d'Ivoire (X% per year) and Ghana (X% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, surging by X% against the previous year. Import price indicated tangible growth from 2012 to 2022: its price 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, sugar import price increased by X% against 2019 indices. The growth pace was the most rapid in 2021 when the import price increased by X% against the previous year. Over the period under review, import prices hit record highs in 2022 and is likely to continue growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Nigeria ($X per ton), while Ghana ($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

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