ECOWAS: Vanilla Market 2023

Vanilla Exports

Exports in ECOWAS

In 2022, the amount of vanilla exported in ECOWAS surged to X tons, increasing by 5,349% compared with the previous year's figure. Over the period under review, exports posted a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, vanilla exports soared to $X in 2022. Overall, exports posted significant growth. The growth pace was the most rapid in 2020 when exports increased by 137% against the previous year. The level of export peaked in 2022 and is likely to see steady growth in the near future.

Exports by Country

Nigeria prevails in exports structure, resulting at X tons, which was near 98% of total exports in 2022. Guinea (X tons) followed a long way behind the leaders.

Nigeria experienced a relatively flat trend pattern with regard to volume of exports of vanilla. At the same time, Guinea (+72.9%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +72.9% from 2013-2022. From 2013 to 2022, the share of Nigeria increased by +97 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Guinea ($X) and Nigeria ($X) appeared to be the countries with the highest levels of exports in 2022.

In terms of the main exporting countries, Guinea, with a CAGR of +13.0%, saw the highest growth rate of the value of exports, over the period under review.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, with a decrease of -96.9% against the previous year. Over the period under review, the export price showed a drastic downturn. The pace of growth appeared the most rapid in 2021 when the export price increased by 4.4%. Over the period under review, the export prices hit record highs at $X per ton in 2017; however, from 2018 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 Guinea ($X per ton), while Nigeria amounted to $X per ton.

From 2013 to 2022, the most notable rate of growth in terms of prices was attained by Guinea (-34.6%).

Vanilla Imports

Imports in ECOWAS

In 2022, purchases abroad of vanilla decreased by -20.2% to X tons for the first time since 2018, thus ending a three-year rising trend. Overall, imports, however, showed a noticeable increase. The pace of growth appeared the most rapid in 2020 when imports increased by 465%. The volume of import peaked at X tons in 2021, and then contracted dramatically in the following year.

In value terms, vanilla imports reduced to $X in 2022. Over the period under review, imports showed a abrupt descent. The pace of growth was the most pronounced in 2015 with an increase of 134%. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Senegal (X tons) was the largest importer of vanilla, making up 76% of total imports. It was distantly followed by Cote d'Ivoire (X tons), committing a 16% share of total imports. The following importers - Benin (X tons) and Ghana (X tons) - each reached a 4.4% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to vanilla imports into Senegal stood at +7.0%. At the same time, Cote d'Ivoire (+27.6%) and Ghana (+15.2%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +27.6% from 2012-2022. By contrast, Benin (-5.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Senegal and Cote d'Ivoire increased by +20 and +16 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest vanilla importing markets in ECOWAS were Ghana ($X), Cote d'Ivoire ($X) and Senegal ($X), with a combined 63% share of total imports.

Ghana, with a CAGR of +29.5%, 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 a decline in the imports figures.

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, with an increase of 14% against the previous year. Overall, the import price, however, saw a precipitous decline. The most prominent rate of growth was recorded in 2016 when the import price increased by 99% against the previous year. As a result, import price reached the peak level of $X per ton. From 2017 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 Ghana ($X per ton), while Senegal ($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 (+12.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Market Intelligence Platform

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