ECOWAS: Wheat Market 2024

Wheat Market Size in ECOWAS

After two years of growth, the ECOWAS wheat market decreased by X% to $X in 2022. The total consumption indicated measured growth 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 2019 indices. The level of consumption peaked at $X in 2021, and then declined in the following year.

Wheat Production in ECOWAS

In value terms, wheat production dropped to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2018 when the production volume increased by X%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Nigeria (X tons) remains the largest wheat producing country in ECOWAS, accounting for X% of total volume. Moreover, wheat production in Nigeria exceeded the figures recorded by the second-largest producer, Mali (X tons), twofold. Liberia (X tons) ranked third in terms of total production with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in Nigeria stood at X%. The remaining producing countries recorded the following average annual rates of production growth: Mali (X% per year) and Liberia (X% per year).

In 2022, the average wheat yield in ECOWAS rose markedly to X tons per ha, growing by X% against the year before. The yield indicated modest growth from 2012 to 2022: its figure 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, wheat yield decreased by X% against 2017 indices. The most prominent rate of growth was recorded in 2014 when the yield increased by X% against the previous year. The level of yield peaked at X tons per ha in 2017; however, from 2018 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 total area harvested in terms of wheat production in ECOWAS plummeted to X ha, which is down by X% compared with 2021 figures. Over the period under review, the harvested area continues to indicate a noticeable setback. The most prominent rate of growth was recorded in 2021 with an increase of X%. Over the period under review, the harvested area dedicated to wheat production attained the peak figure at X ha in 2012; however, from 2013 to 2022, the harvested area stood at a somewhat lower figure.

Wheat Exports

Exports in ECOWAS

Wheat exports surged to X tons in 2022, jumping by X% on 2021. In general, exports posted resilient growth. The most prominent rate of growth was recorded in 2013 when exports increased by X%. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, wheat exports soared to $X in 2022. Over the period under review, exports posted prominent growth. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Liberia represented the largest exporter of wheat in ECOWAS, with the volume of exports accounting for X tons, which was near X% of total exports in 2022. It was distantly followed by Senegal (X tons), committing a X% share of total exports. The following exporters - Burkina Faso (X tons) and Guinea (X tons) - each amounted to a X% share of total exports.

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

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

Senegal, with a CAGR of X%, recorded 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, increasing by X% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of X% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the export prices remained at a somewhat lower figure.

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

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

Wheat Imports

Imports in ECOWAS

In 2022, overseas purchases of wheat increased by X% to X tons, rising for the third year in a row after two years of decline. Total imports indicated a resilient increase 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 growth pace was the most rapid in 2017 with an increase of X%. Over the period under review, imports attained the maximum in 2022 and are likely to continue growth in the near future.

In value terms, wheat imports dropped to $X in 2022. In general, imports showed a resilient expansion. The most prominent rate of growth was recorded in 2020 when imports increased by X%. Over the period under review, imports reached the peak figure at $X in 2021, and then fell in the following year.

Imports by Country

In 2022, Nigeria (X tons) represented the main importer of wheat, creating X% of total imports. Ghana (X tons) took the second position in the ranking, followed by Senegal (X tons), Cote d'Ivoire (X tons), Guinea (X tons) and Mali (X tons). All these countries together held approx. X% share of total imports. Burkina Faso (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, Guinea (X%), Mali (X%), Burkina Faso (X%), Ghana (X%), Senegal (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. From 2012 to 2022, the share of Guinea, Mali, Ghana and Burkina Faso increased by X, X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria amounted to X%. The remaining importing countries recorded the following average annual rates of imports growth: Senegal (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, with a decrease of X% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the import price increased by X%. The level of import peaked at $X per ton in 2021, and then fell in the following year.

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 Nigeria ($X per ton), while Mali ($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 more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :