Western Africa: Cereal Market 2024

Cereal Market Size in Western Africa

In 2022, after four years of growth, there was decline in the West African cereal market, when its value decreased by X% to $X. The market value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the maximum level at $X in 2021, and then reduced modestly in the following year.

Cereal Production in Western Africa

In value terms, cereal production contracted slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 when the production volume increased by X% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

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

From 2012 to 2022, the average annual growth rate 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 Burkina Faso (X% per year).

The average cereal yield was estimated at X tons per ha in 2022, remaining relatively unchanged against the previous year's figure. The yield figure 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 recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 when the yield increased by X% against the previous year. Over the period under review, the cereal yield hit record highs at X tons per ha in 2020; afterwards, it flattened through to 2022. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The cereal harvested area contracted to X ha in 2022, approximately reflecting 2021 figures. The harvested area increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2016 with an increase of X%. Over the period under review, the harvested area dedicated to cereal production reached the maximum at X ha in 2018; however, from 2019 to 2022, the harvested area stood at a somewhat lower figure.

Cereal Exports

Exports in Western Africa

In 2022, the amount of cereals exported in Western Africa rose markedly to X tons, with an increase of X% compared with the year before. Over the period under review, exports, however, saw a mild reduction. The growth pace was the most rapid in 2020 when exports increased by X%. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports remained at a lower figure.

In value terms, cereal exports reached $X in 2022. Overall, exports, however, showed a mild contraction. The growth pace was the most rapid in 2013 when exports increased by X%. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Cote d'Ivoire was the major exporter of cereals in Western Africa, with the volume of exports reaching X tons, which was approx. X% of total exports in 2022. Liberia (X tons) held a X% share (based on physical terms) of total exports, which put it in second place, followed by Burkina Faso (X%) and Senegal (X%). Benin (X tons), Niger (X tons) and Mali (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to cereal exports from Cote d'Ivoire stood at X%. At the same time, Niger (X%), Senegal (X%), Mali (X%), Liberia (X%) and Burkina Faso (X%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of X% from 2012-2022. By contrast, Benin (X%) illustrated a downward trend over the same period. While the share of Cote d'Ivoire (X p.p.), Liberia (X p.p.), Senegal (X p.p.), Burkina Faso (X p.p.) and Niger (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Benin (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest cereal supplying countries in Western Africa were Senegal ($X), Cote d'Ivoire ($X) and Liberia ($X), with a combined X% share of total exports. Burkina Faso, Mali, Niger and Benin lagged somewhat behind, together accounting for a further X%.

Among the main exporting countries, Niger, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, 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 Western Africa stood at $X per ton in 2022, reducing by X% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid 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 lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Mali ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

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

Cereal Imports

Imports in Western Africa

In 2022, purchases abroad of cereals increased by X% to X tons, rising for the third year in a row after two years of decline. Total imports indicated noticeable growth 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 2017 when imports increased by X% against the previous year. The volume of import peaked in 2022 and is likely to see gradual growth in the near future.

In value terms, cereal imports declined slightly to $X in 2022. Over the period under review, imports recorded a strong increase. The pace of growth appeared the most rapid in 2020 with an increase of X% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then declined slightly in the following year.

Imports by Country

Nigeria was the main importing country with an import of around X tons, which resulted at X% of total imports. Senegal (X tons) ranks second in terms of the total imports with a X% share, followed by Ghana (X%), Mauritania (X%), Cote d'Ivoire (X%), Guinea (X%) and Mali (X%).

From 2012 to 2022, average annual rates of growth with regard to cereal imports into Nigeria stood at X%. At the same time, Guinea (X%), Mali (X%), Senegal (X%), Ghana (X%), Mauritania (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in Western Africa, with a CAGR of X% from 2012-2022. From 2012 to 2022, the share of Guinea, Mali and Senegal increased by X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported cereals in Western Africa, comprising X% of total imports. The second position in the ranking was held by Senegal ($X), with a X% share of total imports. It was followed by Cote d'Ivoire, with an 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 Western Africa amounted to $X per ton, with a decrease of X% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid 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.

Prices varied noticeably by country of destination: 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 Mauritania (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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