Western Africa: Cinnamon Market 2024

Cinnamon Market Size in Western Africa

After five years of growth, the West African cinnamon market decreased by X% to $X in 2022. In general, consumption, however, enjoyed a buoyant increase. Over the period under review, the market reached the maximum level at $X in 2021, and then declined in the following year.

Cinnamon Production in Western Africa

In value terms, cinnamon production expanded significantly to $X in 2022 estimated in export price. Over the period under review, production posted a prominent expansion. The most prominent rate of growth was recorded in 2020 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

The country with the largest volume of cinnamon production was Guinea (X tons), comprising approx. X% of total volume. Moreover, cinnamon production in Guinea exceeded the figures recorded by the second-largest producer, Niger (X tons), eightfold. Ghana (X tons) ranked third in terms of total production with a X% share.

In Guinea, cinnamon production increased at an average annual rate of X% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: Niger (X% per year) and Ghana (X% per year).

Cinnamon Exports

Exports in Western Africa

Cinnamon exports contracted remarkably to X tons in 2022, which is down by X% compared with 2021. In general, exports, however, enjoyed a modest expansion. The most prominent rate of growth was recorded in 2020 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, cinnamon exports fell rapidly to $X in 2022. Overall, exports, however, enjoyed a resilient increase. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. The level of export peaked at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Liberia (X tons) was the main exporter of cinnamon (canella), mixing up X% of total exports. Nigeria (X tons) held the second position in the ranking, distantly followed by Sierra Leone (X kg) and Cote d'Ivoire (X kg). All these countries together took near X% share of total exports.

Exports from Liberia increased at an average annual rate of X% from 2012 to 2022. At the same time, Nigeria (X%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of X% from 2012-2022. By contrast, Cote d'Ivoire (X%) and Sierra Leone (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Nigeria, Liberia and Cote d'Ivoire increased by X, X and X percentage points, respectively.

In value terms, Liberia ($X) remains the largest cinnamon supplier in Western Africa, comprising X% of total exports. The second position in the ranking was held by Nigeria ($X), with a X% share of total exports. It was followed by Sierra Leone, with an X% share.

In Liberia, cinnamon exports expanded at an average annual rate of X% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Nigeria (X% per year) and Sierra Leone (X% per year).

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, surging by X% against the previous year. Overall, the export price posted perceptible growth. The pace of growth appeared the most rapid in 2021 when the export price increased by X%. Over the period under review, the export prices attained the peak figure in 2022 and is likely to see gradual growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Sierra Leone ($X per ton), while Nigeria ($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.

Cinnamon Imports

Imports in Western Africa

After two years of growth, overseas purchases of cinnamon (canella) decreased by X% to X tons in 2022. In general, imports, however, saw perceptible growth. The most prominent rate of growth was recorded in 2015 when imports increased by X% against the previous year. The volume of import peaked at X tons in 2021, and then dropped notably in the following year.

In value terms, cinnamon imports declined sharply to $X in 2022. Overall, imports, however, continue to indicate a temperate expansion. The pace of growth appeared the most rapid in 2020 when imports increased by X%. The level of import peaked at $X in 2021, and then fell rapidly in the following year.

Imports by Country

In 2022, Nigeria (X tons) represented the largest importer of cinnamon (canella), mixing up X% of total imports. Ghana (X tons) ranks second in terms of the total imports with a X% share, followed by Cabo Verde (X%) and Cote d'Ivoire (X%). The following importers - Benin (X tons), Mali (X tons) and Guinea-Bissau (X tons) - each recorded a X% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to cinnamon imports into Nigeria stood at X%. At the same time, Benin (X%), Cote d'Ivoire (X%), Ghana (X%), Cabo Verde (X%) and Guinea-Bissau (X%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing importer imported in Western Africa, with a CAGR of X% from 2012-2022. By contrast, Mali (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Nigeria, Ghana, Cabo Verde, Cote d'Ivoire and Benin increased by X, 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 ($X), Ghana ($X) and Cabo Verde ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined X% share of total imports. Mali, Cote d'Ivoire, Guinea-Bissau and Benin lagged somewhat behind, together accounting for a further X%.

In terms of the main importing countries, Guinea-Bissau, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, reducing by X% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the import price increased by X%. 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 Mali ($X per ton), while Nigeria ($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 more modest paces of growth.

Source: IndexBox Platform

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