Western Africa: Hop Market 2023

Hop Market Size in Western Africa

In 2022, the West African hop market decreased by -5.2% to $X for the first time since 2013, thus ending a eight-year rising trend. Over the period under review, consumption, however, posted a remarkable increase. The level of consumption peaked at $X in 2021, and then shrank in the following year.

Hop Production in Western Africa

In value terms, hop production reached $X in 2022 estimated in export price. The total production indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +7.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.4% against 2020 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 17% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

The country with the largest volume of hop production was Gambia (X tons), accounting for 92% of total volume. Moreover, hop production in Gambia exceeded the figures recorded by the second-largest producer, Nigeria (X tons), more than tenfold.

In Gambia, hop production increased at an average annual rate of +2.9% over the period from 2012-2022.

Hop Exports

Exports in Western Africa

In 2022, approx. X kg of hops were exported in Western Africa; shrinking by -18.9% on 2021. Over the period under review, exports continue to indicate a deep reduction. The most prominent rate of growth was recorded in 2013 when exports increased by 36,644%. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, hop exports dropped markedly to $X in 2022. In general, exports recorded a drastic downturn. The pace of growth was the most pronounced in 2013 when exports increased by 3,289%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Sierra Leone prevails in exports structure, resulting at X kg, which was approx. 97% of total exports in 2022. Ghana (X kg) followed a long way behind the leaders.

Sierra Leone was also the fastest-growing in terms of the hops exports, with a CAGR of -4.3% from 2012 to 2022. Ghana (-41.1%) illustrated a downward trend over the same period. Sierra Leone (+76 p.p.) significantly strengthened its position in terms of the total exports, while Ghana saw its share reduced by -76.2% from 2012 to 2022, respectively.

In value terms, Sierra Leone ($X) remains the largest hop supplier in Western Africa, comprising 97% of total exports. The second position in the ranking was held by Ghana ($X), with a 2.7% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Sierra Leone totaled +1.1%.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, flattening at the previous year. In general, the export price saw modest growth. The most prominent rate of growth was recorded in 2014 an increase of 1,048% against the previous year. Over the period under review, the export prices reached the peak figure in 2022 and is expected to retain growth in years to come.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Sierra Leone ($X per ton), while Ghana stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sierra Leone (+5.6%).

Hop Imports

Imports in Western Africa

In 2022, imports of hops in Western Africa reduced sharply to X tons, dropping by -15.8% compared with the previous year. In general, imports, however, continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2019 when imports increased by 72%. Over the period under review, imports attained the maximum at X tons in 2021, and then contracted sharply in the following year.

In value terms, hop imports contracted remarkably to $X in 2022. Over the period under review, imports, however, continue to indicate a temperate expansion. The pace of growth appeared the most rapid in 2019 with an increase of 63% against the previous year. The level of import peaked at $X in 2021, and then dropped dramatically in the following year.

Imports by Country

Ghana prevails in imports structure, resulting at X tons, which was approx. 73% of total imports in 2022. Nigeria (X tons) took a 7.7% share (based on physical terms) of total imports, which put it in second place, followed by Burkina Faso (5.3%) and Guinea (4.5%). The following importers - Togo (X tons) and Benin (X tons) - each finished at an 8.1% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to hop imports into Ghana stood at +16.7%. At the same time, Burkina Faso (+79.6%), Guinea (+21.9%) and Togo (+18.4%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +79.6% from 2012-2022. By contrast, Nigeria (-2.3%) and Benin (-6.2%) illustrated a downward trend over the same period. Ghana (+40 p.p.), Burkina Faso (+5.3 p.p.), Guinea (+3.2 p.p.) and Togo (+2.5 p.p.) significantly strengthened its position in terms of the total imports, while Benin and Nigeria saw its share reduced by -12% and -12.8% from 2012 to 2022, respectively.

In value terms, Ghana ($X) constitutes the largest market for imported hops in Western Africa, comprising 66% of total imports. The second position in the ranking was held by Nigeria ($X), with a 9.2% share of total imports. It was followed by Togo, with a 6.7% share.

In Ghana, hop imports increased at an average annual rate of +16.3% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Nigeria (-4.4% per year) and Togo (+15.0% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, falling by -9% against the previous year. Over the period under review, the import price showed a perceptible downturn. The most prominent rate of growth was recorded in 2014 an increase of 33%. As a result, import price attained the peak level of $X per ton. From 2015 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 Togo ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (-0.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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