Western Africa: Soups Market 2024

Soups Market Size in Western Africa

In 2023, the West African soups market decreased by X% to $X, falling for the second year in a row after two years of growth. The market value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2021; however, from 2022 to 2023, consumption stood at a somewhat lower figure.

Soups Production in Western Africa

In value terms, soups production rose slightly to $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2017 with an increase of X%. Over the period under review, production hit record highs at $X in 2021; however, from 2022 to 2023, production stood at a somewhat lower figure.

Soups Exports

Exports in Western Africa

Soups exports expanded rapidly to X tons in 2023, surging by X% against the previous year. Total exports indicated a buoyant increase from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by X% against 2016 indices. The pace of growth appeared the most rapid in 2017 when exports increased by X% against the previous year. The volume of export peaked in 2023 and is expected to retain growth in the near future.

In value terms, soups exports reached $X in 2023. The total export value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. Over the period under review, the exports reached the peak figure in 2023 and are expected to retain growth in the near future.

Exports by Country

Senegal was the main exporter of soups and broths in Western Africa, with the volume of exports finishing at X tons, which was approx. X% of total exports in 2023. It was distantly followed by Cote d'Ivoire (X tons) and Ghana (X tons), together creating a X% share of total exports.

Exports from Senegal increased at an average annual rate of X% from 2012 to 2023. At the same time, Ghana (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of X% from 2012-2023. While the share of Ghana (X p.p.) and Senegal (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Cote d'Ivoire (X p.p.) displayed negative dynamics.

In value terms, Senegal ($X) remains the largest soups supplier in Western Africa, comprising X% of total exports. The second position in the ranking was held by Cote d'Ivoire ($X), with a X% share of total exports.

In Senegal, soups exports expanded at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Cote d'Ivoire (X% per year) and Ghana (X% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2023, waning by X% against the previous year. Over the period under review, the export price showed a pronounced reduction. The most prominent rate of growth was recorded in 2014 when the export price increased by X%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2023, the export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Senegal ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Ghana (X%), while the other leaders experienced a decline in the export price figures.

Soups Imports

Imports in Western Africa

In 2023, approx. X tons of soups and broths were imported in Western Africa; almost unchanged from 2022. Total imports indicated a buoyant expansion from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2013 when imports increased by X% against the previous year. The volume of import peaked in 2023 and is expected to retain growth in years to come.

In value terms, soups imports declined to $X in 2023. Total imports indicated moderate growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2016 indices. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2023, the growth of imports failed to regain momentum.

Imports by Country

In 2023, Mali (X tons) represented the major importer of soups and broths, creating X% of total imports. Niger (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Guinea (X%), Benin (X%), Burkina Faso (X%), Togo (X%), Gambia (X%) and Cote d'Ivoire (X%).

Imports into Mali increased at an average annual rate of X% from 2012 to 2023. At the same time, Niger (X%), Togo (X%), Guinea (X%), Gambia (X%), Benin (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing importer imported in Western Africa, with a CAGR of X% from 2012-2023. By contrast, Burkina Faso (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Mali, Niger, Togo and Guinea 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, Mali ($X) constitutes the largest market for imported soups and broths in Western Africa, comprising X% of total imports. The second position in the ranking was taken by Guinea ($X), with an X% share of total imports. It was followed by Niger, with an X% share.

In Mali, soups imports expanded at an average annual rate of X% over the period from 2012-2023. The remaining importing countries recorded the following average annual rates of imports growth: Guinea (X% per year) and Niger (X% per year).

Import Prices by Country

In 2023, the import price in Western Africa amounted to $X per ton, approximately reflecting the previous year. Over the period under review, the import price saw a slight shrinkage. The pace of growth was the most pronounced in 2013 an increase of X% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2023, the import prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Gambia ($X per ton), while Benin ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Guinea (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform