Western Africa: Soya Bean Market 2024

Soya Bean Market Size in Western Africa

The West African soya bean market shrank modestly to $X in 2022, falling by X% against the previous year. The total consumption indicated a pronounced expansion 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 decreased by X% against 2017 indices. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Soya Bean Production in Western Africa

In value terms, soya bean production contracted to $X in 2022 estimated in export price. Overall, production showed a perceptible expansion. The pace of growth appeared the most rapid in 2017 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2018 to 2022, production growth remained at a lower figure.

The countries with the highest volumes of production in 2022 were Nigeria (X tons), Togo (X tons) and Benin (X tons), with a combined X% share of total production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by Togo (with a CAGR of X%), while production for the other leaders experienced more modest paces of growth.

The average soya bean yield surged to X tons per ha in 2022, rising by X% against 2021. The yield figure 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 throughout the analyzed period. As a result, the yield reached the peak level and is likely to continue growth in the immediate term. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The soya bean harvested area declined to X ha in 2022, waning by X% against 2021 figures. The total harvested area indicated a measured expansion 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, soya bean harvested area increased by X% against 2018 indices. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. The level of harvested area peaked at X ha in 2021, and then fell slightly in the following year.

Soya Bean Exports

Exports in Western Africa

In 2022, soya bean exports in Western Africa soared to X tons, rising by X% against the previous year's figure. Over the period under review, exports enjoyed a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, soya bean exports surged to $X in 2022. In general, exports continue to indicate a significant expansion. The growth pace was the most rapid in 2017 with an increase of X%. The level of export peaked in 2022 and is likely to see steady growth in the near future.

Exports by Country

Togo dominates exports structure, accounting for X tons, which was near X% of total exports in 2022. It was distantly followed by Nigeria (X tons), generating a X% share of total exports. The following exporters - Ghana (X tons), Benin (X tons) and Burkina Faso (X tons) - together made up X% of total exports.

Exports from Togo increased at an average annual rate of X% from 2012 to 2022. At the same time, Nigeria (X%), Burkina Faso (X%), Ghana (X%) and Benin (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. From 2012 to 2022, the share of Nigeria and Burkina Faso increased by X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Togo ($X), Nigeria ($X) and Ghana ($X) constituted the countries with the highest levels of exports in 2022, with a combined X% share of total exports. Burkina Faso and Benin lagged somewhat behind, together accounting for a further X%.

Burkina Faso, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, among 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

In 2022, the export price in Western Africa amounted to $X per ton, shrinking by X% against the previous year. In general, the export price showed a noticeable decline. The most prominent rate of growth was recorded in 2017 an increase of X%. The level of export peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Togo ($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 (X%), while the other leaders experienced mixed trends in the export price figures.

Soya Bean Imports

Imports in Western Africa

In 2022, soya bean imports in Western Africa skyrocketed to X tons, growing by X% compared with the year before. Over the period under review, imports saw a significant expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, soya bean imports soared to $X in 2022. In general, imports posted a significant expansion. The level of import peaked at $X in 2015; however, from 2016 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Nigeria (X tons) was the main importer of soya beans, creating X% of total imports. It was distantly followed by Togo (X tons), generating a X% share of total imports. Ghana (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Togo (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) constitutes the largest market for imported soya beans in Western Africa, comprising X% of total imports. The second position in the ranking was taken by Togo ($X), with a X% share of total imports.

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

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, increasing by X% against the previous year. Overall, the import price, however, saw a pronounced reduction. The pace of growth was the most pronounced in 2018 an increase of X% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 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 Nigeria ($X per ton), while Ghana ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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