Western Africa: Sugar Market 2024

Sugar Market Size in Western Africa

In 2022, after three years of growth, there was significant decline in the West African sugar market, when its value decreased by X% to $X. Overall, consumption, however, saw a relatively flat trend pattern. The level of consumption peaked at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Sugar Production in Western Africa

In value terms, sugar production reduced to $X in 2022 estimated in export price. Over the period under review, production, however, showed a buoyant increase. The growth pace was the most rapid in 2013 when the production volume increased by X% against the previous year. Over the period under review, production attained the maximum level at $X in 2019; afterwards, it flattened through to 2022.

The countries with the highest volumes of production in 2022 were Cote d'Ivoire (X tons), Senegal (X tons) and Mali (X tons), with a combined X% share of total production.

From 2012 to 2022, the biggest increases were recorded for Mali (with a CAGR of X%), while production for the other leaders experienced more modest paces of growth.

Sugar Exports

Exports in Western Africa

In 2022, sugar exports in Western Africa reduced slightly to X tons, falling by X% against the year before. In general, exports recorded a abrupt decrease. The most prominent rate of growth was recorded in 2016 when exports increased by X% against the previous year. The volume of export peaked at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, sugar exports declined to $X in 2022. Overall, exports showed a abrupt decline. The most prominent rate of growth was recorded in 2016 when exports increased by X% against the previous year. Over the period under review, the exports attained the maximum at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Benin prevails in exports structure, finishing at X tons, which was near X% of total exports in 2022. Togo (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to sugar exports from Benin stood at X%. At the same time, Togo (X%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of X% from 2012-2022. While the share of Benin (X p.p.) and Togo (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Benin ($X) remains the largest sugar supplier in Western Africa, comprising X% of total exports. The second position in the ranking was taken by Togo ($X), with a X% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Benin stood at X%.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, leveling off at the previous year. Over the period under review, the export price saw a pronounced decrease. The most prominent rate of growth was recorded in 2018 an increase of X% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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 Benin ($X per ton), while Togo totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Benin (X%).

Sugar Imports

Imports in Western Africa

In 2022, supplies from abroad of sugar decreased by X% to X tons, falling for the second consecutive year after two years of growth. In general, imports continue to indicate a pronounced contraction. The pace of growth appeared the most rapid in 2016 when imports increased by X%. Over the period under review, imports attained the peak figure at X tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, sugar imports contracted to $X in 2022. Overall, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of X%. Over the period under review, imports reached the maximum at $X in 2021, and then dropped in the following year.

Imports by Country

Nigeria prevails in imports structure, resulting at X tons, which was near X% of total imports in 2022. The following importers - Cote d'Ivoire (X tons) and Ghana (X tons) - each reached a X% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to sugar imports into Nigeria stood at X%. At the same time, Cote d'Ivoire (X%) and Ghana (X%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in Western Africa, with a CAGR of X% from 2012-2022. Cote d'Ivoire (X p.p.) and Ghana (X p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by X% from 2012 to 2022, respectively.

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

From 2012 to 2022, the average annual growth rate of value in Nigeria was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (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, rising by X% against the previous year. Import price indicated a notable increase from 2012 to 2022: its price 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, sugar import price increased by X% against 2019 indices. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. The level of import peaked in 2022 and is likely to see gradual growth in years to come.

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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