Western Africa: Vanilla Market 2023

Vanilla Exports

Exports in Western Africa

Vanilla exports skyrocketed to X tons in 2022, surging by 5,349% against the previous year. Overall, exports continue to indicate significant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, vanilla exports surged to $X in 2022. In general, exports saw a significant increase. The most prominent rate of growth was recorded in 2020 with an increase of 137%. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the near future.

Exports by Country

Nigeria prevails in exports structure, reaching X tons, which was near 98% of total exports in 2022. Guinea (X tons) followed a long way behind the leaders.

Nigeria experienced a relatively flat trend pattern with regard to volume of exports of vanilla. At the same time, Guinea (+72.9%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +72.9% from 2013-2022. From 2013 to 2022, the share of Nigeria increased by +97 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Guinea ($X) and Nigeria ($X) appeared to be the countries with the highest levels of exports in 2022.

Among the main exporting countries, Guinea, with a CAGR of +13.0%, recorded the highest growth rate of the value of exports, over the period under review.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, falling by -96.9% against the previous year. In general, the export price continues to indicate a abrupt decline. The pace of growth appeared the most rapid in 2021 when the export price increased by 4.4%. Over the period under review, the export prices attained the maximum at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

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 Guinea ($X per ton), while Nigeria totaled $X per ton.

From 2013 to 2022, the most notable rate of growth in terms of prices was attained by Guinea (-34.6%).

Vanilla Imports

Imports in Western Africa

In 2022, purchases abroad of vanilla decreased by -20.1% to X tons for the first time since 2018, thus ending a three-year rising trend. In general, imports, however, saw a measured expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 463% against the previous year. The volume of import peaked at X tons in 2021, and then shrank notably in the following year.

In value terms, vanilla imports declined to $X in 2022. Over the period under review, imports faced a abrupt curtailment. The most prominent rate of growth was recorded in 2015 when imports increased by 134% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Senegal represented the major importer of vanilla in Western Africa, with the volume of imports amounting to X tons, which was near 76% of total imports in 2022. It was distantly followed by Cote d'Ivoire (X tons), comprising a 16% share of total imports. The following importers - Benin (X tons) and Ghana (X tons) - each amounted to a 4.4% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to vanilla imports into Senegal stood at +7.0%. At the same time, Cote d'Ivoire (+27.6%) and Ghana (+15.2%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +27.6% from 2012-2022. By contrast, Benin (-5.1%) illustrated a downward trend over the same period. Senegal (+20 p.p.) and Cote d'Ivoire (+16 p.p.) significantly strengthened its position in terms of the total imports, while Benin saw its share reduced by -3.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X), Cote d'Ivoire ($X) and Senegal ($X) were the countries with the highest levels of imports in 2022, with a combined 62% share of total imports.

Ghana, with a CAGR of +29.5%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, surging by 15% against the previous year. Overall, the import price, however, saw a sharp descent. The growth pace was the most rapid in 2016 when the import price increased by 99%. As a result, import price attained the peak level of $X per ton. From 2017 to 2022, the import prices failed to regain momentum.

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 Ghana ($X per ton), while Senegal ($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 (+12.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Market Intelligence Platform

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