Western Africa: Wheat Market 2024

Wheat Market Size in Western Africa

After two years of growth, the West African wheat market decreased by X% to $X in 2022. The total consumption indicated notable growth 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 increased by X% against 2019 indices. Over the period under review, the market hit record highs at $X in 2021, and then declined modestly in the following year.

Wheat Production in Western Africa

In value terms, wheat production declined modestly to $X in 2022 estimated in export price. Overall, production continues to indicate a deep contraction. The pace of growth appeared the most rapid in 2018 with an increase of X% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Nigeria (X tons) remains the largest wheat producing country in Western Africa, comprising approx. X% of total volume. Moreover, wheat production in Nigeria exceeded the figures recorded by the second-largest producer, Mali (X tons), twofold. Liberia (X tons) ranked third in terms of total production with a X% share.

In Nigeria, wheat production plunged by an average annual rate of X% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: Mali (X% per year) and Liberia (X% per year).

In 2022, the average wheat yield in Western Africa reached X tons per ha, surging by X% against 2021 figures. The yield indicated modest growth 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, wheat yield decreased by X% against 2017 indices. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. The level of yield peaked at X tons per ha in 2017; however, from 2018 to 2022, the yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The wheat harvested area declined sharply to X ha in 2022, waning by X% compared with the year before. Over the period under review, the harvested area showed a pronounced contraction. The pace of growth was the most pronounced in 2021 when the harvested area increased by X%. The level of harvested area peaked at X ha in 2012; however, from 2013 to 2022, the harvested area failed to regain momentum.

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Wheat Exports

Exports in Western Africa

In 2022, approx. X tons of wheat were exported in Western Africa; picking up by X% against the previous year's figure. In general, exports saw strong growth. The pace of growth appeared the most rapid in 2013 when exports increased by X%. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, wheat exports surged to $X in 2022. Overall, exports continue to indicate buoyant growth. The most prominent rate of growth was recorded in 2013 when exports increased by X%. 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

In 2022, Liberia (X tons) was the main exporter of wheat, mixing up X% of total exports. It was distantly followed by Senegal (X tons), comprising a X% share of total exports. The following exporters - Burkina Faso (X tons) and Guinea (X tons) - each reached a X% share of total exports.

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

In value terms, Senegal ($X), Liberia ($X) and Guinea ($X) appeared to be the countries with the highest levels of exports in 2022, together comprising X% of total exports.

Senegal, with a CAGR of X%, recorded 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, with an increase of X% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the export price increased by X% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 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 Senegal ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

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

Wheat Imports

Imports in Western Africa

In 2022, purchases abroad of wheat increased by X% to X tons, rising for the third consecutive year after two years of decline. Total imports indicated resilient growth from 2012 to 2022: its volume 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, imports increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2017 when imports increased by X% against the previous year. The volume of import peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, wheat imports reduced to $X in 2022. Over the period under review, imports posted prominent growth. The growth pace was the most rapid in 2020 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2021, and then fell in the following year.

Imports by Country

Nigeria was the largest importing country with an import of about X tons, which finished at X% of total imports. It was distantly followed by Ghana (X tons), Senegal (X tons), Mauritania (X tons), Cote d'Ivoire (X tons), Guinea (X tons) and Mali (X tons), together making up a X% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to wheat imports into Nigeria stood at X%. At the same time, Guinea (X%), Mali (X%), Ghana (X%), Senegal (X%), Mauritania (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in Western Africa, with a CAGR of X% from 2012-2022. From 2012 to 2022, the share of Guinea, Mali and Ghana increased by X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2012 to 2022, the average annual growth rate of value in Nigeria totaled X%. In the other countries, the average annual rates were as follows: Senegal (X% per year) and Cote d'Ivoire (X% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2022, waning by X% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 an increase of X% against the previous year. The level of import peaked at $X per ton in 2021, and then reduced in the following year.

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 ($X per ton), while Mali ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mauritania (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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