ECOWAS: Modified Starches Market 2024

Modified Starches Market Size in ECOWAS

The ECOWAS modified starches market soared to $X in 2023, surging by X% against the previous year. Over the period under review, consumption continues to indicate a strong increase. Over the period under review, the market reached the peak level at $X in 2021; however, from 2022 to 2023, consumption stood at a somewhat lower figure.

Modified Starches Production in ECOWAS

In value terms, modified starches production expanded rapidly to $X in 2023 estimated in export price. Overall, production showed a strong increase. The pace of growth appeared the most rapid in 2019 with an increase of X%. As a result, production reached the peak level of $X. From 2020 to 2023, production growth failed to regain momentum.

Modified Starches Exports

Exports in ECOWAS

In 2023, approx. X tons of dextrins and other modified starches were exported in ECOWAS; increasing by X% against the previous year. In general, exports saw perceptible growth. The pace of growth appeared the most rapid in 2021 when exports increased by X%. As a result, the exports reached the peak of X tons. From 2022 to 2023, the growth of the exports remained at a lower figure.

In value terms, modified starches exports skyrocketed to $X in 2023. Over the period under review, exports enjoyed resilient growth. The pace of growth was the most pronounced in 2020 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at $X in 2021; however, from 2022 to 2023, the exports remained at a lower figure.

Exports by Country

Senegal represented the major exporter of dextrins and other modified starches in ECOWAS, with the volume of exports resulting at X tons, which was near X% of total exports in 2023. It was distantly followed by Cote d'Ivoire (X tons), comprising a X% share of total exports. Nigeria (X tons) held a minor share of total exports.

Senegal was also the fastest-growing in terms of the dextrins and other modified starches exports, with a CAGR of X% from 2012 to 2023. At the same time, Cote d'Ivoire (X%) displayed positive paces of growth. By contrast, Nigeria (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Senegal and Cote d'Ivoire increased by X and X percentage points, respectively.

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

In Senegal, modified starches exports increased at an average annual rate of X% over the period from 2012-2023. The remaining exporting countries recorded the following average annual rates of exports growth: Cote d'Ivoire (X% per year) and Nigeria (X% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2023, with an increase of X% against the previous year. Export price indicated a notable expansion from 2012 to 2023: its price 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, modified starches export price decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2020 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 2021 to 2023, the export prices remained at a 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 Cote d'Ivoire (X%), while the other leaders experienced mixed trends in the export price figures.

Modified Starches Imports

Imports in ECOWAS

In 2023, approx. X tons of dextrins and other modified starches were imported in ECOWAS; with an increase of X% compared with the year before. In general, imports, however, saw a pronounced slump. The pace of growth was the most pronounced in 2020 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons. From 2021 to 2023, the growth of imports remained at a lower figure.

In value terms, modified starches imports contracted to $X in 2023. Over the period under review, imports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when imports increased by X%. Over the period under review, imports attained the maximum at $X in 2013; however, from 2014 to 2023, imports failed to regain momentum.

Imports by Country

Nigeria was the main importing country with an import of around X tons, which resulted at X% of total imports. Senegal (X tons) ranks second in terms of the total imports with a X% share, followed by Ghana (X%), Togo (X%) and Cote d'Ivoire (X%). Niger (X tons) followed a long way behind the leaders.

Imports into Nigeria decreased at an average annual rate of X% from 2012 to 2023. At the same time, Cote d'Ivoire (X%), Niger (X%), Senegal (X%) and Togo (X%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2023. Ghana experienced a relatively flat trend pattern. Senegal (X p.p.), Togo (X p.p.), Cote d'Ivoire (X p.p.), Ghana (X p.p.) and Niger (X p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by X% from 2012 to 2023, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported dextrins and other modified starches in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Ghana ($X), with a X% share of total imports. It was followed by Senegal, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in Nigeria stood at X%. In the other countries, the average annual rates were as follows: Ghana (X% per year) and Senegal (X% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2023, reducing by X% against the previous year. Import price indicated a modest increase from 2012 to 2023: its price 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, modified starches import price decreased by X% against 2021 indices. The growth pace was the most rapid in 2021 when the import price increased by X%. As a result, import price attained the peak level of $X per ton. From 2022 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 Nigeria ($X per ton), while Togo ($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 mixed trends in the import price figures.

Source: IndexBox Platform