ECOWAS: Sugar Market 2024

Sugar Market Size in ECOWAS

The ECOWAS sugar market rose markedly to $X in 2023, increasing by X% against the previous year. The market value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the peak level in 2023 and is expected to retain growth in years to come.

Sugar Production in ECOWAS

In value terms, sugar production amounted to $X in 2023 estimated in export price. The total production indicated pronounced growth from 2012 to 2023: its value 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, production increased by X% against 2016 indices. The most prominent rate of growth was recorded in 2021 when the production volume increased by X%. The level of production peaked in 2023 and is likely to see steady growth in the immediate term.

The countries with the highest volumes of production in 2023 were Cote d'Ivoire (X tons), Senegal (X tons) and Mali (X tons), together comprising X% of total production. Niger, Nigeria, Burkina Faso and Guinea lagged somewhat behind, together comprising a further X%.

From 2012 to 2023, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by Nigeria (with a CAGR of X%), while production for the other leaders experienced more modest paces of growth.

Sugar Exports

Exports in ECOWAS

Sugar exports reached X tons in 2023, with an increase of X% against the previous year's figure. Total exports indicated strong growth from 2012 to 2023: its volume 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. The most prominent rate of growth was recorded in 2013 with an increase of X%. The volume of export peaked at X tons in 2019; however, from 2020 to 2023, the exports remained at a lower figure.

In value terms, sugar exports surged to $X in 2023. Over the period under review, exports enjoyed a mild increase. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

Togo represented the largest exporter of sugar in ECOWAS, with the volume of exports amounting to X tons, which was near X% of total exports in 2023. Nigeria (X tons) held the second position in the ranking, followed by Niger (X tons) and Ghana (X tons). All these countries together took near X% share of total exports.

Togo was also the fastest-growing in terms of the sugar exports, with a CAGR of X% from 2012 to 2023. At the same time, Ghana (X%), Niger (X%) and Nigeria (X%) displayed positive paces of growth. From 2012 to 2023, the share of Togo, Niger, Ghana and Nigeria increased by X, X, X and X percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) emerged as the largest sugar supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was taken by Togo ($X), with a X% share of total exports. It was followed by Niger, with a X% share.

In Nigeria, sugar exports increased at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Togo (X% per year) and Niger (X% per year).

Export Prices by Country

In 2023, the export price in ECOWAS amounted to $X per ton, surging by X% against the previous year. Overall, the export price, however, continues to indicate a pronounced shrinkage. Over the period under review, the export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2023, the export prices stood at a somewhat 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 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 Nigeria (X%), while the other leaders experienced a decline in the export price figures.

Sugar Imports

Imports in ECOWAS

In 2023, the amount of sugar imported in ECOWAS expanded to X tons, increasing by X% on the previous year. The total import volume increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 with an increase of X% against the previous year. The volume of import peaked at X tons in 2021; however, from 2022 to 2023, imports failed to regain momentum.

In value terms, sugar imports expanded significantly to $X in 2023. Total imports indicated slight growth from 2012 to 2023: its value 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, imports increased by X% against 2019 indices. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. The level of import peaked in 2023 and is expected to retain growth in years to come.

Imports by Country

In 2023, Nigeria (X tons), distantly followed by Cote d'Ivoire (X tons), Ghana (X tons), Burkina Faso (X tons), Togo (X tons), Guinea (X tons), Senegal (X tons) and Gambia (X tons) represented the major importers of sugar, together comprising X% of total imports.

From 2012 to 2023, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

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

From 2012 to 2023, the average annual rate of growth in terms 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 2023, the import price in ECOWAS amounted to $X per ton, rising by X% against the previous year. Overall, the import price, however, saw a mild decline. The most prominent rate of growth was recorded in 2021 an increase of X%. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2023, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2023, 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 Nigeria (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform