ECOWAS: Vanilla Market 2024

Vanilla Market Size in ECOWAS

The ECOWAS vanilla market skyrocketed to $X in 2023, surging by X% against the previous year. Overall, consumption, however, showed prominent growth. Over the period under review, the market hit record highs at $X in 2021; however, from 2022 to 2023, consumption stood at a somewhat lower figure.

Vanilla Production in ECOWAS

In value terms, vanilla production skyrocketed to $X in 2023 estimated in export price. In general, production posted buoyant growth. The most prominent rate of growth was recorded in 2016 when the production volume increased by X%. Over the period under review, production hit record highs in 2023 and is likely to continue growth in years to come.

Senegal (X tons) remains the largest vanilla producing country in ECOWAS, comprising approx. X% of total volume. Moreover, vanilla production in Senegal exceeded the figures recorded by the second-largest producer, Guinea (X kg), threefold.

From 2012 to 2023, the average annual rate of growth in terms of volume in Senegal stood at X%.

Vanilla Exports

Exports in ECOWAS

Vanilla exports soared to X tons in 2023, jumping by X% compared with the year before. Over the period under review, exports showed a significant increase. The most prominent rate of growth was recorded in 2018 with an increase of X%. Over the period under review, the exports attained the maximum in 2023 and are expected to retain growth in years to come.

In value terms, vanilla exports skyrocketed to $X in 2023. In general, exports showed significant growth. The pace of growth was the most pronounced in 2020 with an increase of X% against the previous year. The level of export peaked in 2023 and is likely to see steady growth in years to come.

Exports by Country

In 2023, Senegal (X tons) was the major exporter of vanilla, generating X% of total exports. It was distantly followed by Guinea (X kg), generating a X% share of total exports. The following exporters - Cote d'Ivoire (X kg) and Ghana (X kg) - each finished at a X% share of total exports.

Senegal was also the fastest-growing in terms of the vanilla exports, with a CAGR of X% from 2013 to 2023. At the same time, Guinea (X%) and Ghana (X%) displayed positive paces of growth. Cote d'Ivoire experienced a relatively flat trend pattern. While the share of Guinea (X p.p.), Cote d'Ivoire (X p.p.) and Ghana (X p.p.) increased significantly in terms of the total exports from 2013-2023, the share of Senegal (X p.p.) displayed negative dynamics.

In value terms, Guinea ($X) remains the largest vanilla supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was held by Ghana ($X), with a X% share of total exports. It was followed by Senegal, with an X% share.

From 2013 to 2023, the average annual growth rate of value in Guinea stood at X%. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (X% per year) and Senegal (X% per year).

Export Prices by Country

In 2023, the export price in ECOWAS amounted to $X per ton, rising by X% against the previous year. Overall, the export price continues to indicate a buoyant increase. Over the period under review, the export prices attained the peak figure at $X per ton in 2017; however, from 2018 to 2023, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2013 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 export price figures.

Vanilla Imports

Imports in ECOWAS

In 2023, overseas purchases of vanilla decreased by X% to X tons for the first time since 2018, thus ending a four-year rising trend. Overall, imports, however, saw perceptible growth. The pace of growth appeared the most rapid in 2020 when imports increased by X%. The volume of import peaked at X tons in 2022, and then fell sharply in the following year.

In value terms, vanilla imports shrank rapidly to $X in 2023. In general, imports saw a abrupt shrinkage. The pace of growth was the most pronounced in 2015 when imports increased by X% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2023, imports stood at a somewhat lower figure.

Imports by Country

In 2023, Niger (X tons) was the major importer of vanilla, making up X% of total imports. It was distantly followed by Cote d'Ivoire (X tons), making up a X% share of total imports. Ghana (X tons) held a relatively small share of total imports.

Niger was also the fastest-growing in terms of the vanilla imports, with a CAGR of X% from 2012 to 2023. At the same time, Cote d'Ivoire (X%) and Ghana (X%) displayed positive paces of growth. While the share of Niger (X p.p.) and Cote d'Ivoire (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

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

In Niger, vanilla imports expanded at an average annual rate of X% over the period from 2012-2023. 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

The import price in ECOWAS stood at $X per ton in 2023, leveling off at the previous year. Overall, the import price, however, showed a deep setback. The pace of growth appeared the most rapid in 2016 when the import price increased by X% against the previous year. As a result, import price reached the peak level of $X per ton. From 2017 to 2023, the 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 Ghana ($X per ton), while Niger ($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 a decline in the import price figures.

Source: IndexBox Platform