Western Africa: Areca Nut Market 2024

Areca Nut Market Size in Western Africa

The West African areca nut market shrank markedly to $X in 2023, dropping by X% against the previous year. In general, consumption continues to indicate a abrupt slump. Over the period under review, the market attained the maximum level at $X in 2018; however, from 2019 to 2023, consumption failed to regain momentum.

Areca Nut Production in Western Africa

In value terms, areca nut production declined notably to $X in 2023 estimated in export price. Overall, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 when the production volume increased by X%. As a result, production reached the peak level of $X, and then contracted markedly in the following year.

Nigeria (X tons) constituted the country with the largest volume of areca nut production, accounting for X% of total volume. Moreover, areca nut production in Nigeria exceeded the figures recorded by the second-largest producer, Ghana (X tons), sixfold.

In Nigeria, areca nut production increased at an average annual rate of X% over the period from 2012-2023. The remaining producing countries recorded the following average annual rates of production growth: Ghana (X% per year) and Senegal (X% per year).

Areca Nut Exports

Exports in Western Africa

In 2023, the amount of areca nuts exported in Western Africa skyrocketed to X tons, picking up by X% on the previous year. Over the period under review, exports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021; however, from 2022 to 2023, the exports stood at a somewhat lower figure.

In value terms, areca nut exports declined sharply to $X in 2023. Overall, exports recorded a significant expansion. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at $X in 2022, and then dropped rapidly in the following year.

Exports by Country

Nigeria represented the main exporting country with an export of around X tons, which resulted at X% of total exports. It was distantly followed by Ghana (X tons), constituting a X% share of total exports.

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

In value terms, Nigeria ($X) remains the largest areca nut supplier in Western Africa, comprising X% of total exports. The second position in the ranking was held by Ghana ($X), with an X% share of total exports.

From 2012 to 2023, the average annual rate of growth in terms of value in Nigeria amounted to X%.

Export Prices by Country

In 2023, the export price in Western Africa amounted to $X per ton, dropping by X% against the previous year. In general, the export price saw a abrupt contraction. The pace of growth was the most pronounced in 2022 when the export price increased by X% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2014; however, from 2015 to 2023, the export prices failed to regain momentum.

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 Ghana totaled $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Nigeria (X%).

Areca Nut Imports

Imports in Western Africa

Areca nut imports surged to X kg in 2023, picking up by X% compared with the previous year. In general, imports, however, showed a deep slump. The pace of growth was the most pronounced in 2018 with an increase of X% against the previous year. As a result, imports attained the peak of X tons. From 2019 to 2023, the growth of imports remained at a lower figure.

In value terms, areca nut imports shrank to $X in 2023. Overall, imports, however, recorded a pronounced curtailment. The pace of growth appeared the most rapid in 2018 when imports increased by X%. As a result, imports reached the peak of $X. From 2019 to 2023, the growth of imports remained at a lower figure.

Imports by Country

Ghana represented the largest importing country with an import of about X kg, which recorded X% of total imports. It was distantly followed by Nigeria (X kg), Sierra Leone (X kg) and Cote d'Ivoire (X kg), together comprising a X% share of total imports. Liberia (X kg) held a relatively small share of total imports.

Ghana was also the fastest-growing in terms of the areca nuts imports, with a CAGR of X% from 2012 to 2023. At the same time, Cote d'Ivoire (X%) and Nigeria (X%) displayed positive paces of growth. By contrast, Liberia (X%) and Sierra Leone (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Ghana, Nigeria and Cote d'Ivoire 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, Ghana ($X), Sierra Leone ($X) and Nigeria ($X) were the countries with the highest levels of imports in 2023, together accounting for X% of total imports.

Ghana, with a CAGR of X%, recorded 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 more modest paces of growth.

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2023, waning by X% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 an increase of X% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2021; however, from 2022 to 2023, import prices stood at a somewhat 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 Sierra Leone ($X per ton), while Ghana ($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 more modest paces of growth.

Source: IndexBox Platform