Western Africa: Rum Market 2024

Rum Market Size in Western Africa

The West African rum market dropped to $X in 2023, declining by X% against the previous year. The total consumption indicated a modest expansion from 2012 to 2023: its value 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, consumption increased by X% against 2021 indices. The level of consumption peaked at $X in 2019; however, from 2020 to 2023, consumption failed to regain momentum.

Rum Production in Western Africa

In value terms, rum production reduced slightly to $X in 2023 estimated in export price. The total production indicated a slight increase 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 2021 indices. The pace of growth appeared the most rapid in 2014 with an increase of X% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2023, production stood at a somewhat lower figure.

Rum Exports

Exports in Western Africa

After two years of growth, shipments abroad of rum decreased by X% to X litres in 2023. Over the period under review, exports, however, continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. The volume of export peaked at X litres in 2022, and then reduced dramatically in the following year.

In value terms, rum exports fell to $X in 2023. Overall, exports, however, showed a significant expansion. The pace of growth appeared the most rapid in 2014 when exports increased by X%. The level of export peaked at $X in 2021; however, from 2022 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

In 2023, Ghana (X litres) was the main exporter of rum, constituting X% of total exports. It was distantly followed by Cote d'Ivoire (X litres), making up a X% share of total exports.

Ghana was also the fastest-growing in terms of the rum exports, with a CAGR of X% from 2012 to 2023. At the same time, Cote d'Ivoire (X%) displayed positive paces of growth. Ghana (X p.p.) significantly strengthened its position in terms of the total exports, while Cote d'Ivoire saw its share reduced by X% from 2012 to 2023, respectively.

In value terms, Ghana ($X) and Cote d'Ivoire ($X) constituted the countries with the highest levels of exports in 2023.

Ghana, with a CAGR of X%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review.

Export Prices by Country

In 2023, the export price in Western Africa amounted to $X per litre, picking up by X% against the previous year. Over the period under review, the export price, however, continues to indicate a perceptible shrinkage. The most prominent rate of growth was recorded in 2014 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 litre in 2020; however, from 2021 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 Cote d'Ivoire ($X per litre), while Ghana amounted to $X per litre.

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

Rum Imports

Imports in Western Africa

In 2023, the amount of rum imported in Western Africa shrank sharply to X litres, which is down by X% on 2022. Overall, imports, however, enjoyed strong growth. The pace of growth appeared the most rapid in 2021 when imports increased by X% against the previous year. As a result, imports attained the peak of X litres. From 2022 to 2023, the growth of imports remained at a lower figure.

In value terms, rum imports shrank notably to $X in 2023. Over the period under review, imports, however, enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. The level of import peaked at $X in 2022, and then reduced remarkably in the following year.

Imports by Country

Ghana dominates imports structure, reaching X litres, which was near X% of total imports in 2023. Nigeria (X litres) held the second position in the ranking, followed by Cote d'Ivoire (X litres). All these countries together held near X% share of total imports. The following importers - Burkina Faso (X litres), Togo (X litres), Cabo Verde (X litres), Niger (X litres) and Liberia (X litres) - together made up X% of total imports.

Imports into Ghana increased at an average annual rate of X% from 2012 to 2023. At the same time, Niger (X%), Cote d'Ivoire (X%) and Liberia (X%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing importer imported in Western Africa, with a CAGR of X% from 2012-2023. Nigeria experienced a relatively flat trend pattern. By contrast, Togo (X%), Cabo Verde (X%) and Burkina Faso (X%) illustrated a downward trend over the same period. Ghana (X p.p.), Cote d'Ivoire (X p.p.) and Niger (X p.p.) significantly strengthened its position in terms of the total imports, while Cabo Verde, Togo, Nigeria and Burkina Faso saw its share reduced by X%, X%, X% and X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2012 to 2023, the average annual growth rate of value in Ghana totaled X%. In the other countries, the average annual rates were as follows: Nigeria (X% per year) and Cote d'Ivoire (X% per year).

Import Prices by Country

In 2023, the import price in Western Africa amounted to $X per litre, therefore, remained relatively stable against the previous year. Import price indicated a noticeable expansion 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, rum import price increased by X% against 2017 indices. The pace of growth appeared the most rapid in 2018 an increase of X% against the previous year. Over the period under review, import prices attained the peak figure at $X per litre in 2022, and then declined modestly in the following year.

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 Cabo Verde ($X per litre), while Togo ($X per litre) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Cabo Verde (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform