ECOWAS: Areca Nut Market 2024

Areca Nut Market Size in ECOWAS

In 2022, the ECOWAS areca nut market was finally on the rise to reach $X for the first time since 2018, thus ending a three-year declining trend. Overall, consumption, however, recorded a abrupt slump. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Areca Nut Production in ECOWAS

In value terms, areca nut production amounted to $X in 2022 estimated in export price. The total production indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2018 with an increase of X%. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

Nigeria (X tons) remains the largest areca nut producing country in ECOWAS, accounting for X% of total volume. Moreover, areca nut production in Nigeria exceeded the figures recorded by the second-largest producer, Senegal (X tons), threefold. Sierra Leone (X tons) ranked third in terms of total production with a X% share.

In Nigeria, areca nut production increased at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Senegal (X% per year) and Sierra Leone (X% per year).

Areca Nut Exports

Exports in ECOWAS

In 2022, approx. X tons of areca nuts were exported in ECOWAS; picking up by X% compared with 2021. Overall, exports posted significant growth. The most prominent rate of growth was recorded in 2019 when exports increased by X% against the previous year. The volume of export peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, areca nut exports soared to $X in 2022. In general, exports saw significant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Nigeria was the major exporter of areca nuts in ECOWAS, with the volume of exports amounting to X tons, which was approx. X% of total exports in 2022. It was distantly followed by Senegal (X tons), making up a X% share of total exports. Ghana (X kg) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to areca nut exports from Nigeria stood at X%. At the same time, Senegal (X%) and Ghana (X%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. Senegal (X p.p.) significantly strengthened its position in terms of the total exports, while Nigeria saw its share reduced by X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X), Nigeria ($X) and Ghana ($X) constituted the countries with the highest levels of exports in 2022.

In terms of the main exporting countries, Senegal, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, increasing by X% against the previous year. Over the period under review, the export price saw a buoyant increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (X%), while the other leaders experienced mixed trends in the export price figures.

Areca Nut Imports

Imports in ECOWAS

In 2022, approx. X tons of areca nuts were imported in ECOWAS; increasing by X% against the previous year. In general, imports, however, recorded a mild descent. The pace of growth appeared the most rapid in 2020 when imports increased by X% against the previous year. The volume of import peaked at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, areca nut imports totaled $X in 2022. Over the period under review, imports, however, recorded a deep downturn. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. As a result, imports reached the peak of $X. From 2019 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Senegal dominates imports structure, amounting to X tons, which was approx. X% of total imports in 2022. It was distantly followed by Nigeria (X kg), achieving a X% share of total imports. Sierra Leone (X kg) and Togo (X kg) held a relatively small share of total imports.

Imports into Senegal decreased at an average annual rate of X% from 2012 to 2022. At the same time, Nigeria (X%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Togo (X%) and Sierra Leone (X%) illustrated a downward trend over the same period. Senegal (X p.p.) and Nigeria (X p.p.) significantly strengthened its position in terms of the total imports, while Sierra Leone saw its share reduced by X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest areca nut importing markets in ECOWAS were Nigeria ($X), Senegal ($X) and Sierra Leone ($X), together comprising X% of total imports.

Among the main importing countries, Nigeria, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, shrinking by X% against the previous year. Over the period under review, the import price showed a abrupt curtailment. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. As a result, import price attained the peak level of $X per ton, and then reduced rapidly in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Sierra Leone ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sierra Leone (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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