ECOWAS: Banana Market 2024

Banana Market Size in ECOWAS

In 2022, the ECOWAS banana market increased by X% to $X, rising for the sixth year in a row after three years of decline. The total consumption indicated a moderate 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, consumption increased by X% against 2016 indices. Over the period under review, the market reached the maximum level in 2022 and is likely to continue growth in the near future.

Banana Production in ECOWAS

In value terms, banana production shrank to $X in 2022 estimated in export price. The total production indicated a tangible increase 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 2015 indices. The most prominent rate of growth was recorded in 2021 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X, and then reduced in the following year.

Cote d'Ivoire (X tons) remains the largest banana producing country in ECOWAS, comprising approx. X% of total volume. Moreover, banana production in Cote d'Ivoire exceeded the figures recorded by the second-largest producer, Mali (X tons), threefold. The third position in this ranking was held by Guinea (X tons), with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in Cote d'Ivoire amounted to X%. The remaining producing countries recorded the following average annual rates of production growth: Mali (X% per year) and Guinea (X% per year).

The average banana yield reached X tons per ha in 2022, increasing by X% compared with the year before. Over the period under review, the yield showed a relatively flat trend pattern. Over the period under review, the banana yield attained the peak level at X tons per ha in 2020; however, from 2021 to 2022, the yield stood at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the banana harvested area in ECOWAS declined to X ha, which is down by X% against the year before. The harvested area increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. As a result, the harvested area attained the peak level of X ha, and then declined in the following year.

Banana Exports

Exports in ECOWAS

In 2022, approx. X tons of bananas were exported in ECOWAS; with a decrease of X% compared with the year before. In general, exports, however, recorded a notable increase. The pace of growth was the most pronounced 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 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, banana exports contracted markedly to $X in 2022. Overall, exports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when exports increased by X%. Over the period under review, the exports reached the peak figure at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Cote d'Ivoire represented the key exporting country with an export of about X tons, which resulted at X% of total exports. It was distantly followed by Ghana (X tons), comprising a X% share of total exports.

Exports from Cote d'Ivoire increased at an average annual rate of X% from 2012 to 2022. At the same time, Ghana (X%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. 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 2022, respectively.

In value terms, the largest banana supplying countries in ECOWAS were Cote d'Ivoire ($X) and Ghana ($X).

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

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, reducing by X% against the previous year. In general, the export price showed a pronounced decrease. The pace of growth was the most pronounced in 2013 when the export price increased by X% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, 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 Cote d'Ivoire stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (X%).

Banana Imports

Imports in ECOWAS

After two years of growth, purchases abroad of bananas decreased by X% to X tons in 2022. Overall, imports, however, showed a significant expansion. The most prominent rate of growth was recorded in 2018 with an increase of X%. Over the period under review, imports attained the peak figure at X tons in 2021, and then contracted sharply in the following year.

In value terms, banana imports shrank sharply to $X in 2022. Over the period under review, imports, however, showed significant growth. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. The level of import peaked at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

Mali was the largest importing country with an import of around X tons, which recorded X% of total imports. Senegal (X tons) ranks second in terms of the total imports with a X% share, followed by Niger (X%). Burkina Faso (X tons) and Togo (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Senegal (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest banana importing markets in ECOWAS were Mali ($X), Senegal ($X) and Niger ($X), together accounting for X% of total imports.

In terms of the main importing countries, Senegal, with a CAGR of X%, recorded the highest growth rate of the value of imports, 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 ECOWAS stood at $X per ton in 2022, picking up by X% against the previous year. Overall, the import price, however, continues to indicate a abrupt shrinkage. The pace of growth was the most pronounced in 2020 when the import price increased by X%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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

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

Source: IndexBox Platform

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