ECOWAS: Spice Market 2024

Spice Market Size in ECOWAS

After two years of growth, the ECOWAS spice market decreased by X% to $X in 2022. The total consumption indicated mild growth 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. Over the period under review, the market attained the maximum level at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Spice Production in ECOWAS

In value terms, spice production rose rapidly to $X in 2022 estimated in export price. Over the period under review, production showed a abrupt contraction. The growth pace was the most rapid in 2015 when the production volume increased by X%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Nigeria (X tons) remains the largest spice producing country in ECOWAS, comprising approx. X% of total volume. Moreover, spice production in Nigeria exceeded the figures recorded by the second-largest producer, Cote d'Ivoire (X tons), sixfold. Benin (X tons) ranked third in terms of total production with a X% share.

In Nigeria, spice 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: Cote d'Ivoire (X% per year) and Benin (X% per year).

In 2022, the average spice yield in ECOWAS was estimated at X tons per ha, leveling off at the previous year. The yield figure increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 when the yield increased by X% against the previous year. Over the period under review, the spice yield reached the peak level at X tons per ha in 2017; however, from 2018 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.

The spice harvested area shrank modestly to X ha in 2022, reducing by X% against the previous year. 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 most prominent rate of growth was recorded in 2018 with an increase of X%. As a result, the harvested area reached the peak level of X ha. From 2019 to 2022, the growth of the spice harvested area remained at a lower figure.

Spice Exports

Exports in ECOWAS

For the third consecutive year, ECOWAS recorded growth in overseas shipments of spices, which increased by X% to X tons in 2022. Over the period under review, exports recorded moderate growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, spice exports soared to $X in 2022. In general, exports, however, showed a noticeable contraction. The pace of growth was the most pronounced in 2020 with an increase of X%. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Nigeria was the largest exporting country with an export of about X tons, which amounted to X% of total exports. It was distantly followed by Cote d'Ivoire (X tons), creating a X% share of total exports. Ghana (X tons) followed a long way behind the leaders.

Exports from Nigeria increased at an average annual rate of X% from 2012 to 2022. At the same time, Cote d'Ivoire (X%) and Ghana (X%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. Cote d'Ivoire (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, Nigeria ($X) remains the largest spice supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a X% share of total exports.

In Nigeria, spice exports shrank by an average annual rate of X% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Cote d'Ivoire (X% per year) and Ghana (X% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, declining by X% against the previous year. In general, the export price saw a abrupt downturn. The most prominent rate of growth was recorded in 2020 when the export price increased by X%. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 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 ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

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

Spice Imports

Imports in ECOWAS

In 2022, approx. X tons of spices were imported in ECOWAS; with an increase of X% against 2021. In general, imports recorded buoyant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, spice imports surged to $X in 2022. Overall, imports enjoyed a strong increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Nigeria was the largest importer of spices in ECOWAS, with the volume of imports finishing at X tons, which was near X% of total imports in 2022. Senegal (X tons) ranks second in terms of the total imports with a X% share, followed by Ghana (X%) and Mali (X%). Burkina Faso (X tons), Cote d'Ivoire (X tons) and Togo (X tons) held a minor share of total imports.

Imports into Nigeria increased at an average annual rate of X% from 2012 to 2022. At the same time, Togo (X%), Mali (X%), Burkina Faso (X%), Ghana (X%), Cote d'Ivoire (X%) and Senegal (X%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. While the share of Mali (X p.p.), Ghana (X p.p.), Togo (X p.p.), Nigeria (X p.p.) and Burkina Faso (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported spices in ECOWAS, comprising X% of total imports. The second position in the ranking was taken by Ghana ($X), with a X% share of total imports. It was followed by Senegal, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria totaled X%. In the other countries, the average annual rates were as follows: Ghana (X% per year) and Senegal (X% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, falling by X% against the previous year. Over the period under review, the import price showed a slight shrinkage. The most prominent rate of growth was recorded in 2014 when the import price increased by X% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2015; however, from 2016 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 Ghana ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :