Western Africa: Cashew Nut Market 2024

Cashew Nut Market Size in Western Africa

In 2022, the West African cashew nut market was finally on the rise to reach $X after three years of decline. The total consumption indicated modest 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. Based on 2022 figures, consumption decreased by X% against 2018 indices. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Cashew Nut Production in Western Africa

In value terms, cashew nut production totaled $X in 2022 estimated in export price. In general, production, however, enjoyed a moderate expansion. The growth pace was the most rapid in 2017 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

The countries with the highest volumes of production in 2022 were Cote d'Ivoire (X tons), Ghana (X tons) and Nigeria (X tons), with a combined X% share of total production. Benin, Burkina Faso, Guinea-Bissau and Senegal lagged somewhat behind, together accounting for a further X%.

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

The average cashew nut yield reduced to X kg per ha in 2022, shrinking by X% compared with 2021 figures. Overall, the yield saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of X%. The level of yield peaked at X kg per ha in 2018; however, from 2019 to 2022, the yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of cashew nuts production in Western Africa reduced modestly to X ha, remaining constant 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 growth pace was the most rapid in 2020 when the harvested area increased by X% against the previous year. Over the period under review, the harvested area dedicated to cashew nut production attained the peak figure at X ha in 2021, and then fell modestly in the following year.

Cashew Nut Exports

Exports in Western Africa

In 2022, after two years of growth, there was significant decline in shipments abroad of cashew nuts, when their volume decreased by X% to X tons. Total exports indicated a buoyant increase from 2012 to 2022: its volume 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, exports increased by X% against 2018 indices. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons, and then fell notably in the following year.

In value terms, cashew nut exports fell rapidly to $X in 2022. Over the period under review, exports, however, continue to indicate buoyant growth. The most prominent rate of growth was recorded in 2017 when exports increased by X%. Over the period under review, the exports attained the maximum at $X in 2021, and then declined dramatically in the following year.

Exports by Country

Cote d'Ivoire was the largest exporting country with an export of around X tons, which amounted to X% of total exports. Ghana (X tons) ranks second in terms of the total exports with a X% share, followed by Nigeria (X%), Burkina Faso (X%), Senegal (X%) and Guinea-Bissau (X%). Guinea (X tons) took a relatively small share of total exports.

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

In value terms, Cote d'Ivoire ($X), Ghana ($X) and Nigeria ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined X% share of total exports. Guinea-Bissau, Burkina Faso, Senegal and Guinea lagged somewhat behind, together accounting for a further X%.

Among 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

The export price in Western Africa stood at $X per ton in 2022, dropping by X% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when the export price increased by X%. Over the period under review, the export prices reached the maximum at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Guinea-Bissau ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Burkina Faso (X%), while the other leaders experienced more modest paces of growth.

Cashew Nut Imports

Imports in Western Africa

In 2022, purchases abroad of cashew nuts increased by X% to X tons, rising for the second year in a row after two years of decline. In general, imports showed prominent growth. The growth pace was the most rapid in 2015 with an increase of X% against the previous year. Over the period under review, imports attained the maximum at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, cashew nut imports expanded significantly to $X in 2022. Overall, imports, however, continue to indicate a perceptible slump. The most prominent rate of growth was recorded in 2015 when imports increased by X%. Over the period under review, imports attained the peak figure at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Togo (X tons) was the largest importer of cashew nuts, constituting X% of total imports. It was distantly followed by Burkina Faso (X tons), mixing up an X% share of total imports. Mali (X tons) followed a long way behind the leaders.

Imports into Togo increased at an average annual rate of X% from 2012 to 2022. At the same time, Mali (X%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing importer imported in Western Africa, with a CAGR of X% from 2012-2022. By contrast, Burkina Faso (X%) illustrated a downward trend over the same period. While the share of Togo (X p.p.) and Mali (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Burkina Faso (X p.p.) displayed negative dynamics.

In value terms, Mali ($X) constitutes the largest market for imported cashew nuts in Western Africa, comprising X% of total imports. The second position in the ranking was taken by Togo ($X), with a X% share of total imports.

In Mali, cashew nut imports increased at an average annual rate of X% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Togo (X% per year) and Burkina Faso (X% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2022, dropping by X% against the previous year. In general, the import price showed a abrupt descent. The most prominent rate of growth was recorded in 2014 when the import price increased by X%. As a result, import price reached the peak level of $X per ton. From 2015 to 2022, the import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Mali ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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