Western Africa: Rice Market 2024

Rice Market Size in Western Africa

In 2023, after two years of growth, there was decline in the West African rice market, when its value decreased by X% to $X. The market value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern remained consistent, with only minor fluctuations in certain years. Over the period under review, the market attained the maximum level at $X in 2022, and then contracted in the following year.

Rice Production in Western Africa

In value terms, rice production amounted to $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2016 when the production volume increased by X%. Over the period under review, production reached the peak level at $X in 2021; however, from 2022 to 2023, production stood at a somewhat lower figure.

The country with the largest volume of rice production was Nigeria (X tons), accounting for X% of total volume. Moreover, rice production in Nigeria exceeded the figures recorded by the second-largest producer, Mali (X tons), threefold. Guinea (X tons) ranked third in terms of total production with a X% share.

In Nigeria, rice production expanded at an average annual rate of X% over the period from 2012-2023. The remaining producing countries recorded the following average annual rates of production growth: Mali (X% per year) and Guinea (X% per year).

In 2023, the average yield of rice in Western Africa declined modestly to X tons per ha, waning by X% compared with 2022 figures. Over the period under review, the yield, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the yield increased by X%. Over the period under review, the rice yield hit record highs at X tons per ha in 2018; however, from 2019 to 2023, 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 2023, the harvested area of rice in Western Africa shrank slightly to X ha, approximately mirroring 2022 figures. The harvested area increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of X%. The level of harvested area peaked at X ha in 2022, and then fell slightly in the following year.

Rice Exports

Exports in Western Africa

In 2023, exports of rice in Western Africa skyrocketed to X tons, increasing by X% compared with the previous year. Over the period under review, exports, however, recorded a perceptible decline. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2023, the exports remained at a lower figure.

In value terms, rice exports soared to $X in 2023. In general, exports, however, showed a pronounced downturn. The most prominent rate of growth was recorded in 2019 when exports increased by X% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2023, the exports remained at a lower figure.

Exports by Country

Senegal represented the largest exporter of rice in Western Africa, with the volume of exports resulting at X tons, which was near X% of total exports in 2023. Cote d'Ivoire (X tons) took a X% share (based on physical terms) of total exports, which put it in second place, followed by Togo (X%), Niger (X%) and Benin (X%).

Exports from Senegal decreased at an average annual rate of X% from 2012 to 2023. At the same time, Togo (X%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of X% from 2012-2023. By contrast, Cote d'Ivoire (X%), Benin (X%) and Niger (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Togo, Senegal and Cote d'Ivoire increased by X, X and X percentage points, respectively.

In value terms, Senegal ($X) remains the largest rice supplier in Western Africa, comprising X% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a X% share of total exports. It was followed by Togo, with a X% share.

In Senegal, rice exports plunged by an average annual rate of X% over the period from 2012-2023. The remaining exporting countries recorded the following average annual rates of exports growth: Cote d'Ivoire (X% per year) and Togo (X% per year).

Export Prices by Country

In 2023, the export price in Western Africa amounted to $X per ton, growing by X% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2014 an increase of X% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2023, the export prices failed to regain momentum.

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

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

Rice Imports

Imports in Western Africa

In 2023, overseas purchases of rice increased by X% to X tons, rising for the third consecutive year after three years of decline. The total import volume increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum in 2023 and are expected to retain growth in the near future.

In value terms, rice imports declined to $X in 2023. Overall, imports, however, saw a pronounced decrease. The pace of growth appeared the most rapid in 2014 when imports increased by X% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2023, the growth of imports failed to regain momentum.

Imports by Country

In 2023, Cote d'Ivoire (X tons), Senegal (X tons) and Benin (X tons) was the key importer of rice in Western Africa, generating X% of total import. Guinea (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Burkina Faso (X%), Ghana (X%) and Togo (X%).

From 2012 to 2023, the biggest increases were recorded for Togo (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X), Benin ($X) and Senegal ($X) appeared to be the countries with the highest levels of imports in 2023, with a combined X% share of total imports. Guinea, Ghana, Burkina Faso and Togo lagged somewhat behind, together accounting for a further X%.

In terms of the main importing countries, Togo, with a CAGR of X%, saw the highest rates of growth with regard to 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 Western Africa stood at $X per ton in 2023, with a decrease of X% against the previous year. Overall, the import price recorded a abrupt contraction. The growth pace was the most rapid in 2014 when the import price increased by X%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2023, import prices remained at a lower figure.

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 Ghana ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Togo (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform