Prepared or preserved groundnuts market in ECOWAS

Earlier Report Observations

The market for prepared or preserved groundnuts in ECOWAS saw a substantial increase to 15 838 tons in 2019, driven by state support in Senegal that improved the economic and institutional environment, along with favorable climatic conditions which boosted regional production. This growth was interrupted in 2020 when the market contracted to 12 195 tons due to COVID-19 restrictions that slowed exports, reduced cross-border trade, and dampened local demand.

Post-pandemic recovery took hold in 2021, with the market volume surging to 18 906 tons, supported by rising consumer interest in healthy foods and culinary innovations. Growth continued through 2022 and 2023, reaching 21 469 tons, bolstered by strong global demand from markets like China and India, favorable post-monsoon harvest conditions, and technological advances in groundnut oil extraction that stimulated regional processing and consumption.

Production prepared or preserved groundnuts in ECOWAS

In kind, 2017-2020, t

Top producers of prepared or preserved groundnuts, 2017-2020

World map of production of prepared or preserved groundnuts, 2017-2020

After two consecutive years of growth, ECOWAS's production volume of prepared or preserved groundnuts declined. In 2020, the region produced 12 303 tonnes, representing a sharp decrease of 28.4% compared to the previous year. Over the period from 2017 to 2020, production increased by 36%, with a compound annual growth rate of 10.8%. The highest production level was recorded in 2019 at 17 173 tonnes, which also saw the largest annual increase of 64.7%.

Annual dynamics of production in ECOWAS in kind, 2017-2020, t

Exports prepared or preserved groundnuts from ECOWAS

Exports in kind, t

The export market for prepared or preserved groundnuts from ECOWAS showed significant volatility during these years. Exports reached their lowest point in 2018 at 1 471 tonnes, marking a substantial decline of 61.1% from the previous year. They then rebounded sharply in 2019 with an 89.5% increase. In 2020, exports amounted to 2 245 tonnes, reflecting a significant loss of 19.4% compared to 2019. Overall, exports fluctuated by 2.6 times from the peak in 2017 to the trough in 2018.

Annual dynamics of product's exports from ECOWAS in kind, 2017-2020, t

From 2017 to 2020, the export structure for prepared or preserved groundnuts in kind was balanced rather than concentrated. The top three destinations—the United Arab Emirates (11.6% of exports), the United States (10.7%), and Vietnam (9.4%)—collectively accounted for 31.6% of total flows. The remaining 68.4% was distributed among many other countries, indicating a diversified market.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from ECOWAS in kind, 2017-2020

Exports in value, K $ US

Following a two-year upward trend, ECOWAS's exports of prepared or preserved groundnuts in value terms declined. In 2020, exports totaled 10 725 thousand US dollars, showing a strong decrease of 22.0% from 2019. Over the 2017-2020 period, exports increased by 38.6%, equivalent to an annualized growth rate of 11.5%. The peak value was recorded in 2019 at 13 751 thousand US dollars, which also experienced the largest annual increase of 38.8%.

Annual dynamics of product's exports from ECOWAS in value, 2017-2020, K $ US

During 2017-2020, the United Arab Emirates (24.5% of exports in value terms), the United States (24.0%), and Vietnam (10.4%) consistently served as the main destinations for ECOWAS's prepared or preserved groundnuts exports. Together, these three countries accounted for 58.9% of total export flows in value terms.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from ECOWAS in value, 2017-2020

Imports prepared or preserved groundnuts to ECOWAS

Imports in kind, t

ECOWAS imported approximately 2 137 tonnes of prepared or preserved groundnuts in 2020, up by 47.2% compared to 2019. Over the 2017-2020 period, imports increased by 69.1%, with a compound annual growth rate of 19.1%. The largest decline occurred in 2019, with a drop of 10.1%.

Annual dynamics of product's imports to ECOWAS in kind, 2017-2020, t

The import structure for prepared or preserved groundnuts in kind from 2017 to 2020 was diversified. Argentina (23.1% of imports), India (5.8%), and the United States (5.8%) together accounted for 34.8% of total flows, with no single country holding a clearly dominant position.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to ECOWAS in kind, 2017-2020

Imports in value, K $ US

In 2020, ECOWAS's imports of prepared or preserved groundnuts in value terms amounted to 4 292 thousand US dollars, marking a sharp increase of 30.4% compared to 2019. Over the 2017-2020 period, imports grew by 40.7%, with a compound annual growth rate of 12.0%. The largest decline was recorded in 2019 at 8.1%.

Annual dynamics of product's imports to ECOWAS in value, 2017-2020, K $ US

From 2017 to 2020, Argentina (31.4% of imports in value terms), South Africa (14.0%), and India (8.8%) remained the leading sources in the import structure for prepared or preserved groundnuts. These three countries combined represented 54.2% of total import flows in value terms.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to ECOWAS in value, 2017-2020