ECOWAS: Beef Market 2024

Beef Market Size in ECOWAS

After two years of growth, the ECOWAS beef market decreased by -0.7% to $X in 2021. In general, consumption, however, showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market failed to regain momentum.

Beef Production in ECOWAS

In value terms, beef production reduced to $X in 2021 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when the production volume increased by 15%. As a result, production attained the peak level of $X. From 2014 to 2021, production growth remained at a lower figure.

Nigeria (X tons) remains the largest beef producing country in ECOWAS, accounting for 38% of total volume. Moreover, beef production in Nigeria exceeded the figures recorded by the second-largest producer, Burkina Faso (X tons), threefold. The third position in this ranking was held by Guinea (X tons), with a 12% share.

In Nigeria, beef production increased at an average annual rate of +1.7% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Burkina Faso (-1.7% per year) and Guinea (+4.6% per year).

In 2021, the average yield of beef (cattle meat) in ECOWAS declined modestly to X kg per head, with a decrease of -2.5% on the year before. Over the period under review, the yield, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the yield increased by 9.4%. As a result, the yield attained the peak level of X kg per head. From 2014 to 2021, the growth of the beef yield failed to regain momentum.

In 2021, approx. X heads of animals slaughtered for beef production in ECOWAS; stabilizing at the previous year. This number increased at an average annual rate of +1.2% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2020 when the number of producing animals increased by 3.8%. The level of producing animals peaked in 2021 and is likely to continue growth in the immediate term.

Beef Exports

Exports in ECOWAS

In 2021, shipments abroad of beef (cattle meat) was finally on the rise to reach X tons after two years of decline. Overall, exports showed a notable increase. The most prominent rate of growth was recorded in 2013 with an increase of 156%. The volume of export peaked at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, beef exports skyrocketed to $X in 2021. Over the period under review, exports recorded a modest expansion. The growth pace was the most rapid in 2016 with an increase of 84%. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

Nigeria (X tons), Cabo Verde (X tons), Senegal (X tons), Mali (X tons) and Cote d'Ivoire (X tons) represented roughly 96% of total exports in 2021. Niger (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Nigeria (with a CAGR of +12.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest beef supplying countries in ECOWAS were Mali ($X), Cabo Verde ($X) and Cote d'Ivoire ($X), with a combined 67% share of total exports.

Mali, with a CAGR of +29.4%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, which is down by -16% against the previous year. Over the period under review, the export price saw a pronounced downturn. The most prominent rate of growth was recorded in 2015 when the export price increased by 58%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Niger ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mali (+15.4%), while the other leaders experienced a decline in the export price figures.

Beef Imports

Imports in ECOWAS

In 2021, the amount of beef (cattle meat) imported in ECOWAS surged to X tons, growing by 71% against 2020 figures. Over the period under review, imports continue to indicate resilient growth. The growth pace was the most rapid in 2019 with an increase of 104% against the previous year. Over the period under review, imports attained the maximum in 2021 and are expected to retain growth in the immediate term.

In value terms, beef imports surged to $X in 2021. Overall, imports continue to indicate pronounced growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Ghana (X tons) was the main importer of beef (cattle meat), committing 53% of total imports. Senegal (X tons) ranks second in terms of the total imports with a 25% share, followed by Cote d'Ivoire (5.3%), Liberia (4.9%) and Sierra Leone (4.5%). Mali (X tons) followed a long way behind the leaders.

Imports into Ghana increased at an average annual rate of +6.5% from 2012 to 2021. At the same time, Mali (+19.2%), Senegal (+9.8%), Sierra Leone (+8.4%) and Cote d'Ivoire (+2.1%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +19.2% from 2012-2021. By contrast, Liberia (-5.0%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Senegal, Ghana and Mali increased by +8.2, +6.3 and +2.1 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) constitutes the largest market for imported beef (cattle meat) in ECOWAS, comprising 45% of total imports. The second position in the ranking was taken by Senegal ($X), with a 19% share of total imports. It was followed by Mali, with an 8.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Ghana totaled +8.8%. The remaining importing countries recorded the following average annual rates of imports growth: Senegal (+5.0% per year) and Mali (+27.1% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, rising by 9.7% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2014 when the import price increased by 14% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2021, the import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Mali ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mali (+6.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform