ECOWAS: Cheese Market 2024

Cheese Market Size in ECOWAS

The ECOWAS cheese market expanded rapidly to $X in 2021, rising by 10% against the previous year. Over the period under review, consumption, however, saw a relatively flat trend pattern. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Cheese Production in ECOWAS

In value terms, cheese production surged to $X in 2021 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The level of production peaked at $X in 2015; however, from 2016 to 2021, production failed to regain momentum.

Cheese Exports

Exports in ECOWAS

Cheese exports surged to X tons in 2021, rising by 25% against the previous year. Overall, exports showed a temperate expansion. The pace of growth was the most pronounced in 2016 with an increase of 75%. As a result, the exports reached the peak of X tons. From 2017 to 2021, the growth of the exports failed to regain momentum.

In value terms, cheese exports rose notably to $X in 2021. Over the period under review, exports recorded resilient growth. The most prominent rate of growth was recorded in 2013 when exports increased by 116%. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Cote d'Ivoire represented the main exporting country with an export of around X tons, which amounted to 41% of total exports. Senegal (X tons) took a 26% share (based on physical terms) of total exports, which put it in second place, followed by Ghana (8.7%) and Mali (8.4%). Burkina Faso (X tons), Togo (X tons) and Benin (X tons) held a minor share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Cote d'Ivoire (with a CAGR of +52.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest cheese supplying countries in ECOWAS were Senegal ($X), Mali ($X) and Cote d'Ivoire ($X), with a combined 75% share of total exports.

Cote d'Ivoire, with a CAGR of +51.4%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries 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 ECOWAS stood at $X per ton in 2021, waning by -8.9% against the previous year. Over the period under review, the export price, however, continues to indicate a noticeable increase. The growth pace was the most rapid in 2017 when the export price increased by 136% against the previous year. The level of export peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

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 Mali ($X per ton), while Ghana ($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 (+26.2%), while the other leaders experienced more modest paces of growth.

Cheese Imports

Imports in ECOWAS

Cheese imports amounted to X tons in 2021, therefore, remained relatively stable against 2020 figures. The total import volume increased at an average annual rate of +3.0% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2018 with an increase of 13%. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports remained at a lower figure.

In value terms, cheese imports rose slightly to $X in 2021. The total import value increased at an average annual rate of +1.9% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2018 when imports increased by 14%. As a result, imports attained the peak of $X. From 2019 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Senegal was the main importer of cheese in ECOWAS, with the volume of imports reaching X tons, which was near 31% of total imports in 2021. Cote d'Ivoire (X tons) ranks second in terms of the total imports with a 14% share, followed by Nigeria (11%), Cabo Verde (8.8%), Ghana (8.5%) and Togo (4.7%). Mali (X tons), Burkina Faso (X tons), Benin (X tons), Sierra Leone (X tons), Guinea (X tons) and Liberia (X tons) took a relatively small share of total imports.

Imports into Senegal increased at an average annual rate of +2.8% from 2012 to 2021. At the same time, Burkina Faso (+8.7%), Liberia (+8.0%), Guinea (+7.5%), Togo (+5.2%), Cote d'Ivoire (+4.2%), Nigeria (+4.1%), Benin (+4.0%), Cabo Verde (+2.4%), Ghana (+2.3%) and Mali (+1.5%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +8.7% from 2012-2021. By contrast, Sierra Leone (-7.2%) illustrated a downward trend over the same period. Burkina Faso (+1.6 p.p.) significantly strengthened its position in terms of the total imports, while Sierra Leone saw its share reduced by -4.6% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest cheese importing markets in ECOWAS were Senegal ($X), Cote d'Ivoire ($X) and Cabo Verde ($X), together accounting for 56% of total imports. Nigeria, Ghana, Mali, Sierra Leone, Benin, Guinea, Liberia, Togo and Burkina Faso lagged somewhat behind, together accounting for a further 40%.

In terms of the main importing countries, Mali, with a CAGR of +9.7%, saw the highest growth rate of 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

In 2021, the import price in ECOWAS amounted to $X per ton, with an increase of 3% against the previous year. Over the period under review, the import price, however, recorded a mild contraction. The growth pace was the most rapid in 2013 when the import price increased by 3.7% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, 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 Mali ($X per ton), while Burkina Faso ($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 (+8.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform