ECOWAS: Market for Condensed Or Evaporated Milk (Sweetened) 2024

Market Size for Condensed Or Evaporated Milk (Sweetened) in ECOWAS

In 2022, the ECOWAS market for condensed or evaporated milk (sweetened) increased by 5% to $X, rising for the fourth year in a row after two years of decline. Over the period under review, consumption showed a relatively flat trend pattern. The level of consumption peaked in 2022 and is expected to retain growth in years to come.

Production of Condensed Or Evaporated Milk (Sweetened) in ECOWAS

In value terms, sweetened condensed and evaporated milk production rose significantly to $X in 2022 estimated in export price. In general, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 29% against the previous year. Over the period under review, production hit record highs at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

Exports of Condensed Or Evaporated Milk (Sweetened)

Exports in ECOWAS

In 2022, overseas shipments of condensed or evaporated milk (sweetened) increased by 33% to X tons, rising for the second consecutive year after three years of decline. Overall, exports continue to indicate a buoyant expansion. The pace of growth was the most pronounced in 2014 with an increase of 74% against the previous year. The volume of export peaked in 2022 and is expected to retain growth in the immediate term.

In value terms, sweetened condensed and evaporated milk exports soared to $X in 2022. In general, exports saw a remarkable increase. The pace of growth was the most pronounced in 2014 when exports increased by 103% against the previous year. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

Togo dominates exports structure, recording X tons, which was near 94% of total exports in 2022. The following exporters - Senegal (X tons) and Ghana (X tons) - each recorded a 4.2% share of total exports.

Exports from Togo increased at an average annual rate of +15.1% from 2012 to 2022. At the same time, Senegal (+60.2%) and Ghana (+11.8%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +60.2% from 2012-2022. Togo (+24 p.p.) and Senegal (+2.2 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Togo ($X) remains the largest sweetened condensed and evaporated milk supplier in ECOWAS, comprising 85% of total exports. The second position in the ranking was held by Ghana ($X), with a 6.1% share of total exports.

In Togo, sweetened condensed and evaporated milk exports expanded at an average annual rate of +13.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Ghana (+22.8% per year) and Senegal (+56.5% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, which is down by -1.6% against the previous year. Overall, the export price continues to indicate a pronounced setback. The most prominent rate of growth was recorded in 2014 an increase of 17%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+9.8%), while the other leaders experienced a decline in the export price figures.

Imports of Condensed Or Evaporated Milk (Sweetened)

Imports in ECOWAS

Sweetened condensed and evaporated milk imports amounted to X tons in 2022, picking up by 3.8% on the previous year's figure. Total imports indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +6.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +92.8% against 2018 indices. The growth pace was the most rapid in 2021 when imports increased by 69% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in the immediate term.

In value terms, sweetened condensed and evaporated milk imports declined to $X in 2022. Total imports indicated mild growth from 2012 to 2022: its value increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +74.1% against 2018 indices. The growth pace was the most rapid in 2021 when imports increased by 85% against the previous year. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Burkina Faso (X tons) and Togo (X tons) represented the main importers of condensed or evaporated milk (sweetened) in 2022, reaching near 32% and 26% of total imports, respectively. Cote d'Ivoire (X tons) ranks next in terms of the total imports with a 16% share, followed by Nigeria (5.1%) and Ghana (4.9%). The following importers - Mali (X tons) and Gambia (X tons) - together made up 7% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Cote d'Ivoire (with a CAGR of +21.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Burkina Faso ($X), Cote d'Ivoire ($X) and Togo ($X) constituted the countries with the highest levels of imports in 2022, with a combined 56% share of total imports.

Cote d'Ivoire, with a CAGR of +16.3%, recorded the highest growth rate of the value of imports, in terms of the main importing countries 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 ECOWAS stood at $X per ton in 2022, falling by -12.2% against the previous year. Overall, the import price recorded a noticeable reduction. The most prominent rate of growth was recorded in 2016 when the import price increased by 23% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

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 Gambia ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+4.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform