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

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

The ECOWAS market for condensed or evaporated milk (unsweetened) expanded markedly to $X in 2021, with an increase of 10% against the previous year. Over the period under review, consumption saw a noticeable curtailment. The level of consumption peaked at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Production of Condensed Or Evaporated Milk (Unsweetened) in ECOWAS

In value terms, unsweetened condensed and evaporated milk production shrank slightly to $X in 2021 estimated in export price. Over the period under review, production, however, saw a buoyant expansion. The pace of growth was the most pronounced in 2015 when the production volume increased by 238% against the previous year. As a result, production attained the peak level of $X. From 2016 to 2021, production growth remained at a lower figure.

Exports of Condensed Or Evaporated Milk (Unsweetened)

Exports in ECOWAS

After three years of growth, overseas shipments of condensed or evaporated milk (unsweetened) decreased by -66% to X tons in 2021. Overall, exports, however, showed a perceptible expansion. The pace of growth was the most pronounced in 2018 with an increase of 97% against the previous year. The volume of export peaked at X tons in 2020, and then dropped significantly in the following year.

In value terms, unsweetened condensed and evaporated milk exports dropped notably to $X in 2021. Over the period under review, exports, however, showed a tangible increase. The pace of growth appeared the most rapid in 2018 with an increase of 73%. Over the period under review, the exports hit record highs at $X in 2020, and then contracted notably in the following year.

Exports by Country

Ghana dominates exports structure, recording X tons, which was approx. 93% of total exports in 2021. It was distantly followed by Togo (X tons), committing a 5.7% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to unsweetened condensed and evaporated milk exports from Ghana stood at +6.1%. At the same time, Togo (+6.2%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +6.2% from 2012-2021. From 2012 to 2021, the share of Ghana and Togo increased by +25 and +1.6 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) remains the largest unsweetened condensed and evaporated milk supplier in ECOWAS, comprising 97% of total exports. The second position in the ranking was held by Togo ($X), with a 2.1% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Ghana totaled +6.3%.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, with an increase of 35% against the previous year. In general, the export price saw a relatively flat trend pattern. The level of export peaked at $X per ton in 2014; however, from 2015 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 Ghana ($X per ton), while Togo amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Togo (+4.8%).

Imports of Condensed Or Evaporated Milk (Unsweetened)

Imports in ECOWAS

In 2021, unsweetened condensed and evaporated milk imports in ECOWAS contracted dramatically to X tons, with a decrease of -19.9% compared with 2020 figures. In general, imports recorded a perceptible curtailment. The pace of growth appeared the most rapid in 2017 when imports increased by 107%. As a result, imports attained the peak of X tons. From 2018 to 2021, the growth of imports remained at a lower figure.

In value terms, unsweetened condensed and evaporated milk imports rose notably to $X in 2021. Over the period under review, imports continue to indicate a pronounced decrease. The pace of growth was the most pronounced in 2017 when imports increased by 85%. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Ghana (X tons), distantly followed by Gambia (X tons), Cote d'Ivoire (X tons), Benin (X tons), Togo (X tons), Burkina Faso (X tons), Senegal (X tons), Sierra Leone (X tons) and Guinea (X tons) were the key importers of condensed or evaporated milk (unsweetened), together achieving 93% of total imports.

From 2012 to 2021, average annual rates of growth with regard to unsweetened condensed and evaporated milk imports into Ghana stood at +12.3%. At the same time, Guinea (+28.9%), Burkina Faso (+20.9%) and Sierra Leone (+15.4%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +28.9% from 2012-2021. Gambia and Senegal experienced a relatively flat trend pattern. By contrast, Togo (-1.1%), Benin (-2.0%) and Cote d'Ivoire (-7.4%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Ghana, Burkina Faso, Guinea, Sierra Leone, Gambia and Senegal increased by +20, +6.6, +5.4, +5.1, +3.8 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest unsweetened condensed and evaporated milk importing markets in ECOWAS were Ghana ($X), Cote d'Ivoire ($X) and Burkina Faso ($X), with a combined 52% share of total imports. These countries were followed by Gambia, Senegal, Sierra Leone, Guinea, Benin and Togo, which together accounted for a further 43%.

Among the main importing countries, Guinea, with a CAGR of +31.6%, recorded 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 ECOWAS stood at $X per ton in 2021, rising by 37% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Burkina Faso ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Burkina Faso (+3.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform