ECOWAS: Cream Fresh Market 2024

Cream Fresh Market Size in ECOWAS

In 2022, the ECOWAS cream fresh market increased by 38% to $X, rising for the sixth consecutive year after two years of decline. In general, consumption saw a prominent increase. The level of consumption peaked in 2022 and is likely to see gradual growth in the immediate term.

Cream Fresh Production in ECOWAS

In value terms, cream fresh production contracted to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a deep contraction. The growth pace was the most rapid in 2015 with an increase of 156%. As a result, production attained the peak level of $X. From 2016 to 2022, production growth remained at a lower figure.

The country with the largest volume of cream fresh production was Guinea (X tons), comprising approx. 99.9% of total volume.

From 2012 to 2022, the average annual growth rate of volume in Guinea amounted to +1.5%.

Cream Fresh Exports

Exports in ECOWAS

In 2022, the amount of cream fresh exported in ECOWAS skyrocketed to X tons, with an increase of 53% compared with the previous year. In general, exports, however, continue to indicate a deep setback. The most prominent rate of growth was recorded in 2015 with an increase of 193% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, cream fresh exports dropped to $X in 2022. Over the period under review, exports, however, recorded a abrupt downturn. The most prominent rate of growth was recorded in 2016 when exports increased by 472% against the previous year. As a result, the exports attained the peak of $X. From 2017 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Nigeria represented the major exporting country with an export of about X tons, which amounted to 82% of total exports. It was distantly followed by Togo (X tons), making up an 11% share of total exports. Cote d'Ivoire (X kg) and Niger (X kg) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to cream fresh exports from Nigeria stood at +39.7%. At the same time, Niger (+877.8%) and Cote d'Ivoire (+17.1%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +877.8% from 2012-2022. By contrast, Togo (-20.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Nigeria, Cote d'Ivoire and Niger increased by +81, +3.5 and +2.6 percentage points, respectively.

In value terms, Nigeria ($X) remains the largest cream fresh supplier in ECOWAS, comprising 69% of total exports. The second position in the ranking was taken by Togo ($X), with a 12% share of total exports. It was followed by Cote d'Ivoire, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria amounted to +34.5%. The remaining exporting countries recorded the following average annual rates of exports growth: Togo (-26.5% per year) and Cote d'Ivoire (+28.3% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, which is down by -38.8% against the previous year. In general, the export price saw a deep downturn. The most prominent rate of growth was recorded in 2016 when the export price increased by 147% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2017 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+9.6%), while the other leaders experienced a decline in the export price figures.

Cream Fresh Imports

Imports in ECOWAS

For the seventh consecutive year, ECOWAS recorded growth in purchases abroad of cream fresh, which increased by 24% to X tons in 2022. In general, imports enjoyed buoyant growth. The most prominent rate of growth was recorded in 2019 when imports increased by 62% against the previous year. The volume of import peaked in 2022 and is expected to retain growth in the near future.

In value terms, cream fresh imports surged to $X in 2022. Over the period under review, imports enjoyed a remarkable increase. The pace of growth was the most pronounced in 2019 when imports increased by 60% against the previous year. The level of import peaked in 2022 and is likely to see steady growth in the immediate term.

Imports by Country

Cabo Verde (X tons), Senegal (X tons), Cote d'Ivoire (X tons) and Mali (X tons) represented roughly 71% of total imports in 2022. Guinea-Bissau (X tons) took a 5% share (based on physical terms) of total imports, which put it in second place, followed by Nigeria (4.7%) and Ghana (4.7%).

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Guinea-Bissau (with a CAGR of +30.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X), Senegal ($X) and Cabo Verde ($X) constituted the countries with the highest levels of imports in 2022, with a combined 72% share of total imports. Mali, Nigeria, Ghana and Guinea-Bissau lagged somewhat behind, together comprising a further 19%.

Among the main importing countries, Guinea-Bissau, with a CAGR of +26.8%, 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 2022, growing by 15% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.7%. The most prominent rate of growth was recorded in 2017 an increase of 16% against the previous year. Over the period under review, import prices reached the maximum in 2022 and is likely to see gradual growth in years to come.

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 Cote d'Ivoire ($X per ton), while Guinea-Bissau ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cabo Verde (+8.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform