ECOWAS: Dairy Machinery Market 2024

Dairy Machinery Market Size in ECOWAS

In 2022, the ECOWAS dairy machinery market increased by 5.8% to $X, rising for the seventh consecutive year after two years of decline. In general, consumption showed a buoyant expansion. Over the period under review, the market hit record highs in 2022 and is likely to continue growth in the immediate term.

Dairy Machinery Production in ECOWAS

In value terms, dairy machinery production amounted to $X in 2022 estimated in export price. In general, production enjoyed a resilient expansion. The pace of growth was the most pronounced in 2018 when the production volume increased by 65% against the previous year. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Dairy Machinery Exports

Exports in ECOWAS

In 2022, shipments abroad of dairy machinery decreased by -7.7% to X units, falling for the second year in a row after four years of growth. Over the period under review, exports recorded a abrupt setback. The growth pace was the most rapid in 2020 with an increase of 440% against the previous year. As a result, the exports attained the peak of X units. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, dairy machinery exports shrank slightly to $X in 2022. Overall, exports, however, posted prominent growth. The pace of growth appeared the most rapid in 2020 with an increase of 473%. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Sierra Leone prevails in exports structure, reaching X units, which was near 92% of total exports in 2022. It was distantly followed by Mali (X units), creating an 8.3% share of total exports.

Sierra Leone was also the fastest-growing in terms of the dairy machinery exports, with a CAGR of +18.6% from 2012 to 2022. Mali (-22.0%) illustrated a downward trend over the same period. While the share of Sierra Leone (+85 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Mali (-31.7 p.p.) displayed negative dynamics.

In value terms, Sierra Leone ($X) remains the largest dairy machinery supplier in ECOWAS, comprising 100% of total exports. The second position in the ranking was taken by Mali ($X), with a 0.1% share of total exports.

In Sierra Leone, dairy machinery exports expanded at an average annual rate of +25.9% over the period from 2012-2022.

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2022, picking up by 3.8% against the previous year. In general, the export price showed significant growth. The most prominent rate of growth was recorded in 2014 when the export price increased by 116%. The level of export peaked in 2022 and is likely to see gradual growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Sierra Leone ($X per unit), while Mali stood at $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mali (+13.4%).

Dairy Machinery Imports

Imports in ECOWAS

Dairy machinery imports soared to X units in 2022, with an increase of 59% compared with 2021 figures. In general, imports recorded strong growth. The pace of growth appeared the most rapid in 2021 with an increase of 273% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the near future.

In value terms, dairy machinery imports dropped markedly to $X in 2022. Overall, imports saw a mild expansion. The most prominent rate of growth was recorded in 2021 with an increase of 229% against the previous year. As a result, imports reached the peak of $X, and then shrank rapidly in the following year.

Imports by Country

In 2022, Nigeria (X units) represented the main importer of dairy machinery, comprising 83% of total imports. It was distantly followed by Ghana (X units), creating an 11% share of total imports. Senegal (X units) and Guinea (X units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to dairy machinery imports into Nigeria stood at +13.9%. At the same time, Guinea (+31.5%), Ghana (+16.9%) and Senegal (+9.8%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +31.5% from 2012-2022. While the share of Nigeria (+6.7 p.p.), Ghana (+3 p.p.) and Guinea (+1.8 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported dairy machinery in ECOWAS, comprising 61% of total imports. The second position in the ranking was taken by Ghana ($X), with a 17% share of total imports. It was followed by Senegal, with a 13% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+7.8% per year) and Senegal (+13.3% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2022, waning by -47.8% against the previous year. Overall, the import price saw a deep setback. The most prominent rate of growth was recorded in 2013 when the import price increased by 37% against the previous year. The level of import peaked at $X per unit in 2016; however, from 2017 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 Senegal ($X per unit), while Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guinea (+21.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform