ECOWAS: Market for Evaporated And Condensed Milk 2024

Market Size for Evaporated And Condensed Milk in ECOWAS

The ECOWAS evaporated and condensed milk market expanded slightly to $X in 2022, increasing by 3% against the previous year. Overall, consumption, however, showed a slight shrinkage. Over the period under review, the market reached the peak level at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Production of Evaporated And Condensed Milk in ECOWAS

In value terms, evaporated and condensed milk production amounted to $X in 2022 estimated in export price. In general, production showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 with an increase of 62%. As a result, production reached the peak level of $X. From 2017 to 2022, production growth failed to regain momentum.

Togo (X tons) constituted the country with the largest volume of evaporated and condensed milk production, accounting for 99.9% of total volume.

In Togo, evaporated and condensed milk production increased at an average annual rate of +7.2% over the period from 2012-2022.

Exports of Evaporated And Condensed Milk

Exports in ECOWAS

Evaporated and condensed milk exports skyrocketed to X tons in 2022, rising by 31% against the previous year. In general, exports recorded a buoyant increase. The pace of growth appeared the most rapid in 2014 when exports increased by 61%. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

In value terms, evaporated and condensed milk exports skyrocketed to $X in 2022. Total exports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +7.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 when exports increased by 69%. The level of export peaked at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

Togo prevails in exports structure, reaching X tons, which was near 87% of total exports in 2022. It was distantly followed by Ghana (X tons), comprising a 9.1% share of total exports. Senegal (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to evaporated and condensed milk exports from Togo stood at +15.0%. At the same time, Senegal (+42.8%) and Ghana (+7.8%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +42.8% from 2012-2022. While the share of Togo (+27 p.p.) and Senegal (+1.9 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Ghana (-2.8 p.p.) displayed negative dynamics.

In value terms, Togo ($X) remains the largest evaporated and condensed milk supplier in ECOWAS, comprising 67% of total exports. The second position in the ranking was held by Ghana ($X), with a 26% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Togo totaled +12.9%. In the other countries, the average annual rates were as follows: Ghana (+8.3% per year) and Senegal (+43.7% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, waning by -4.4% against the previous year. In general, the export price continues to indicate a noticeable curtailment. The most prominent rate of growth was recorded in 2016 an increase of 16% against the previous year. Over the period under review, the export prices reached the maximum at $X per ton in 2014; however, from 2015 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 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 Senegal (+0.7%), while the other leaders experienced mixed trends in the export price figures.

Imports of Evaporated And Condensed Milk

Imports in ECOWAS

Evaporated and condensed milk imports rose sharply to X tons in 2022, increasing by 5.5% compared with 2021. Total imports indicated modest growth from 2012 to 2022: its volume increased at an average annual rate of +1.9% 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 +59.4% against 2018 indices. The pace of growth was the most pronounced in 2017 with an increase of 57% against the previous year. The volume of import peaked at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, evaporated and condensed milk imports contracted modestly to $X in 2022. Over the period under review, imports, however, continue to indicate a mild shrinkage. The pace of growth appeared the most rapid in 2019 with an increase of 63%. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

The countries with the highest levels of evaporated and condensed milk imports in 2022 were Burkina Faso (X tons), Togo (X tons), Ghana (X tons), Cote d'Ivoire (X tons), Gambia (X tons) and Nigeria (X tons), together amounting to 82% of total import. Senegal (X tons) held a little share 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 Burkina Faso (with a CAGR of +17.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X), Burkina Faso ($X) and Cote d'Ivoire ($X) appeared to be the countries with the highest levels of imports in 2022, together accounting for 47% of total imports.

Among the main importing countries, Burkina Faso, with a CAGR of +18.8%, 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 2022, the import price in ECOWAS amounted to $X per ton, falling by -7.8% against the previous year. In general, the import price showed a perceptible slump. The pace of growth appeared the most rapid in 2014 an increase of 5.7%. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the import prices remained at a somewhat 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 ($X per ton), while Togo ($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 (+3.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform