ECOWAS: Ghee Market 2024

Ghee Market Size in ECOWAS

The ECOWAS ghee market surged to $X in 2022, picking up by 28% against the previous year. In general, consumption, however, saw a pronounced setback. Over the period under review, the market attained the peak level at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Ghee Production in ECOWAS

In value terms, ghee production soared to $X in 2022 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of 94% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Burkina Faso (X tons) remains the largest ghee producing country in ECOWAS, accounting for 98% of total volume.

From 2012 to 2022, the average annual growth rate of volume in Burkina Faso stood at +4.8%.

Ghee Exports

Exports in ECOWAS

In 2022, overseas shipments of ghee were finally on the rise to reach X tons for the first time since 2017, thus ending a four-year declining trend. Over the period under review, exports, however, recorded a deep reduction. The pace of growth appeared the most rapid in 2015 when exports increased by 2,414% against the previous year. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, ghee exports declined modestly to $X in 2022. In general, exports, however, recorded a abrupt contraction. The pace of growth appeared the most rapid in 2015 when exports increased by 1,571% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The biggest shipments were from Cote d'Ivoire (X tons), Ghana (X tons), Benin (X tons) and Burkina Faso (X tons), together amounting to 96% of total export. Nigeria (X kg) took a minor share of total exports.

From 2012 to 2022, the biggest increases were recorded for Benin (with a CAGR of +53.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X), Burkina Faso ($X) and Ghana ($X) were the countries with the highest levels of exports in 2022, together accounting for 89% of total exports. Benin and Nigeria lagged somewhat behind, together comprising a further 8.2%.

Benin, with a CAGR of +23.2%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, reducing by -20.2% against the previous year. Export price indicated a pronounced increase from 2012 to 2022: its price increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, ghee export price increased by +3.9% against 2020 indices. The most prominent rate of growth was recorded in 2014 when the export price increased by 87% against the previous year. 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 Burkina Faso ($X per ton), while Benin ($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 (+1.8%), while the other leaders experienced a decline in the export price figures.

Ghee Imports

Imports in ECOWAS

Ghee imports soared to X tons in 2022, growing by 25% against the year before. Overall, imports, however, recorded a deep setback. The most prominent rate of growth was recorded in 2020 when imports increased by 53%. Over the period under review, imports reached the maximum at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, ghee imports skyrocketed to $X in 2022. In general, imports, however, continue to indicate a slight curtailment. The pace of growth appeared the most rapid in 2014 when imports increased by 54%. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Nigeria (X tons) and Ghana (X tons) were the largest importers of ghee in ECOWAS, together making up 76% of total imports. It was distantly followed by Cote d'Ivoire (X tons), mixing up a 21% share of total imports. Mali (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of +37.0%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, Nigeria ($X), Ghana ($X) and Cote d'Ivoire ($X) appeared to be the countries with the highest levels of imports in 2022, together comprising 98% of total imports.

Cote d'Ivoire, with a CAGR of +35.1%, saw 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

In 2022, the import price in ECOWAS amounted to $X per ton, surging by 13% against the previous year. Import price indicated a buoyant expansion from 2012 to 2022: its price increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, ghee import price increased by +70.0% against 2018 indices. The most prominent rate of growth was recorded in 2021 when the import price increased by 47%. The level of import peaked in 2022 and is expected to retain 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 Nigeria ($X per ton), while Mali ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+8.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform