ECOWAS: Feedstuff Preparing Machinery Market 2024

Feedstuff Preparing Machinery Market Size in ECOWAS

After three years of decline, the ECOWAS feedstuff preparing machinery market increased by 3.5% to $X in 2021. The total consumption indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +5.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -22.5% against 2017 indices. As a result, consumption reached the peak level of $X. From 2018 to 2021, the growth of the market failed to regain momentum.

Feedstuff Preparing Machinery Production in ECOWAS

In value terms, feedstuff preparing machinery production rose modestly to $X in 2021 estimated in export price. The total production indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +6.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -18.2% against 2018 indices. The pace of growth was the most pronounced in 2017 with an increase of 29%. The level of production peaked at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Feedstuff Preparing Machinery Exports

Exports in ECOWAS

In 2021, shipments abroad of machinery for preparing animal feedstuffs decreased by 0% to X units, falling for the second year in a row after two years of decline. In general, exports recorded buoyant growth. The smallest decline of -83.3% was in 2015. The volume of export peaked in 2021 and is expected to retain growth in the near future.

In value terms, feedstuff preparing machinery exports surged to $X in 2021. Overall, exports recorded a perceptible slump. The growth pace was the most rapid in 2017 when exports increased by 3,895%. Over the period under review, the exports reached the maximum at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2021, leveling off at the previous year. Overall, the export price showed a resilient increase. The most prominent rate of growth was recorded in 2015 when the export price decreased by -59.8%. The level of export peaked in 2021 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Ghana ($X per unit), while Burkina Faso ($X per unit) was amongst the lowest.

From 2014 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (0.0%), while the other leaders experienced more modest paces of growth.

Feedstuff Preparing Machinery Imports

Imports in ECOWAS

In 2021, approx. X units of machinery for preparing animal feedstuffs were imported in ECOWAS; growing by 8.4% on 2020 figures. Overall, imports enjoyed pronounced growth. The pace of growth appeared the most rapid in 2014 with an increase of 94% against the previous year. Over the period under review, imports reached the maximum at X units in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, feedstuff preparing machinery imports soared to $X in 2021. Over the period under review, imports showed a slight expansion. The most prominent rate of growth was recorded in 2014 with an increase of 121% against the previous year. Over the period under review, imports attained the peak figure at $X in 2017; however, from 2018 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Nigeria (X units) was the main importer of machinery for preparing animal feedstuffs, comprising 78% of total imports. It was distantly followed by Ghana (X units), mixing up a 14% share of total imports. Cote d'Ivoire (X units) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to feedstuff preparing machinery imports into Nigeria stood at +4.4%. At the same time, Cote d'Ivoire (+37.9%) and Ghana (+13.4%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +37.9% from 2012-2021. While the share of Ghana (+7.7 p.p.), Nigeria (+7.3 p.p.) and Cote d'Ivoire (+3.1 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported machinery for preparing animal feedstuffs in ECOWAS, comprising 75% of total imports. The second position in the ranking was held by Ghana ($X), with a 16% share of total imports.

From 2012 to 2021, 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 (+22.1% per year) and Cote d'Ivoire (+31.0% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per unit, picking up by 15% against the previous year. In general, the import price, however, saw a slight shrinkage. The pace of growth appeared the most rapid in 2017 when the import price increased by 26% against the previous year. The level of import peaked at $X per unit in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Cote d'Ivoire ($X per unit), while Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+7.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform