ECOWAS: Food Manufacture Machinery Market 2024

Food Manufacture Machinery Market Size in ECOWAS

In 2021, the ECOWAS food manufacture machinery market decreased by -31.2% to $X for the first time since 2017, thus ending a three-year rising trend. In general, consumption, however, continues to indicate a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2020, and then dropped significantly in the following year.

Food Manufacture Machinery Production in ECOWAS

In value terms, food manufacture machinery production amounted to $X in 2021 estimated in export price. Over the period under review, production showed a slight curtailment. The most prominent rate of growth was recorded in 2015 with an increase of 93% against the previous year. The level of production peaked at $X in 2016; however, from 2017 to 2021, production remained at a lower figure.

Food Manufacture Machinery Exports

Exports in ECOWAS

For the third year in a row, ECOWAS recorded growth in overseas shipments of machinery for the preparation or manufacture of food or drink, which increased by 19% to X units in 2021. Overall, exports saw strong growth. The most prominent rate of growth was recorded in 2015 with an increase of 375% against the previous year. As a result, the exports reached the peak of X units. From 2016 to 2021, the growth of the exports failed to regain momentum.

In value terms, food manufacture machinery exports soared to $X in 2021. In general, exports showed a noticeable expansion. The most prominent rate of growth was recorded in 2015 with an increase of 405% against the previous year. The level of export peaked at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

Senegal (X units), Cote d'Ivoire (X units) and Cabo Verde (X units) represented roughly 76% of total exports in 2021. It was distantly followed by Sierra Leone (X units) and Benin (X units), together achieving a 17% share of total exports. Ghana (X units) and Burkina Faso (X units) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Benin (with a CAGR of +61.7%), while the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X) remains the largest food manufacture machinery supplier in ECOWAS, comprising 57% of total exports. The second position in the ranking was held by Benin ($X), with a 17% share of total exports. It was followed by Senegal, with an 11% share.

In Cote d'Ivoire, food manufacture machinery exports expanded at an average annual rate of +4.0% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Benin (+34.2% per year) and Senegal (+8.7% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per unit, increasing by 27% against the previous year. Overall, the export price, however, showed a pronounced decline. The most prominent rate of growth was recorded in 2019 an increase of 48% against the previous year. Over the period under review, the export prices reached the maximum at $X per unit in 2017; however, from 2018 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Benin ($X per unit), while Cabo Verde ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sierra Leone (+20.7%), while the other leaders experienced mixed trends in the export price figures.

Food Manufacture Machinery Imports

Imports in ECOWAS

After four years of growth, supplies from abroad of machinery for the preparation or manufacture of food or drink decreased by -45.2% to X units in 2021. In general, imports, however, enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 85% against the previous year. Over the period under review, imports hit record highs at X units in 2020, and then shrank notably in the following year.

In value terms, food manufacture machinery imports declined rapidly to $X in 2021. Over the period under review, imports, however, enjoyed slight growth. The most prominent rate of growth was recorded in 2018 when imports increased by 144%. The level of import peaked at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

Nigeria was the main importer of machinery for the preparation or manufacture of food or drink in ECOWAS, with the volume of imports accounting for X units, which was near 69% of total imports in 2021. It was distantly followed by Ghana (X units), committing a 19% share of total imports. Senegal (X units), Burkina Faso (X units) and Cote d'Ivoire (X units) held a relatively small share of total imports.

From 2012 to 2021, average annual rates of growth with regard to food manufacture machinery imports into Nigeria stood at +5.7%. At the same time, Burkina Faso (+25.5%) and Ghana (+11.4%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +25.5% from 2012-2021. Senegal experienced a relatively flat trend pattern. By contrast, Cote d'Ivoire (-2.9%) illustrated a downward trend over the same period. Ghana (+6.8 p.p.) and Burkina Faso (+2 p.p.) significantly strengthened its position in terms of the total imports, while Nigeria, Cote d'Ivoire and Senegal saw its share reduced by -2.3%, -2.7% and -3.1% from 2012 to 2021, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported machinery for the preparation or manufacture of food or drink in ECOWAS, comprising 56% of total imports. The second position in the ranking was held by Ghana ($X), with a 26% share of total imports. It was followed by Cote d'Ivoire, with a 6.2% share.

In Nigeria, food manufacture machinery imports plunged by an average annual rate of -1.5% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+11.4% per year) and Cote d'Ivoire (+10.1% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2021, growing by 17% against the previous year. Over the period under review, the import price, however, showed a perceptible downturn. The pace of growth was the most pronounced in 2018 an increase of 32% against the previous year. The level of import peaked at $X per unit in 2016; however, from 2017 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Cote d'Ivoire ($X per unit), while Burkina Faso ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+13.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform