ECOWAS: Milk Market 2024

Milk Market Size in ECOWAS

The ECOWAS milk market expanded modestly to $X in 2022, with an increase of X% against the previous year. The market value increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Milk Production in ECOWAS

In value terms, milk production rose slightly to $X in 2022 estimated in export price. Overall, production, however, showed a slight descent. The pace of growth appeared the most rapid in 2014 when the production volume increased by X%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

The countries with the highest volumes of production in 2022 were Niger (X tons), Mali (X tons) and Nigeria (X tons), with a combined X% share of total production.

From 2012 to 2022, the biggest increases were recorded for Niger (with a CAGR of X%), while production for the other leaders experienced more modest paces of growth.

Milk Exports

Exports in ECOWAS

In 2022, shipments abroad of milk increased by X% to X tons for the first time since 2019, thus ending a two-year declining trend. Overall, exports, however, showed a precipitous contraction. The pace of growth appeared the most rapid in 2016 when exports increased by X%. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, milk exports stood at $X in 2022. In general, exports, however, faced a dramatic decline. The growth pace was the most rapid in 2016 with an increase of X%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Cote d'Ivoire (X tons), Senegal (X tons) and Gambia (X tons) was the main exporter of milk in ECOWAS, comprising X% of total export. Sierra Leone (X tons) followed a long way behind the leaders.

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

In value terms, Gambia ($X) remains the largest milk supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was taken by Senegal ($X), with a X% share of total exports. It was followed by Cote d'Ivoire, with a X% share.

In Gambia, milk exports expanded at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Senegal (X% per year) and Cote d'Ivoire (X% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, picking up by X% against the previous year. Over the period under review, the export price, however, continues to indicate a pronounced reduction. The most prominent rate of growth was recorded in 2016 an increase of X% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Gambia ($X per ton), while Sierra Leone ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Gambia (X%), while the other leaders experienced a decline in the export price figures.

Milk Imports

Imports in ECOWAS

After three years of growth, supplies from abroad of milk decreased by X% to X tons in 2022. Total imports indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of X% 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 X% against 2016 indices. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. Over the period under review, imports hit record highs at X tons in 2021, and then reduced slightly in the following year.

In value terms, milk imports rose modestly to $X in 2022. Total imports indicated strong growth from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2016 indices. The growth pace was the most rapid in 2013 with an increase of X%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the near future.

Imports by Country

The countries with the highest levels of milk imports in 2022 were Ghana (X tons), Cabo Verde (X tons), Senegal (X tons), Guinea (X tons), Mali (X tons), Gambia (X tons) and Cote d'Ivoire (X tons), together accounting for X% of total import.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Guinea (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest milk importing markets in ECOWAS were Senegal ($X), Ghana ($X) and Cabo Verde ($X), together accounting for X% of total imports. Guinea, Cote d'Ivoire, Mali and Gambia lagged somewhat behind, together comprising a further X%.

Guinea, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, among 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

The import price in ECOWAS stood at $X per ton in 2022, increasing by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2016 an increase of X% against the previous year. Over the period under review, import prices hit record highs in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Senegal ($X per ton), while Cabo Verde ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform