ECOWAS: Market for Prepared Dishes And Meals 2024

Market Size for Prepared Dishes And Meals in ECOWAS

The ECOWAS prepared dish and meal market shrank to $X in 2021, falling by -11.1% against the previous year. In general, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2020, and then declined in the following year.

Production of Prepared Dishes And Meals in ECOWAS

In value terms, prepared dish and meal production rose remarkably to $X in 2021 estimated in export price. Overall, production, however, recorded a abrupt curtailment. The most prominent rate of growth was recorded in 2017 when the production volume increased by 51%. As a result, production reached the peak level of $X. From 2018 to 2021, production growth remained at a lower figure.

Exports of Prepared Dishes And Meals

Exports in ECOWAS

Prepared dish and meal exports skyrocketed to X tons in 2021, increasing by 66% on 2020 figures. In general, exports, however, showed a noticeable decrease. The most prominent rate of growth was recorded in 2018 when exports increased by 89%. As a result, the exports attained the peak of X tons. From 2019 to 2021, the growth of the exports remained at a lower figure.

In value terms, prepared dish and meal exports soared to $X in 2021. Overall, exports, however, showed a deep slump. The most prominent rate of growth was recorded in 2018 with an increase of 60% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Nigeria was the main exporter of prepared dishes and meals in ECOWAS, with the volume of exports amounting to X tons, which was approx. 43% of total exports in 2021. Senegal (X tons) held a 28% share (based on physical terms) of total exports, which put it in second place, followed by Ghana (17%) and Burkina Faso (4.8%). The following exporters - Cote d'Ivoire (X tons) and Togo (X tons) - together made up 5.2% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Nigeria (with a CAGR of +54.2%), while the other leaders experienced more modest paces of growth.

In value terms, Senegal ($X), Nigeria ($X) and Ghana ($X) constituted the countries with the highest levels of exports in 2021, with a combined 81% share of total exports.

Nigeria, with a CAGR of +47.3%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, dropping by -27.6% against the previous year. In general, the export price continues to indicate a pronounced reduction. The pace of growth was the most pronounced in 2013 when the export price increased by 42%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2021, 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 Burkina Faso ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+6.8%), while the other leaders experienced a decline in the export price figures.

Imports of Prepared Dishes And Meals

Imports in ECOWAS

In 2021, after five years of growth, there was significant decline in purchases abroad of prepared dishes and meals, when their volume decreased by -21.8% to X tons. In general, imports, however, showed a strong increase. The most prominent rate of growth was recorded in 2020 when imports increased by 46% against the previous year. As a result, imports attained the peak of X tons, and then shrank notably in the following year.

In value terms, prepared dish and meal imports contracted sharply to $X in 2021. Over the period under review, imports, however, posted buoyant growth. The pace of growth appeared the most rapid in 2020 when imports increased by 64%. As a result, imports attained the peak of $X, and then dropped significantly in the following year.

Imports by Country

Nigeria represented the key importer of prepared dishes and meals in ECOWAS, with the volume of imports amounting to X tons, which was approx. 45% of total imports in 2021. Ghana (X tons) held a 17% share (based on physical terms) of total imports, which put it in second place, followed by Mali (8.4%) and Senegal (5.2%). Sierra Leone (X tons), Guinea (X tons), Cote d'Ivoire (X tons), Niger (X tons), Burkina Faso (X tons), Gambia (X tons), Togo (X tons) and Cabo Verde (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to prepared dish and meal imports into Nigeria stood at +10.5%. At the same time, Sierra Leone (+19.5%), Guinea (+11.4%), Mali (+10.3%), Ghana (+10.3%), Togo (+10.2%), Cabo Verde (+9.1%), Gambia (+7.8%), Niger (+5.0%) and Cote d'Ivoire (+3.0%) displayed positive paces of growth. Moreover, Sierra Leone emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +19.5% from 2012-2021. Senegal experienced a relatively flat trend pattern. By contrast, Burkina Faso (-5.3%) illustrated a downward trend over the same period. Nigeria (+8.4 p.p.), Ghana (+2.9 p.p.) and Sierra Leone (+2.5 p.p.) significantly strengthened its position in terms of the total imports, while Cote d'Ivoire, Burkina Faso and Senegal saw its share reduced by -1.7%, -4.9% and -5.2% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported prepared dishes and meals in ECOWAS, comprising 43% of total imports. The second position in the ranking was taken by Ghana ($X), with a 13% share of total imports. It was followed by Mali, with a 9.7% share.

In Nigeria, prepared dish and meal imports expanded at an average annual rate of +11.3% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+9.6% per year) and Mali (+9.1% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, increasing by 3% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the import price increased by 16% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Burkina Faso (+10.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform