ECOWAS: Market for Raw Hides And Skins of Cattle 2024

Market Size for Raw Hides And Skins of Cattle in ECOWAS

In 2021, the ECOWAS cattle hide and skin market decreased by -7.7% to $X for the first time since 2017, thus ending a three-year rising trend. The total consumption indicated a perceptible increase from 2012 to 2021: its value increased at an average annual rate of +4.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +40.6% against 2017 indices. As a result, consumption reached the peak level of $X, and then contracted in the following year.

Production of Raw Hides And Skins of Cattle in ECOWAS

In value terms, cattle hide and skin production expanded sharply to $X in 2021 estimated in export price. In general, production recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of 12% against the previous year. The level of production peaked at $X in 2015; however, from 2016 to 2021, production failed to regain momentum.

Nigeria (X tons) remains the largest cattle hide and skin producing country in ECOWAS, accounting for 28% of total volume. Moreover, cattle hide and skin production in Nigeria exceeded the figures recorded by the second-largest producer, Burkina Faso (X tons), twofold. Senegal (X tons) ranked third in terms of total production with a 12% share.

From 2012 to 2021, the average annual growth rate of volume in Nigeria totaled +1.7%. In the other countries, the average annual rates were as follows: Burkina Faso (-1.7% per year) and Senegal (+1.6% per year).

The average cattle hide and skin yield rose markedly to X kg per head in 2021, picking up by 5.8% compared with the previous year's figure. The yield figure increased at an average annual rate of +1.2% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when the yield increased by 7.3% against the previous year. Over the period under review, the cattle hide and skin yield reached the peak level in 2021 and is likely to continue growth in the near future.

In 2021, number of animals slaughtered for cattle hide and skin production in ECOWAS stood at X heads, approximately equating 2020. This number increased at an average annual rate of +1.2% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2020 when the number of producing animals increased by 3.8%. The level of producing animals peaked in 2021 and is expected to retain growth in the immediate term.

Exports of Raw Hides And Skins of Cattle

Exports in ECOWAS

For the fourth year in a row, ECOWAS recorded growth in overseas shipments of raw hides and skins of cattle, which increased by 66% to X tons in 2021. Over the period under review, exports enjoyed a significant increase. The growth pace was the most rapid in 2018 when exports increased by 309% against the previous year. The volume of export peaked in 2021 and is likely to see gradual growth in the immediate term.

In value terms, cattle hide and skin exports skyrocketed to $X in 2021. In general, exports enjoyed significant growth. The growth pace was the most rapid in 2018 with an increase of 610%. The level of export peaked in 2021 and is likely to see gradual growth in the immediate term.

Exports by Country

Nigeria represented the major exporter of raw hides and skins of cattle in ECOWAS, with the volume of exports reaching X tons, which was near 43% of total exports in 2021. Benin (X tons) ranks second in terms of the total exports with a 28% share, followed by Ghana (14%) and Niger (14%).

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Niger (with a CAGR of +94.9%), while the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) remains the largest cattle hide and skin supplier in ECOWAS, comprising 55% of total exports. The second position in the ranking was held by Ghana ($X), with a 23% share of total exports. It was followed by Benin, with a 17% share.

From 2012 to 2021, the average annual growth rate of value in Nigeria amounted to +45.9%. In the other countries, the average annual rates were as follows: Ghana (+60.4% per year) and Benin (+64.6% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, shrinking by -23.5% against the previous year. In general, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the export price increased by 74%. Over the period under review, the export prices attained the maximum at $X per ton in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Niger ($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 (-3.0%), while the other leaders experienced a decline in the export price figures.

Imports of Raw Hides And Skins of Cattle

Imports in ECOWAS

After four years of growth, supplies from abroad of raw hides and skins of cattle decreased by -18.1% to X tons in 2021. Overall, imports, however, enjoyed a significant increase. The most prominent rate of growth was recorded in 2020 when imports increased by 251% against the previous year. As a result, imports attained the peak of X tons, and then reduced dramatically in the following year.

In value terms, cattle hide and skin imports dropped markedly to $X in 2021. In general, imports, however, saw a significant expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 314% against the previous year. As a result, imports attained the peak of $X, and then fell markedly in the following year.

Imports by Country

In 2021, Nigeria (X tons) represented the major importer of raw hides and skins of cattle in ECOWAS, constituting 100% of total import.

Nigeria was also the fastest-growing in terms of the raw hides and skins of cattle imports, with a CAGR of +58.8% from 2012 to 2021. Nigeria (+72 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported raw hides and skins of cattle in ECOWAS.

From 2012 to 2021, the average annual rate of growth in terms of value in Nigeria totaled +53.7%.

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, falling by -5.8% against the previous year. Over the period under review, the import price, however, recorded a tangible increase. The growth pace was the most rapid in 2013 an increase of 49%. Over the period under review, import prices reached the maximum at $X per ton in 2016; however, from 2017 to 2021, import prices remained at a lower figure.

As there is only one major supplying country, the average price level is determined by prices for Nigeria.

From 2012 to 2021, the rate of growth in terms of prices for Nigeria amounted to -3.2% per year.

Source: IndexBox Platform