ECOWAS: Processed Meat Market 2024

Processed Meat Market Size in ECOWAS

The ECOWAS processed meat market stood at $X in 2022, surging by X% against the previous year. In general, consumption, however, saw a abrupt descent. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Processed Meat Production in ECOWAS

In value terms, processed meat production stood at $X in 2022 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by X%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Processed Meat Exports

Exports in ECOWAS

In 2022, overseas shipments of processed meat increased by X% to X tons, rising for the second consecutive year after four years of decline. Over the period under review, exports, however, faced a dramatic setback. The pace of growth was the most pronounced in 2021 when exports increased by X%. Over the period under review, the exports attained the maximum at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, processed meat exports surged to $X in 2022. Overall, exports, however, continue to indicate a precipitous setback. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Nigeria represented the key exporter of processed meat in ECOWAS, with the volume of exports accounting for X tons, which was near X% of total exports in 2022. Burkina Faso (X tons) held a X% share (based on physical terms) of total exports, which put it in second place, followed by Gambia (X%). The following exporters - Ghana (X tons), Cote d'Ivoire (X tons) and Senegal (X tons) - each resulted at a X% share of total exports.

Exports from Nigeria decreased at an average annual rate of X% from 2012 to 2022. At the same time, Burkina Faso (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Gambia (X%), Senegal (X%) and Ghana (X%) illustrated a downward trend over the same period. Burkina Faso (X p.p.), Gambia (X p.p.) and Cote d'Ivoire (X p.p.) significantly strengthened its position in terms of the total exports, while Nigeria and Ghana saw its share reduced by X% and X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) emerged as the largest processed meat supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was held by Senegal ($X), with an X% share of total exports. It was followed by Gambia, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria amounted to X%. The remaining exporting countries recorded the following average annual rates of exports growth: Senegal (X% per year) and Gambia (X% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, increasing by X% against the previous year. In general, the export price, however, continues to indicate a deep slump. The most prominent rate of growth was recorded in 2020 when the export price increased by X%. The level of export peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

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

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

Processed Meat Imports

Imports in ECOWAS

In 2022, supplies from abroad of processed meat increased by X% to X tons, rising for the fifth consecutive year after two years of decline. Total imports indicated strong growth 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 2017 indices. The pace of growth was the most pronounced in 2019 with an increase of X% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in the near future.

In value terms, processed meat imports reduced slightly to $X in 2022. Total imports indicated a noticeable increase 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 2017 indices. The growth pace was the most rapid in 2019 when imports increased by X%. Over the period under review, imports attained the maximum at $X in 2021, and then shrank modestly in the following year.

Imports by Country

Ghana was the major importing country with an import of around X tons, which finished at X% of total imports. Gambia (X tons) held the second position in the ranking, followed by Sierra Leone (X tons), Senegal (X tons), Liberia (X tons), Cabo Verde (X tons), Togo (X tons) and Benin (X tons). All these countries together held approx. X% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to processed meat imports into Ghana stood at X%. At the same time, Senegal (X%), Gambia (X%), Sierra Leone (X%), Togo (X%) and Cabo Verde (X%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Liberia (X%) and Benin (X%) illustrated a downward trend over the same period. Ghana (X p.p.), Gambia (X p.p.), Senegal (X p.p.) and Sierra Leone (X p.p.) significantly strengthened its position in terms of the total imports, while Liberia and Benin saw its share reduced by X% and X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) constitutes the largest market for imported processed meat in ECOWAS, comprising X% of total imports. The second position in the ranking was taken by Gambia ($X), with a X% share of total imports. It was followed by Cabo Verde, with a X% share.

In Ghana, processed meat imports expanded at an average annual rate of X% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Gambia (X% per year) and Cabo Verde (X% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, falling by X% against the previous year. Over the period under review, the import price saw a perceptible descent. The pace of growth appeared the most rapid in 2018 when the import price increased by X% against the previous year. The level of import peaked at $X per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Cabo Verde ($X per ton), while Togo ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform