ECOWAS: Skim Milk Market 2024

Skim Milk Market Size in ECOWAS

In 2021, the ECOWAS skim milk market decreased by -1.1% to $X for the first time since 2013, thus ending a seven-year rising trend. The total consumption indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +5.9% 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 +72.6% against 2013 indices. Over the period under review, the market attained the peak level at $X in 2020, and then declined modestly in the following year.

Skim Milk Production in ECOWAS

In value terms, skim milk production contracted modestly to $X in 2021 estimated in export price. Overall, production, however, showed a prominent expansion. The pace of growth appeared the most rapid in 2018 with an increase of 44%. The level of production peaked at $X in 2020, and then reduced in the following year.

The countries with the highest volumes of production in 2021 were Niger (X tons), Nigeria (X tons) and Burkina Faso (X tons), together accounting for 95% of total production.

From 2012 to 2021, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by Burkina Faso (with a CAGR of +5.4%), while production for the other leaders experienced more modest paces of growth.

Skim Milk Exports

Exports in ECOWAS

In 2021, skim milk exports in ECOWAS declined remarkably to X tons, dropping by -59.9% against 2020. Overall, exports showed a deep reduction. The most prominent rate of growth was recorded in 2018 with an increase of 103% against the previous year. As a result, the exports attained the peak of X tons. From 2019 to 2021, the growth of the exports failed to regain momentum.

In value terms, skim milk exports shrank dramatically to $X in 2021. Over the period under review, exports saw a perceptible contraction. The pace of growth appeared the most rapid in 2018 when exports increased by 257%. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Cote d'Ivoire was the largest exporting country with an export of about X tons, which reached 42% of total exports. Nigeria (X tons) took a 20% share (based on physical terms) of total exports, which put it in second place, followed by Ghana (15%) and Senegal (7.6%). The following exporters - Burkina Faso (X tons), Benin (X tons) and Gambia (X tons) - together made up 11% of total exports.

Exports from Cote d'Ivoire decreased at an average annual rate of -8.7% from 2012 to 2021. At the same time, Benin (+25.0%), Ghana (+10.5%) and Nigeria (+9.9%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +25.0% from 2012-2021. Senegal experienced a relatively flat trend pattern. By contrast, Burkina Faso (-2.4%) and Gambia (-29.2%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Nigeria, Ghana, Senegal, Benin and Burkina Faso increased by +16, +12, +3.7, +3.4 and +1.7 percentage points, respectively.

In value terms, Cote d'Ivoire ($X) remains the largest skim milk supplier in ECOWAS, comprising 74% of total exports. The second position in the ranking was held by Senegal ($X), with a 9.5% share of total exports. It was followed by Nigeria, with a 6.4% share.

In Cote d'Ivoire, skim milk exports expanded at an average annual rate of +15.4% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Senegal (+4.6% per year) and Nigeria (+8.4% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, shrinking by -2.8% against the previous year. Overall, the export price, however, saw prominent growth. The growth pace was the most rapid in 2018 when the export price increased by 76%. Over the period under review, the export prices reached the maximum at $X per ton in 2019; however, from 2020 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 Cote d'Ivoire ($X per ton), while Benin ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+26.4%), while the other leaders experienced more modest paces of growth.

Skim Milk Imports

Imports in ECOWAS

In 2021, the amount of skim milk imported in ECOWAS reduced to X tons, which is down by -3.6% against the previous year's figure. In general, imports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2013 with an increase of 152%. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports failed to regain momentum.

In value terms, skim milk imports declined to $X in 2021. Over the period under review, imports, however, saw a measured expansion. The most prominent rate of growth was recorded in 2013 when imports increased by 147% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Ghana (X tons), distantly followed by Nigeria (X tons), Cabo Verde (X tons), Togo (X tons) and Senegal (X tons) were the key importers of skim milk, together committing 80% of total imports. The following importers - Guinea (X tons) and Burkina Faso (X tons) - together made up 6.8% of total imports.

From 2012 to 2021, the biggest increases were recorded for Togo (with a CAGR of +21.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X) constitutes the largest market for imported skim milk in ECOWAS, comprising 40% of total imports. The second position in the ranking was taken by Nigeria ($X), with an 18% share of total imports. It was followed by Cabo Verde, with a 9.6% share.

In Ghana, skim milk imports increased at an average annual rate of +8.4% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Nigeria (-4.3% per year) and Cabo Verde (+5.5% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, falling by -8.8% against the previous year. Import price indicated a notable increase from 2012 to 2021: its price increased at an average annual rate of +2.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, skim milk import price increased by +87.9% against 2018 indices. The growth pace was the most rapid in 2020 an increase of 49%. As a result, import price reached the peak level of $X per ton, and then shrank in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Ghana ($X per ton), while Cabo Verde ($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 (+5.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform