ECOWAS: Soft Drink Market 2024

Soft Drink Market Size in ECOWAS

In 2021, after four years of growth, there was decline in the ECOWAS soft drink market, when its value decreased by -1.8% to $X. The total consumption indicated temperate growth from 2012 to 2021: its value increased at an average annual rate of +3.6% 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 +57.4% against 2016 indices. The level of consumption peaked at $X in 2020, and then reduced modestly in the following year.

Soft Drink Production in ECOWAS

In value terms, soft drink production fell modestly to $X in 2021 estimated in export price. The total production indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +3.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +56.7% against 2016 indices. The pace of growth was the most pronounced in 2018 with an increase of 33% against the previous year. The level of production peaked at $X in 2020, and then shrank modestly in the following year.

Soft Drink Exports

Exports in ECOWAS

In 2021, exports of soft drinks in ECOWAS dropped to X litres, with a decrease of -10.1% compared with the year before. Over the period under review, exports, however, posted resilient growth. The pace of growth appeared the most rapid in 2016 when exports increased by 86%. The volume of export peaked at X litres in 2020, and then declined in the following year.

In value terms, soft drink exports contracted to $X in 2021. In general, exports, however, showed noticeable growth. The pace of growth appeared the most rapid in 2013 with an increase of 136% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Ghana (X litres), Togo (X litres) and Senegal (X litres) represented roughly 91% of total exports in 2021. The following exporters - Nigeria (X litres) and Burkina Faso (X litres) - each recorded a 5.6% share of total exports.

From 2012 to 2021, the biggest increases were in Ghana (with a CAGR of +46.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Togo ($X), Senegal ($X) and Ghana ($X) constituted the countries with the highest levels of exports in 2021, with a combined 91% share of total exports.

Senegal, with a CAGR of +35.3%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ECOWAS stood at $X per litre in 2021, growing by 10% against the previous year. Over the period under review, the export price, however, continues to indicate a perceptible slump. The pace of growth was the most pronounced in 2013 when the export price increased by 28%. The level of export peaked at $X per litre in 2016; however, from 2017 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Senegal ($X per litre), while Ghana ($X per litre) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (-2.4%), while the other leaders experienced a decline in the export price figures.

Soft Drink Imports

Imports in ECOWAS

In 2021, purchases abroad of soft drinks increased by 4.3% to X litres, rising for the fifth consecutive year after three years of decline. The total import volume increased at an average annual rate of +4.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 when imports increased by 20% against the previous year. The volume of import peaked in 2021 and is expected to retain growth in years to come.

In value terms, soft drink imports expanded remarkably to $X in 2021. In general, imports, however, saw a drastic downturn. The pace of growth appeared the most rapid in 2018 with an increase of 15% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Ghana (X litres), distantly followed by Cote d'Ivoire (X litres), Mali (X litres), Senegal (X litres), Nigeria (X litres), Togo (X litres) and Burkina Faso (X litres) represented the key importers of soft drinks, together creating 79% of total imports. Guinea-Bissau (X litres), Guinea (X litres), Gambia (X litres), Sierra Leone (X litres), Liberia (X litres) and Benin (X litres) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were in Mali (with a CAGR of +31.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest soft drink importing markets in ECOWAS were Ghana ($X), Cote d'Ivoire ($X) and Nigeria ($X), together accounting for 56% of total imports. These countries were followed by Mali, Senegal, Guinea-Bissau, Guinea, Gambia, Sierra Leone, Liberia, Togo, Burkina Faso and Benin, which together accounted for a further 42%.

Among the main importing countries, Mali, with a CAGR of +28.0%, saw the highest rates of growth with regard to the value of imports, 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 litre in 2021, surging by 7.4% against the previous year. Overall, the import price, however, continues to indicate a abrupt setback. The most prominent rate of growth was recorded in 2014 an increase of 7.5% against the previous year. The level of import peaked at $X per litre in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Nigeria ($X per litre), while Burkina Faso ($X per litre) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+1.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform