ECOWAS: Sugary Soft Drink Market 2024

Sugary Soft Drink Market Size in ECOWAS

The ECOWAS sugary soft drink market fell modestly to $X in 2022, waning by -2.9% against the previous year. Overall, consumption, however, enjoyed a prominent increase. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market remained at a somewhat lower figure.

Sugary Soft Drink Production in ECOWAS

In value terms, sugary soft drink production fell to $X in 2022 estimated in export price. The total production indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +6.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -8.9% against 2019 indices. The pace of growth appeared the most rapid in 2019 when the production volume increased by 30% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

Sugary Soft Drink Exports

Exports in ECOWAS

Sugary soft drink exports dropped dramatically to X litres in 2022, shrinking by -25.3% compared with the previous year's figure. Overall, exports showed a perceptible setback. The pace of growth appeared the most rapid in 2013 with an increase of 75%. As a result, the exports reached the peak of X litres. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, sugary soft drink exports contracted remarkably to $X in 2022. In general, exports recorded a abrupt curtailment. The pace of growth appeared the most rapid in 2013 when exports increased by 138% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Togo was the key exporter of sugary soft drinks in ECOWAS, with the volume of exports recording X litres, which was near 54% of total exports in 2022. Ghana (X litres) ranks second in terms of the total exports with a 28% share, followed by Senegal (6.1%). Nigeria (X litres), Cote d'Ivoire (X litres), Burkina Faso (X litres) and Benin (X litres) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Ghana (with a CAGR of +37.5%), while the other leaders experienced more modest paces of growth.

In value terms, Togo ($X) remains the largest sugary soft drink supplier in ECOWAS, comprising 68% of total exports. The second position in the ranking was held by Ghana ($X), with a 15% share of total exports. It was followed by Nigeria, with a 5.9% share.

In Togo, sugary soft drink exports contracted by an average annual rate of -2.4% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (+26.2% per year) and Nigeria (-19.1% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per litre in 2022, increasing by 4.5% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 38%. Over the period under review, the export prices hit record highs at $X per litre in 2016; however, from 2017 to 2022, 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 Nigeria ($X per litre), while Ghana ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+3.5%), while the other leaders experienced more modest paces of growth.

Sugary Soft Drink Imports

Imports in ECOWAS

After three years of growth, supplies from abroad of sugary soft drinks decreased by -5.5% to X litres in 2022. Overall, imports, however, showed a buoyant expansion. The pace of growth appeared the most rapid in 2013 when imports increased by 33%. The volume of import peaked at X litres in 2021, and then contracted in the following year.

In value terms, sugary soft drink imports contracted to $X in 2022. Over the period under review, imports, however, saw strong growth. The pace of growth was the most pronounced in 2021 with an increase of 41% against the previous year. As a result, imports reached the peak of $X, and then reduced in the following year.

Imports by Country

In 2022, Ghana (X litres) and Cote d'Ivoire (X litres) were the main importers of sugary soft drinks in ECOWAS, together finishing at near 64% of total imports. It was distantly followed by Liberia (X litres), Senegal (X litres) and Mali (X litres), together creating a 15% share of total imports. Gambia (X litres), Burkina Faso (X litres), Benin (X litres), Guinea (X litres), Togo (X litres), Cabo Verde (X litres) and Guinea-Bissau (X litres) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Senegal (with a CAGR of +20.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X), Ghana ($X) and Mali ($X) constituted the countries with the highest levels of imports in 2022, with a combined 75% share of total imports. Liberia, Senegal, Gambia, Guinea, Cabo Verde, Guinea-Bissau, Benin, Burkina Faso and Togo lagged somewhat behind, together accounting for a further 23%.

Senegal, with a CAGR of +20.7%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per litre, declining by -10% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the import price increased by 16%. As a result, import price reached the peak level of $X per litre, and then contracted in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guinea-Bissau (+1.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform