ECOWAS: Whole Fresh Milk Market 2024

Whole Fresh Milk Market Size in ECOWAS

The ECOWAS whole fresh milk market rose slightly to $X in 2022, picking up by 1.5% against the previous year. The total consumption indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -1.6% against 2020 indices. Over the period under review, the market hit record highs at $X in 2020; afterwards, it flattened through to 2022.

Whole Fresh Milk Production in ECOWAS

In value terms, whole fresh milk production expanded slightly to $X in 2022 estimated in export price. The total production indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +7.3% 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 -1.5% against 2020 indices. The most prominent rate of growth was recorded in 2014 when the production volume increased by 27%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

The countries with the highest volumes of production in 2022 were Niger (X tons), Mali (X tons) and Nigeria (X tons), together accounting for 66% of total production. Burkina Faso, Guinea, Senegal and Sierra Leone lagged somewhat behind, together accounting for a further 25%.

From 2012 to 2022, the biggest increases were recorded for Burkina Faso (with a CAGR of +3.3%), while production for the other leaders experienced more modest paces of growth.

Whole Fresh Milk Exports

Exports in ECOWAS

In 2022, shipments abroad of whole fresh milk increased by 31% to X tons for the first time since 2017, thus ending a four-year declining trend. Over the period under review, exports posted buoyant growth. The most prominent rate of growth was recorded in 2016 with an increase of 130%. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, whole fresh milk exports expanded remarkably to $X in 2022. Overall, exports saw a prominent expansion. The most prominent rate of growth was recorded in 2016 when exports increased by 156%. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Cote d'Ivoire (X tons), Gambia (X tons) and Senegal (X tons) represented roughly 97% of total exports in 2022.

From 2012 to 2022, the biggest increases were recorded for Senegal (with a CAGR of +55.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Gambia ($X) remains the largest whole fresh milk supplier in ECOWAS, comprising 71% of total exports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 15% share of total exports.

In Gambia, whole fresh milk exports expanded at an average annual rate of +21.1% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Cote d'Ivoire (-1.2% per year) and Senegal (+60.9% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, declining by -16.9% against the previous year. Over the period under review, the export price, however, showed a strong increase. The most prominent rate of growth was recorded in 2021 an increase of 45% against the previous year. As a result, the export price reached the peak level of $X per ton, and then dropped remarkably in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Gambia ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Gambia (+18.1%), while the other leaders experienced mixed trends in the export price figures.

Whole Fresh Milk Imports

Imports in ECOWAS

In 2022, after three years of growth, there was significant decline in overseas purchases of whole fresh milk, when their volume decreased by -15.4% to X tons. Total imports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +6.4% 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 +66.2% against 2018 indices. The pace of growth was the most pronounced in 2019 with an increase of 41%. The volume of import peaked at X tons in 2021, and then dropped notably in the following year.

In value terms, whole fresh milk imports reduced to $X in 2022. Total imports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +7.0% 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 +75.0% against 2016 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 31% against the previous year. As a result, imports attained the peak of $X, and then declined in the following year.

Imports by Country

In 2022, Cabo Verde (X tons), distantly followed by Senegal (X tons), Ghana (X tons), Guinea (X tons), Gambia (X tons), Mali (X tons) and Cote d'Ivoire (X tons) were the major importers of whole fresh milk, together achieving 86% of total imports.

From 2012 to 2022, the biggest increases were recorded for Guinea (with a CAGR of +20.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest whole fresh milk importing markets in ECOWAS were Senegal ($X), Cabo Verde ($X) and Ghana ($X), with a combined 51% share of total imports. Guinea, Mali, Gambia and Cote d'Ivoire lagged somewhat behind, together comprising a further 32%.

Guinea, with a CAGR of +18.0%, recorded the highest rates of growth with regard to the value of imports, among 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

The import price in ECOWAS stood at $X per ton in 2022, picking up by 2.7% against the previous year. In general, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 15%. As a result, import price reached the peak level of $X per ton. From 2019 to 2022, the 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 Senegal ($X per ton), while Cabo Verde ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Gambia (+11.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform