Ghana: Market for Condensed Or Evaporated Milk (Sweetened) 2024

Market Size for Condensed Or Evaporated Milk (Sweetened) in Ghana

After two years of growth, the Ghanian market for condensed or evaporated milk (sweetened) decreased by -28.1% to $X in 2022. In general, consumption, however, showed a slight expansion. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Production of Condensed Or Evaporated Milk (Sweetened) in Ghana

In value terms, sweetened condensed and evaporated milk production soared to $X in 2022 estimated in export price. Over the period under review, production enjoyed a significant expansion. The growth pace was the most rapid in 2020 with an increase of 600,237,100% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Exports of Condensed Or Evaporated Milk (Sweetened)

Exports from Ghana

Sweetened condensed and evaporated milk exports from Ghana soared to X tons in 2022, growing by 35% compared with the year before. Overall, exports saw a strong expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 434% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, sweetened condensed and evaporated milk exports soared to $X in 2022. In general, exports showed significant growth. The growth pace was the most rapid in 2018 with an increase of 750% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

Cote d'Ivoire (X tons) was the main destination for sweetened condensed and evaporated milk exports from Ghana, accounting for a 84% share of total exports. Moreover, sweetened condensed and evaporated milk exports to Cote d'Ivoire exceeded the volume sent to the second major destination, Togo (X tons), sixfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Cote d'Ivoire totaled +33.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Togo (-3.6% per year) and Benin (-42.4% per year).

In value terms, Cote d'Ivoire ($X) remains the key foreign market for condensed or evaporated milk (sweetened) exports from Ghana, comprising 93% of total exports. The second position in the ranking was taken by Togo ($X), with a 6.3% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Cote d'Ivoire stood at +29.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Togo (+5.4% per year) and Benin (-33.2% per year).

Export Prices by Country

The average export price for condensed or evaporated milk (sweetened) stood at $X per ton in 2022, rising by 6.4% against the previous year. Overall, the export price showed resilient growth. The pace of growth appeared the most rapid in 2018 an increase of 59% against the previous year. The export price peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Benin ($X per ton), while the average price for exports to Togo ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Benin (+15.9%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Condensed Or Evaporated Milk (Sweetened)

Imports into Ghana

In 2022, sweetened condensed and evaporated milk imports into Ghana declined rapidly to X tons, waning by -43% compared with 2021 figures. Overall, imports continue to indicate a abrupt contraction. The pace of growth appeared the most rapid in 2021 with an increase of 601% against the previous year. Over the period under review, imports attained the maximum at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, sweetened condensed and evaporated milk imports fell rapidly to $X in 2022. In general, imports saw a mild curtailment. The most prominent rate of growth was recorded in 2021 with an increase of 723% against the previous year. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Nigeria (X tons) constituted the largest supplier of sweetened condensed and evaporated milk to Ghana, accounting for a 61% share of total imports. Moreover, sweetened condensed and evaporated milk imports from Nigeria exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), threefold. Belgium (X tons) ranked third in terms of total imports with an 8.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Nigeria totaled +23.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-15.1% per year) and Belgium (-12.4% per year).

In value terms, Nigeria ($X) constituted the largest supplier of condensed or evaporated milk (sweetened) to Ghana, comprising 62% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 17% share of total imports. It was followed by Belgium, with an 8.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Nigeria amounted to +15.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-7.1% per year) and Belgium (-10.8% per year).

Import Prices by Country

In 2022, the average import price for condensed or evaporated milk (sweetened) amounted to $X per ton, which is down by -1.6% against the previous year. Over the period under review, import price indicated a measured increase from 2012 to 2022: its price increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sweetened condensed and evaporated milk import price increased by +15.5% against 2020 indices. The most prominent rate of growth was recorded in 2014 when the average import price increased by 72%. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was New Zealand ($X per ton), while the price for Ireland ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+9.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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