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

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

In 2021, the Ghanian market for condensed or evaporated milk (unsweetened) increased by 4.4% to $X, rising for the fifth year in a row after two years of decline. Over the period under review, consumption, however, saw buoyant growth. Over the period under review, the market hit record highs in 2021 and is expected to retain growth in the near future.

Exports of Condensed Or Evaporated Milk (Unsweetened)

Exports from Ghana

In 2021, approx. X tons of condensed or evaporated milk (unsweetened) were exported from Ghana; declining by -20.8% on the year before. Overall, total exports indicated buoyant growth from 2012 to 2021: its volume increased at an average annual rate of +6.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +9.8% against 2015 indices. The most prominent rate of growth was recorded in 2020 when exports increased by 47%. As a result, the exports attained the peak of X tons, and then dropped remarkably in the following year.

In value terms, unsweetened condensed and evaporated milk exports fell notably to $X in 2021. In general, total exports indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +6.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +65.1% against 2016 indices. The most prominent rate of growth was recorded in 2020 with an increase of 43% against the previous year. As a result, the exports reached the peak of $X, and then reduced sharply in the following year.

Exports by Country

Senegal (X tons) was the main destination for unsweetened condensed and evaporated milk exports from Ghana, accounting for a 95% share of total exports. It was followed by Togo (X tons), with a 2.4% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to Senegal amounted to +7.0%.

In value terms, Senegal ($X) remains the key foreign market for condensed or evaporated milk (unsweetened) exports from Ghana, comprising 98% of total exports. The second position in the ranking was taken by Togo ($X), with a 0.5% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Senegal totaled +6.7%.

Export Prices by Country

The average export price for condensed or evaporated milk (unsweetened) stood at $X per ton in 2021, surging by 5.9% against the previous year. In general, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the average export price increased by 15%. As a result, the export price attained the peak level of $X per ton. From 2015 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Senegal ($X per ton), while the average price for exports to Togo stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Togo (+0.8%).

Imports of Condensed Or Evaporated Milk (Unsweetened)

Imports into Ghana

In 2021, after five years of growth, there was significant decline in supplies from abroad of condensed or evaporated milk (unsweetened), when their volume decreased by -9.1% to X tons. Overall, imports, however, showed prominent growth. The pace of growth appeared the most rapid in 2017 with an increase of 61% against the previous year. Over the period under review, imports attained the maximum at X tons in 2020, and then fell in the following year.

In value terms, unsweetened condensed and evaporated milk imports rose slightly to $X in 2021. In general, imports, however, continue to indicate buoyant growth. The most prominent rate of growth was recorded in 2018 with an increase of 50% against the previous year. Over the period under review, imports attained the maximum in 2021 and are likely to continue growth in years to come.

Imports by Country

Nigeria (X tons), the Netherlands (X tons) and Saudi Arabia (X tons) were the main suppliers of unsweetened condensed and evaporated milk imports to Ghana, together accounting for 54% of total imports. Peru, Oman, Malaysia and Belgium lagged somewhat behind, together accounting for a further 9.5%.

From 2012 to 2021, the biggest increases were recorded for Oman (with a CAGR of +275.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest unsweetened condensed and evaporated milk suppliers to Ghana were Nigeria ($X), the Netherlands ($X) and Saudi Arabia ($X), together accounting for 53% of total imports. Peru, Oman, Malaysia and Belgium lagged somewhat behind, together comprising a further 6.4%.

Among the main suppliers, Oman, with a CAGR of +442.1%, recorded 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

In 2021, the average import price for condensed or evaporated milk (unsweetened) amounted to $X per ton, increasing by 12% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. Over the period under review, average import prices attained the maximum at $X per ton in 2015; however, from 2016 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+44.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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