Ghana: Market for Evaporated And Condensed Milk 2024

Market Size for Evaporated And Condensed Milk in Ghana

In 2022, after six years of growth, there was significant decline in the Ghanian evaporated and condensed milk market, when its value decreased by -10.8% to $X. In general, consumption, however, continues to indicate a prominent expansion. Evaporated and condensed milk consumption peaked at $X in 2021, and then dropped in the following year.

Exports of Evaporated And Condensed Milk

Exports from Ghana

In 2022, exports of evaporated and condensed milk from Ghana soared to X tons, growing by 18% on 2021. In general, exports enjoyed a resilient increase. The growth pace was the most rapid in 2018 with an increase of 44% against the previous year. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, evaporated and condensed milk exports expanded significantly to $X in 2022. Over the period under review, exports recorded prominent growth. The growth pace was the most rapid in 2018 with an increase of 53% against the previous year. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Senegal (X tons) was the main destination for evaporated and condensed milk exports from Ghana, with a 69% share of total exports. Moreover, evaporated and condensed milk exports to Senegal exceeded the volume sent to the second major destination, Cote d'Ivoire (X tons), fourfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Senegal totaled +6.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cote d'Ivoire (+31.5% per year) and Togo (+3.7% per year).

In value terms, Senegal ($X) remains the key foreign market for evaporated and condensed milk exports from Ghana, comprising 78% of total exports. The second position in the ranking was held by Cote d'Ivoire ($X), with an 18% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Senegal stood at +6.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cote d'Ivoire (+28.1% per year) and Togo (+8.6% per year).

Export Prices by Country

In 2022, the average evaporated and condensed milk export price amounted to $X per ton, reducing by -2.8% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the average export price increased by 18% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2022, the average 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 Senegal ($X per ton), while the average price for exports to Togo ($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 Togo (+4.7%), while the prices for the other major destinations experienced a decline.

Imports of Evaporated And Condensed Milk

Imports into Ghana

In 2022, overseas purchases of evaporated and condensed milk decreased by -5% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports, however, showed a resilient expansion. The most prominent rate of growth was recorded in 2014 with an increase of 103%. Imports peaked at X tons in 2021, and then reduced in the following year.

In value terms, evaporated and condensed milk imports dropped to $X in 2022. In general, imports, however, posted a prominent increase. The most prominent rate of growth was recorded in 2014 when imports increased by 168%. Imports peaked at $X in 2021, and then reduced in the following year.

Imports by Country

In 2022, Nigeria (X tons) constituted the largest supplier of evaporated and condensed milk to Ghana, accounting for a 46% share of total imports. Moreover, evaporated and condensed milk imports from Nigeria exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), fivefold. The third position in this ranking was taken by Malaysia (X tons), with a 7.3% share.

From 2012 to 2022, the average annual growth rate of volume from Nigeria amounted to +32.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+0.4% per year) and Malaysia (-10.2% per year).

In value terms, Nigeria ($X) constituted the largest supplier of evaporated and condensed milk to Ghana, comprising 40% of total imports. The second position in the ranking was held by the Netherlands ($X), with a 14% share of total imports. It was followed by Saudi Arabia, with a 7.2% share.

From 2012 to 2022, the average annual growth rate of value from Nigeria amounted to +22.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+4.8% per year) and Saudi Arabia (+37.8% per year).

Import Prices by Country

In 2022, the average evaporated and condensed milk import price amounted to $X per ton, remaining relatively unchanged against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.0%. The most prominent rate of growth was recorded in 2013 when the average import price increased by 36%. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+7.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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