Western Africa: Market for Butter And Dairy Spreads 2024

Market Size for Butter And Dairy Spreads in Western Africa

In 2022, the West African butter and dairy spreads market decreased by -9.7% to $X for the first time since 2015, thus ending a six-year rising trend. In general, consumption posted a strong increase. The level of consumption peaked at $X in 2021, and then shrank in the following year.

Production of Butter And Dairy Spreads in Western Africa

In value terms, butter and dairy spreads production amounted to $X in 2022 estimated in export price. The total production indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +4.9% 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 -1.3% against 2020 indices. The most prominent rate of growth was recorded in 2013 with an increase of 11% against the previous year. Over the period under review, production attained the maximum level 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 Benin (X tons) and Sierra Leone (X tons).

From 2012 to 2022, the biggest increases were recorded for Benin (with a CAGR of +2.2%).

Exports of Butter And Dairy Spreads

Exports in Western Africa

For the third year in a row, Western Africa recorded decline in overseas shipments of butter and dairy spreads, which decreased by -83.8% to X tons in 2022. Over the period under review, exports continue to indicate a deep setback. The most prominent rate of growth was recorded in 2013 with an increase of 277% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, butter and dairy spreads exports reduced rapidly to $X in 2022. In general, exports recorded a deep reduction. The pace of growth appeared the most rapid in 2013 with an increase of 323% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

In 2022, Benin (X tons) and Ghana (X tons) were the main exporters of butter and dairy spreads in Western Africa, together reaching approx. 72% of total exports. Senegal (X tons) held an 11% share (based on physical terms) of total exports, which put it in second place, followed by Nigeria (4.7%). The following exporters - Cabo Verde (X tons), Gambia (X tons) and Cote d'Ivoire (X tons) - together made up 10% of total exports.

From 2012 to 2022, the biggest increases were recorded for Cabo Verde (with a CAGR of +36.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest butter and dairy spreads supplying countries in Western Africa were Benin ($X), Senegal ($X) and Cabo Verde ($X), with a combined 67% share of total exports.

Cabo Verde, with a CAGR of +38.6%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, growing by 16% against the previous year. Export price indicated a prominent increase from 2012 to 2022: its price increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, butter and dairy spreads export price increased by +67.7% against 2015 indices. The pace of growth appeared the most rapid in 2018 when the export price increased by 19%. The level of export peaked in 2022 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Cabo Verde ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Benin (+1.8%), while the other leaders experienced more modest paces of growth.

Imports of Butter And Dairy Spreads

Imports in Western Africa

After three years of growth, supplies from abroad of butter and dairy spreads decreased by -2% to X tons in 2022. Over the period under review, imports, however, continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2020 with an increase of 69% against the previous year. Over the period under review, imports hit record highs at X tons in 2021, and then reduced in the following year.

In value terms, butter and dairy spreads imports fell significantly to $X in 2022. In general, imports, however, saw a prominent increase. The pace of growth appeared the most rapid in 2021 when imports increased by 37%. As a result, imports attained the peak of $X, and then shrank significantly in the following year.

Imports by Country

Burkina Faso was the major importing country with an import of around X tons, which reached 34% of total imports. Mauritania (X tons) took a 14% share (based on physical terms) of total imports, which put it in second place, followed by Cote d'Ivoire (13%), Senegal (8.5%), Ghana (6.9%) and Nigeria (5%). Mali (X tons) followed a long way behind the leaders.

Burkina Faso was also the fastest-growing in terms of the butter and dairy spreads imports, with a CAGR of +39.0% from 2012 to 2022. At the same time, Ghana (+12.0%), Mauritania (+11.3%), Cote d'Ivoire (+10.5%) and Mali (+10.0%) displayed positive paces of growth. Senegal experienced a relatively flat trend pattern. By contrast, Nigeria (-12.6%) illustrated a downward trend over the same period. Burkina Faso (+31 p.p.), Mauritania (+4.4 p.p.), Cote d'Ivoire (+3.7 p.p.) and Ghana (+2.5 p.p.) significantly strengthened its position in terms of the total imports, while Senegal and Nigeria saw its share reduced by -7.4% and -32.8% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X) constitutes the largest market for imported butter and dairy spreads in Western Africa, comprising 29% of total imports. The second position in the ranking was held by Ghana ($X), with a 14% share of total imports. It was followed by Senegal, with an 11% share.

In Cote d'Ivoire, butter and dairy spreads imports increased at an average annual rate of +12.7% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+11.7% per year) and Senegal (-0.3% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, which is down by -16.6% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the import price increased by 23%. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Mali ($X per ton), while Mauritania ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mali (+2.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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