Western Africa: Butter Market 2024

Butter Market Size in Western Africa

After five years of growth, the West African butter market decreased by -0.4% to $X in 2022. The total consumption indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +61.6% against 2013 indices. Over the period under review, the market hit record highs at $X in 2021, and then contracted slightly in the following year.

Butter Production in Western Africa

In value terms, butter production amounted to $X in 2022 estimated in export price. In general, production recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the production volume increased by 18% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Butter Exports

Exports in Western Africa

In 2022, approx. X tons of butter were exported in Western Africa; with a decrease of -84% against 2021 figures. Over the period under review, exports continue to indicate a deep slump. The most prominent rate of growth was recorded in 2013 when exports increased by 279%. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, butter exports contracted significantly to $X in 2022. Overall, exports continue to indicate a drastic downturn. The growth pace was the most rapid in 2013 with an increase of 332%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Benin (X tons) and Ghana (X tons) represented roughly 74% of total exports in 2022. It was distantly followed by Senegal (X tons), achieving an 11% share of total exports. Cabo Verde (X tons), Gambia (X tons), Nigeria (X tons) and Cote d'Ivoire (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Cabo Verde (with a CAGR of +36.5%), while the other leaders experienced more modest paces of growth.

In value terms, Benin ($X), Senegal ($X) and Cabo Verde ($X) appeared to be the countries with the highest levels of exports in 2022, together accounting for 68% of total exports.

Cabo Verde, with a CAGR of +38.6%, saw 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, with an increase of 16% against the previous year. Export price indicated buoyant growth from 2012 to 2022: its price increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, butter export price increased by +69.9% against 2015 indices. The most prominent rate of growth was recorded in 2018 an increase of 19%. Over the period under review, the export prices attained the maximum in 2022 and is likely to continue 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.

Butter Imports

Imports in Western Africa

In 2022, overseas purchases of butter decreased by -2% to X tons for the first time since 2018, thus ending a three-year rising trend. Overall, imports, however, posted resilient growth. The growth pace was the most rapid in 2020 when imports increased by 70% against the previous year. The volume of import peaked at X tons in 2021, and then declined modestly in the following year.

In value terms, butter imports shrank notably to $X in 2022. In general, imports, however, showed resilient growth. The pace of growth appeared the most rapid in 2017 with an increase of 38%. The level of import peaked at $X in 2021, and then shrank rapidly in the following year.

Imports by Country

In 2022, Burkina Faso (X tons) was the major importer of butter, comprising 34% of total imports. Mauritania (X tons) took the second position in the ranking, followed by Cote d'Ivoire (X tons), Senegal (X tons), Ghana (X tons) and Nigeria (X tons). All these countries together held approx. 47% share of total imports. Mali (X tons) held a little share of total imports.

Burkina Faso was also the fastest-growing in terms of the butter imports, with a CAGR of +39.1% from 2012 to 2022. At the same time, Ghana (+12.0%), Mauritania (+11.3%), Cote d'Ivoire (+10.3%) 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. While the share of Burkina Faso (+32 p.p.), Mauritania (+4.4 p.p.), Cote d'Ivoire (+3.5 p.p.) and Ghana (+2.5 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Senegal (-6.9 p.p.) and Nigeria (-33 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X) constitutes the largest market for imported butter in Western Africa, comprising 29% of total imports. The second position in the ranking was held by Ghana ($X), with a 14% share of total imports. It was followed by Senegal, with a 10% share.

From 2012 to 2022, the average annual growth rate of value in Cote d'Ivoire stood at +12.5%. In the other countries, the average annual rates were as follows: Ghana (+11.7% per year) and Senegal (-0.0% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2022, falling by -16.7% against the previous year. Overall, the import price saw 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 stood at a somewhat lower figure.

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 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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