Western Africa: Whey Market 2024

Whey Market Size in Western Africa

The West African whey market soared to $X in 2022, growing by 54% against the previous year. In general, consumption continues to indicate a resilient increase. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Whey Production in Western Africa

In value terms, whey production expanded remarkably to $X in 2022 estimated in export price. The total production indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.8% 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 -4.8% against 2020 indices. The pace of growth was the most pronounced in 2018 with an increase of 46% against the previous year. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Whey Exports

Exports in Western Africa

After two years of growth, shipments abroad of whey decreased by -76.9% to X tons in 2022. Over the period under review, exports showed a deep contraction. The most prominent rate of growth was recorded in 2021 with an increase of 225%. Over the period under review, the exports attained the peak figure at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, whey exports fell significantly to $X in 2022. Overall, exports continue to indicate a deep contraction. The pace of growth was the most pronounced in 2021 when exports increased by 467%. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Senegal (X tons) represented the major exporter of whey, achieving 62% of total exports. It was distantly followed by Cote d'Ivoire (X tons), committing a 32% share of total exports. The following exporters - Nigeria (X tons) and Ghana (X tons) - together made up 5.6% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Senegal (with a CAGR of +13.5%), while the other leaders experienced a decline in the exports figures.

In value terms, Cote d'Ivoire ($X), Senegal ($X) and Nigeria ($X) were the countries with the highest levels of exports in 2022, with a combined 99% share of total exports.

Senegal, with a CAGR of +15.5%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, reducing by -29.2% against the previous year. Over the period under review, the export price saw a perceptible setback. The growth pace was the most rapid in 2021 when the export price increased by 75% against the previous year. As a result, the export price attained the peak level of $X per ton, and then dropped significantly in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while Nigeria ($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 (+2.6%), while the other leaders experienced mixed trends in the export price figures.

Whey Imports

Imports in Western Africa

In 2022, imports of whey in Western Africa skyrocketed to X tons, increasing by 63% against 2021 figures. Overall, imports continue to indicate a remarkable increase. The pace of growth was the most pronounced in 2015 with an increase of 71%. The volume of import peaked in 2022 and is likely to continue growth in years to come.

In value terms, whey imports surged to $X in 2022. In general, imports continue to indicate a remarkable increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Nigeria was the key importer of whey in Western Africa, with the volume of imports amounting to X tons, which was approx. 55% of total imports in 2022. Ghana (X tons) took a 26% share (based on physical terms) of total imports, which put it in second place, followed by Cote d'Ivoire (5.9%) and Togo (5.8%). Mauritania (X tons) and Senegal (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to whey imports into Nigeria stood at +26.5%. At the same time, Mauritania (+63.1%), Senegal (+23.2%), Ghana (+8.8%), Togo (+6.7%) and Cote d'Ivoire (+1.7%) displayed positive paces of growth. Moreover, Mauritania emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +63.1% from 2012-2022. From 2012 to 2022, the share of Nigeria and Mauritania increased by +35 and +3.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest whey importing markets in Western Africa were Nigeria ($X), Ghana ($X) and Togo ($X), with a combined 89% share of total imports. Cote d'Ivoire, Senegal and Mauritania lagged somewhat behind, together comprising a further 9.1%.

Mauritania, with a CAGR of +40.6%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, dropping by -8.7% against the previous year. Over the period under review, the import price recorded a perceptible contraction. The pace of growth appeared the most rapid in 2021 when the import price increased by 23% against the previous year. 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 Togo ($X per ton), while Mauritania ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (-1.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :