ECOWAS: Butter Market 2024

Butter Market Size in ECOWAS

The ECOWAS butter market amounted to $X in 2022, growing by X% against the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked in 2022 and is likely to see gradual growth in years to come.

Butter Production in ECOWAS

In value terms, butter production shrank modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2017 with an increase of X%. The level of production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Butter Exports

Exports in ECOWAS

In 2022, the amount of butter exported in ECOWAS fell sharply to X tons, shrinking by X% against the previous year. Over the period under review, exports showed a abrupt decline. The growth pace was the most rapid in 2013 when exports increased by X% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, butter exports reduced notably to $X in 2022. Overall, exports showed a deep reduction. The pace of growth was the most pronounced in 2013 with an increase of X%. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

In 2022, Ghana (X tons) represented the major exporter of butter, comprising X% of total exports. Benin (X tons) took the second position in the ranking, distantly followed by Senegal (X tons). All these countries together held near X% share of total exports. The following exporters - Nigeria (X tons), Cote d'Ivoire (X tons) and Gambia (X tons) - together made up X% of total exports.

Exports from Ghana increased at an average annual rate of X% from 2012 to 2022. At the same time, Senegal (X%), Nigeria (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Gambia (X%) and Benin (X%) illustrated a downward trend over the same period. Ghana (X p.p.), Senegal (X p.p.), Nigeria (X p.p.) and Cote d'Ivoire (X p.p.) significantly strengthened its position in terms of the total exports, while Benin saw its share reduced by X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X), Benin ($X) and Senegal ($X) constituted the countries with the highest levels of exports in 2022, with a combined X% share of total exports.

In terms of the main exporting countries, Senegal, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, with a decrease of X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The growth pace was the most rapid in 2018 an increase of X% against the previous year. The level of export peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while Ghana ($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 (X%), while the other leaders experienced more modest paces of growth.

Butter Imports

Imports in ECOWAS

Butter imports skyrocketed to X tons in 2022, surging by X% against the year before. In general, imports recorded a resilient expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, butter imports reached $X in 2022. Over the period under review, imports recorded a prominent expansion. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. The level of import peaked in 2022 and is likely to see steady growth in the immediate term.

Imports by Country

Burkina Faso prevails in imports structure, finishing at X tons, which was approx. X% of total imports in 2022. Senegal (X tons) held a X% share (based on physical terms) of total imports, which put it in second place, followed by Nigeria (X%) and Cote d'Ivoire (X%). Ghana (X tons), Mali (X tons) and Benin (X tons) followed a long way behind the leaders.

Burkina Faso was also the fastest-growing in terms of the butter imports, with a CAGR of X% from 2012 to 2022. At the same time, Ghana (X%), Mali (X%), Cote d'Ivoire (X%) and Senegal (X%) displayed positive paces of growth. Benin experienced a relatively flat trend pattern. By contrast, Nigeria (X%) illustrated a downward trend over the same period. While the share of Burkina Faso (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Benin (X p.p.), Cote d'Ivoire (X p.p.), Senegal (X p.p.) and Nigeria (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest butter importing markets in ECOWAS were Cote d'Ivoire ($X), Senegal ($X) and Ghana ($X), with a combined X% share of total imports. Mali, Nigeria, Benin and Burkina Faso lagged somewhat behind, together accounting for a further X%.

In terms of the main importing countries, Mali, with a CAGR of X%, saw 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 2022, the import price in ECOWAS amounted to $X per ton, with a decrease of X% against the previous year. Overall, the import price showed a deep contraction. The pace of growth appeared the most rapid in 2013 an increase of X%. Over the period under review, import prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a 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 ($X per ton), while Burkina Faso ($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 (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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