ECOWAS: Dairy Spread Market 2024

Dairy Spread Market Size in ECOWAS

The ECOWAS dairy spread market reduced modestly to $X in 2022, waning by -2.6% against the previous year. The total consumption indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +7.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -7.5% against 2019 indices. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Dairy Spread Production in ECOWAS

In value terms, dairy spread production fell to $X in 2022 estimated in export price. The total production indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +7.6% 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 -9.8% against 2019 indices. The most prominent rate of growth was recorded in 2013 when the production volume increased by 40%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Dairy Spread Exports

Exports in ECOWAS

In 2022, the amount of dairy spreads exported in ECOWAS expanded significantly to X tons, increasing by 11% compared with 2021. In general, exports, however, faced a abrupt downturn. The most prominent rate of growth was recorded in 2016 when exports increased by 37% against the previous year. As a result, the exports attained the peak of X tons. From 2017 to 2022, the growth of the exports failed to regain momentum.

In value terms, dairy spread exports soared to $X in 2022. Overall, exports, however, continue to indicate a abrupt contraction. The pace of growth appeared the most rapid in 2015 when exports increased by 59% against the previous year. The level of export peaked at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

The shipments of the one major exporters of dairy spreads, namely Nigeria, represented more than two-thirds of total export.

Nigeria was also the fastest-growing in terms of the dairy spreads exports, with a CAGR of -16.5% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) also remains the largest dairy spread supplier in ECOWAS.

From 2012 to 2022, the average annual growth rate of value in Nigeria amounted to -16.7%.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, picking up by 13% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2019 when the export price increased by 27% against the previous year. The level of export peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Nigeria.

From 2012 to 2022, the rate of growth in terms of prices for Nigeria amounted to -0.2% per year.

Dairy Spread Imports

Imports in ECOWAS

Dairy spread imports reached X tons in 2022, picking up by 4.1% on the previous year's figure. In general, imports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when imports increased by 38%. Over the period under review, imports reached the maximum at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, dairy spread imports fell slightly to $X in 2022. Total imports indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +73.8% against 2018 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 72% against the previous year. Over the period under review, imports reached the maximum at $X in 2021, and then contracted in the following year.

Imports by Country

In 2022, Cote d'Ivoire (X tons), distantly followed by Ghana (X tons), Senegal (X tons) and Benin (X tons) were the major importers of dairy spreads, together creating 83% of total imports. The following importers - Burkina Faso (X tons), Niger (X tons) and Togo (X tons) - together made up 10% of total imports.

From 2012 to 2022, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of +37.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest dairy spread importing markets in ECOWAS were Cote d'Ivoire ($X), Senegal ($X) and Ghana ($X), together accounting for 79% of total imports.

In terms of the main importing countries, Cote d'Ivoire, with a CAGR of +41.0%, recorded the highest growth rate of 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

The import price in ECOWAS stood at $X per ton in 2022, which is down by -7.5% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.1%. The pace of growth was the most pronounced in 2014 when the import price increased by 35%. The level of import peaked at $X per ton in 2021, and then shrank in the following year.

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 Senegal ($X per ton), while Niger ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+4.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :