ECOWAS: Market for Powdered, Evaporated And Condensed Milk 2023

Market Size for Powdered, Evaporated And Condensed Milk in ECOWAS

In 2021, the ECOWAS market for powdered, evaporated and condensed milk decreased by -34.6% to $X for the first time since 2018, thus ending a two-year rising trend. The total consumption indicated notable growth from 2012 to 2021: its value increased at an average annual rate of +2.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2020, and then fell markedly in the following year.

Production of Powdered, Evaporated And Condensed Milk in ECOWAS

In value terms, powdered, evaporated and condensed milk production shrank to $X in 2021 estimated in export price. Over the period under review, production saw a slight slump. The pace of growth was the most pronounced in 2016 with an increase of 87%. As a result, production reached the peak level of $X. From 2017 to 2021, production growth remained at a somewhat lower figure.

Exports of Powdered, Evaporated And Condensed Milk

Exports in ECOWAS

In 2021, shipments abroad of powdered, evaporated and condensed milk increased by 10% to X tons, rising for the second consecutive year after two years of decline. Overall, exports, however, recorded a deep downturn. The pace of growth appeared the most rapid in 2015 with an increase of 29% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, powdered, evaporated and condensed milk exports contracted modestly to $X in 2021. Over the period under review, exports, however, showed a deep setback. The growth pace was the most rapid in 2013 with an increase of 45%. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Togo prevails in exports structure, reaching X tons, which was near 80% of total exports in 2021. It was distantly followed by Ghana (X tons), creating a 9.8% share of total exports. The following exporters - Senegal (X tons), Mali (X tons) and Nigeria (X tons) - together made up 7.4% of total exports.

Exports from Togo increased at an average annual rate of +8.8% from 2012 to 2021. At the same time, Mali (+9.0%) and Ghana (+6.3%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +9.0% from 2012-2021. By contrast, Senegal (-13.7%) and Nigeria (-35.7%) illustrated a downward trend over the same period. While the share of Togo (+57 p.p.) and Ghana (+6.3 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Senegal (-5.3 p.p.) and Nigeria (-55.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Togo ($X) remains the largest powdered, evaporated and condensed milk supplier in ECOWAS, comprising 57% of total exports. The second position in the ranking was taken by Ghana ($X), with a 19% share of total exports. It was followed by Senegal, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Togo totaled +5.0%. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (+6.7% per year) and Senegal (-13.9% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, shrinking by -13.6% against the previous year. Over the period under review, the export price showed a noticeable downturn. The pace of growth appeared the most rapid in 2013 an increase of 147% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Senegal ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mali (+9.4%), while the other leaders experienced mixed trends in the export price figures.

Imports of Powdered, Evaporated And Condensed Milk

Imports in ECOWAS

In 2021, after two years of growth, there was significant decline in purchases abroad of powdered, evaporated and condensed milk, when their volume decreased by -27.3% to X tons. Overall, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2014 when imports increased by 44% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2020, and then declined remarkably in the following year.

In value terms, powdered, evaporated and condensed milk imports reduced dramatically to $X in 2021. Over the period under review, imports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 with an increase of 70% against the previous year. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

Nigeria was the main importing country with an import of around X tons, which resulted at 44% of total imports. It was distantly followed by Cote d'Ivoire (X tons), Ghana (X tons), Gambia (X tons), Togo (X tons) and Burkina Faso (X tons), together committing a 39% share of total imports. Senegal (X tons) followed a long way behind the leaders.

Nigeria experienced a relatively flat trend pattern with regard to volume of imports of powdered, evaporated and condensed milk. At the same time, Togo (+9.1%), Gambia (+7.0%), Burkina Faso (+4.9%), Cote d'Ivoire (+2.6%) and Ghana (+2.2%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +9.1% from 2012-2021. By contrast, Senegal (-4.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Togo, Gambia and Burkina Faso increased by +3.5, +2.9 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported powdered, evaporated and condensed milk in ECOWAS, comprising 56% of total imports. The second position in the ranking was taken by Ghana ($X), with a 9.6% share of total imports. It was followed by Cote d'Ivoire, with a 9.4% share.

In Nigeria, powdered, evaporated and condensed milk imports remained relatively stable over the period from 2012-2021. In the other countries, the average annual rates were as follows: Ghana (+1.4% per year) and Cote d'Ivoire (+0.0% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, stabilizing at the previous year. In general, the import price recorded a slight downturn. The most prominent rate of growth was recorded in 2020 an increase of 35% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Nigeria ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+0.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Market Intelligence Platform

Frequently Asked Questions (FAQ) :