ECOWAS: Ghee Market 2024

Ghee Market Size in ECOWAS

The ECOWAS ghee market stood at $X in 2022, surging by X% against the previous year. Overall, consumption, however, saw a noticeable decrease. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a somewhat lower figure.

Ghee Production in ECOWAS

In value terms, ghee production skyrocketed to $X in 2022 estimated in export price. Overall, production recorded a noticeable decrease. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Burkina Faso (X tons) remains the largest ghee producing country in ECOWAS, comprising approx. X% of total volume.

In Burkina Faso, ghee production expanded at an average annual rate of X% over the period from 2012-2022.

Ghee Exports

Exports in ECOWAS

In 2022, overseas shipments of ghee decreased by X% to X tons, falling for the second year in a row after two years of growth. In general, exports continue to indicate a abrupt slump. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, ghee exports skyrocketed to $X in 2022. Overall, exports recorded a pronounced slump. The pace of growth was the most pronounced in 2013 with an increase of X%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

In 2022, Burkina Faso (X tons) represented the major exporter of ghee, constituting X% of total exports. Ghana (X tons) ranks second in terms of the total exports with a X% share, followed by Benin (X%).

Exports from Burkina Faso increased at an average annual rate of X% from 2012 to 2022. At the same time, Benin (X%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Ghana (X%) illustrated a downward trend over the same period. While the share of Burkina Faso (X p.p.) and Benin (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Ghana (X p.p.) displayed negative dynamics.

In value terms, Burkina Faso ($X) remains the largest ghee supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was held by Ghana ($X), with an X% share of total exports.

In Burkina Faso, ghee exports expanded at an average annual rate of X% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (X% per year) and Benin (X% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, picking up by X% against the previous year. Overall, the export price posted a prominent increase. The growth pace was the most rapid in 2013 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the export prices remained at a somewhat lower figure.

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 Burkina Faso ($X per ton), while Benin ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Burkina Faso (X%), while the other leaders experienced mixed trends in the export price figures.

Ghee Imports

Imports in ECOWAS

Ghee imports reached X tons in 2022, therefore, remained relatively stable against the previous year's figure. In general, imports, however, showed a deep downturn. The pace of growth appeared the most rapid in 2020 with an increase of X% against the previous year. The volume of import peaked at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, ghee imports soared to $X in 2022. Over the period under review, imports, however, saw a pronounced setback. The growth pace was the most rapid in 2014 when imports increased by X% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Ghana (X tons) and Nigeria (X tons) represented the main importers of ghee in ECOWAS, together reaching approx. X% of total imports. It was distantly followed by Cote d'Ivoire (X tons), creating a X% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of X%), while purchases for the other leaders experienced a decline in the imports figures.

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

In terms of the main importing countries, Cote d'Ivoire, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, surging by X% against the previous year. Import price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, ghee import price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the import price increased by X%. Over the period under review, import prices hit record highs in 2022 and is likely to see steady growth in the near future.

Average prices varied somewhat amongst the major importing countries. In 2022, amid the top importers, 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 Nigeria (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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