ECOWAS: Milk Market 2024

Milk Market Size in ECOWAS

The ECOWAS milk market rose modestly to $X in 2022, surging by X% against the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Milk Production in ECOWAS

In value terms, milk production expanded modestly to $X in 2022 estimated in export price. Overall, production, however, showed a slight downturn. The pace of growth was the most pronounced in 2014 when the production volume increased by X% against the previous year. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

The countries with the highest volumes of production in 2022 were Niger (X tons), Mali (X tons) and Nigeria (X tons), with a combined X% share of total production.

From 2012 to 2022, the biggest increases were recorded for Niger (with a CAGR of X%), while production for the other leaders experienced more modest paces of growth.

Milk Exports

Exports in ECOWAS

In 2022, shipments abroad of milk was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports, however, recorded a precipitous decline. The most prominent rate of growth was recorded in 2016 when exports increased by X% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, milk exports rose slightly to $X in 2022. Overall, exports, however, recorded a dramatic curtailment. The growth pace was the most rapid in 2016 with an increase of X% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Cote d'Ivoire (X tons), Senegal (X tons) and Gambia (X tons) was the largest exporter of milk in ECOWAS, making up X% of total export. Sierra Leone (X tons) took a little share 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 X%), while the other leaders experienced more modest paces of growth.

In value terms, Gambia ($X) remains the largest milk supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was taken by Senegal ($X), with a X% share of total exports. It was followed by Cote d'Ivoire, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Gambia stood at X%. In the other countries, the average annual rates were as follows: Senegal (X% per year) and Cote d'Ivoire (X% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, reducing by X% against the previous year. Overall, the export price continues to indicate a perceptible slump. The pace of growth was the most pronounced in 2016 an increase of X% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Gambia ($X per ton), while Sierra Leone ($X per ton) was amongst the lowest.

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

Milk Imports

Imports in ECOWAS

For the fourth year in a row, ECOWAS recorded growth in purchases abroad of milk, which increased by X% to X tons in 2022. The total import volume 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 throughout the analyzed period. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports failed to regain momentum.

In value terms, milk imports expanded slightly to $X in 2022. Total imports indicated buoyant growth from 2012 to 2022: its value 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, imports increased by X% against 2019 indices. The growth pace was the most rapid in 2017 with an increase of X%. The level of import peaked in 2022 and is likely to continue growth in the immediate term.

Imports by Country

The countries with the highest levels of milk imports in 2022 were Ghana (X tons), Cabo Verde (X tons), Senegal (X tons), Guinea (X tons), Mali (X tons), Gambia (X tons) and Cote d'Ivoire (X tons), together reaching X% of total import.

From 2012 to 2022, the biggest increases were recorded for Guinea (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest milk importing markets in ECOWAS were Senegal ($X), Ghana ($X) and Cabo Verde ($X), together accounting for X% of total imports. Guinea, Cote d'Ivoire, Mali and Gambia lagged somewhat behind, together accounting for a further X%.

Guinea, with a CAGR of X%, recorded 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 ECOWAS amounted to $X per ton, growing by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2018 when the import price increased by X% against the previous year. Over the period under review, import prices hit record highs in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Senegal ($X per ton), while Cabo Verde ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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