ECOWAS: Market for Sheep And Goat Meat 2023

Market Size for Sheep And Goat Meat in ECOWAS

The ECOWAS sheep and goat meat market contracted to $X in 2021, shrinking by -5.1% against the previous year. The market value increased at an average annual rate of +2.7% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X, and then shrank in the following year.

Production of Sheep And Goat Meat in ECOWAS

In value terms, sheep and goat meat production reduced dramatically to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.9% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 with an increase of 49%. As a result, production reached the peak level of $X, and then dropped sharply in the following year.

Nigeria (X tons) constituted the country with the largest volume of sheep and goat meat production, comprising approx. 57% of total volume. Moreover, sheep and goat meat production in Nigeria exceeded the figures recorded by the second-largest producer, Burkina Faso (X tons), sevenfold. The third position in this ranking was taken by Ghana (X tons), with a 7.3% share.

In Nigeria, sheep and goat meat production expanded at an average annual rate of +2.3% over the period from 2012-2021. The remaining producing countries recorded the following average annual rates of production growth: Burkina Faso (+0.9% per year) and Ghana (+3.4% per year).

In 2021, the average sheep and goat meat yield in ECOWAS was estimated at X kg per head, leveling off at 2020 figures. Over the period under review, the yield continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the yield increased by 5.8% against the previous year. The level of yield peaked at X kg per head in 2017; however, from 2018 to 2021, the yield stood at a somewhat lower figure.

The global number of animals slaughtered for sheep and goat meat production reduced to X heads in 2021, therefore, remained relatively stable against the previous year's figure. This number increased at an average annual rate of +2.2% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2018 when the number of producing animals increased by 6% against the previous year. Over the period under review, this number hit record highs at X heads in 2020, and then shrank slightly in the following year.

Exports of Sheep And Goat Meat

Exports in ECOWAS

Sheep and goat meat exports shrank to X tons in 2021, leveling off at 2020. In general, exports, however, enjoyed a temperate increase. The most prominent rate of growth was recorded in 2015 when exports increased by 111% against the previous year. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, sheep and goat meat exports skyrocketed to $X in 2021. Over the period under review, exports, however, posted resilient growth. The pace of growth was the most pronounced in 2014 when exports increased by 52% against the previous year. The level of export peaked in 2021 and is likely to see gradual growth in the immediate term.

Exports by Country

In 2021, Nigeria (X tons) was the key exporter of sheep and goat meat, creating 54% of total exports. It was distantly followed by Senegal (X tons) and Cote d'Ivoire (X tons), together mixing up a 42% share of total exports. Ghana (X tons) held a little share of total exports.

From 2012 to 2021, average annual rates of growth with regard to sheep and goat meat exports from Nigeria stood at +12.9%. At the same time, Cote d'Ivoire (+16.6%) and Senegal (+1.9%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +16.6% from 2012-2021. By contrast, Ghana (-11.0%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Nigeria and Cote d'Ivoire increased by +30 and +13 percentage points, respectively.

In value terms, Nigeria ($X) remains the largest sheep and goat meat supplier in ECOWAS, comprising 94% of total exports. The second position in the ranking was taken by Senegal ($X), with a 3.8% share of total exports. It was followed by Cote d'Ivoire, with a 1.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Nigeria amounted to +32.4%. In the other countries, the average annual rates were as follows: Senegal (-1.2% per year) and Cote d'Ivoire (+1.0% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, jumping by 20% against the previous year. Overall, the export price enjoyed a strong increase. The pace of growth was the most pronounced in 2020 when the export price increased by 114%. Over the period under review, the export prices hit record highs in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Nigeria ($X per ton), while Cote d'Ivoire ($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 (+17.2%), while the other leaders experienced a decline in the export price figures.

Imports of Sheep And Goat Meat

Imports in ECOWAS

In 2021, purchases abroad of sheep and goat meat increased by 8.2% to X tons, rising for the second year in a row after five years of decline. Over the period under review, imports, however, recorded a deep downturn. The pace of growth was the most pronounced in 2014 with an increase of 13% against the previous year. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, sheep and goat meat imports skyrocketed to $X in 2021. Overall, imports, however, showed a perceptible setback. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Ghana (X tons) represented the key importer of sheep and goat meat, comprising 62% of total imports. It was distantly followed by Cote d'Ivoire (X tons) and Mali (X tons), together making up a 20% share of total imports. Senegal (X tons), Guinea (X tons), Cabo Verde (X tons) and Liberia (X tons) followed a long way behind the leaders.

Imports into Ghana decreased at an average annual rate of -10.7% from 2012 to 2021. At the same time, Mali (+11.5%), Cabo Verde (+7.6%) and Guinea (+4.3%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +11.5% from 2012-2021. By contrast, Senegal (-7.1%), Liberia (-8.1%) and Cote d'Ivoire (-10.4%) illustrated a downward trend over the same period. Mali (+5.8 p.p.), Guinea (+2 p.p.) and Cabo Verde (+1.9 p.p.) significantly strengthened its position in terms of the total imports, while Cote d'Ivoire and Ghana saw its share reduced by -2.1% and -11.8% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) constitutes the largest market for imported sheep and goat meat in ECOWAS, comprising 44% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 15% share of total imports. It was followed by Mali, with a 10% share.

From 2012 to 2021, the average annual growth rate of value in Ghana amounted to -7.6%. In the other countries, the average annual rates were as follows: Cote d'Ivoire (-5.1% per year) and Mali (+11.1% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, with an increase of 15% against the previous year. Import price indicated a resilient expansion from 2012 to 2021: its price increased at an average annual rate of +5.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 an increase of 30% against the previous year. Over the period under review, import prices attained the peak figure in 2021 and is likely to see steady growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Liberia (+9.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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