ECOWAS: Grand Piano Market 2024

Grand Piano Market Size in ECOWAS

The ECOWAS grand piano market dropped dramatically to $X in 2021, which is down by -27.7% against the previous year. Overall, consumption, however, continues to indicate a pronounced expansion. The level of consumption peaked at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Grand Piano Production in ECOWAS

In value terms, grand piano production expanded significantly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.4% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 19% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Grand Piano Exports

Exports in ECOWAS

In 2021, approx. X kg of acoustic grand pianos were exported in ECOWAS; with a decrease of -8.2% against the year before. In general, exports, however, recorded a prominent expansion. The pace of growth was the most pronounced in 2015 with an increase of 5,405%. As a result, the exports reached the peak of X tons. From 2016 to 2021, the growth of the exports remained at a lower figure.

In value terms, grand piano exports contracted notably to $X in 2021. Over the period under review, exports, however, showed strong growth. The pace of growth appeared the most rapid in 2015 with an increase of 5,125% against the previous year. As a result, the exports attained the peak of $X. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Ghana was the key exporting country with an export of about X kg, which finished at 90% of total exports. It was distantly followed by Togo (X kg), achieving a 10% share of total exports.

Ghana was also the fastest-growing in terms of the acoustic grand pianos exports, with a CAGR of +16.9% from 2012 to 2021. Togo experienced a relatively flat trend pattern. From 2012 to 2021, the share of Togo increased by +10 percentage points.

In value terms, Ghana ($X) remains the largest grand piano supplier in ECOWAS, comprising 89% of total exports. The second position in the ranking was held by Togo ($X), with an 11% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Ghana stood at +18.6%.

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, shrinking by -15.1% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.4%. The growth pace was the most rapid in 2020 an increase of 22% against the previous year. As a result, the export price reached the peak level of $X per ton, and then declined significantly in the following year.

Average prices varied noticeably amongst the major exporting countries. In 2021, the country with the highest price was Togo ($X per ton), while Ghana stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+1.4%).

Grand Piano Imports

Imports in ECOWAS

Grand piano imports contracted notably to X tons in 2021, declining by -43.8% on 2020 figures. Overall, imports showed a noticeable reduction. The pace of growth appeared the most rapid in 2019 when imports increased by 332%. The volume of import peaked at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, grand piano imports dropped significantly to $X in 2021. Over the period under review, imports, however, saw a resilient expansion. The pace of growth appeared the most rapid in 2019 with an increase of 595% against the previous year. As a result, imports attained the peak of $X. From 2020 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Nigeria represented the largest importer of acoustic grand pianos in ECOWAS, with the volume of imports recording X tons, which was approx. 73% of total imports in 2021. Ghana (X kg) held a 10% share (based on physical terms) of total imports, which put it in second place, followed by Cote d'Ivoire (8.2%) and Senegal (4.9%). Cabo Verde (X kg) held a relatively small share of total imports.

Nigeria experienced a relatively flat trend pattern with regard to volume of imports of acoustic grand pianos. At the same time, Cote d'Ivoire (+14.5%) and Senegal (+4.4%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +14.5% from 2012-2021. By contrast, Ghana (-5.4%) and Cabo Verde (-23.0%) illustrated a downward trend over the same period. Nigeria (+13 p.p.), Cote d'Ivoire (+6.4 p.p.) and Senegal (+2.4 p.p.) significantly strengthened its position in terms of the total imports, while Ghana and Cabo Verde saw its share reduced by -2.5% and -12.3% from 2012 to 2021, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported acoustic grand pianos in ECOWAS, comprising 85% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 7.4% share of total imports. It was followed by Senegal, with a 3.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Nigeria stood at +15.0%. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+15.0% per year) and Senegal (+7.3% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, jumping by 36% against the previous year. Overall, the import price saw prominent growth. The most prominent rate of growth was recorded in 2019 an increase of 61%. The level of import peaked in 2021 and is likely to see gradual growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+15.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform