ECOWAS: Bumper Market 2024

Bumper Market Size in ECOWAS

The ECOWAS bumper market skyrocketed to $X in 2022, growing by 45% against the previous year. Over the period under review, consumption posted prominent growth. The level of consumption peaked in 2022 and is expected to retain growth in the immediate term.

Bumper Production in ECOWAS

In value terms, bumper production totaled $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.3% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2014 when the production volume increased by 35% against the previous year. Over the period under review, production reached the peak level at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Bumper Exports

Exports in ECOWAS

In 2022, after two years of decline, there was significant growth in shipments abroad of bumpers, when their volume increased by 22% to X tons. Over the period under review, exports recorded a buoyant increase. The most prominent rate of growth was recorded in 2016 when exports increased by 758%. The volume of export peaked at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, bumper exports rose sharply to $X in 2022. In general, exports enjoyed a strong increase. The growth pace was the most rapid in 2019 with an increase of 273%. The level of export peaked at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Nigeria (X tons) was the largest exporter of bumpers, generating 67% of total exports. It was distantly followed by Liberia (X tons), achieving a 21% share of total exports. Benin (X tons), Sierra Leone (X tons) and Senegal (X tons) held a minor share of total exports.

Exports from Nigeria increased at an average annual rate of +14.7% from 2012 to 2022. At the same time, Liberia (+80.1%), Sierra Leone (+52.3%) and Benin (+43.9%) displayed positive paces of growth. Moreover, Liberia emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +80.1% from 2012-2022. By contrast, Senegal (-13.7%) illustrated a downward trend over the same period. While the share of Liberia (+21 p.p.), Nigeria (+7.9 p.p.), Benin (+3.7 p.p.) and Sierra Leone (+2.9 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Senegal (-26.6 p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) remains the largest bumper supplier in ECOWAS, comprising 50% of total exports. The second position in the ranking was taken by Sierra Leone ($X), with a 20% share of total exports. It was followed by Liberia, with an 18% share.

In Nigeria, bumper exports increased at an average annual rate of +10.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Sierra Leone (+56.1% per year) and Liberia (+68.2% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, falling by -7.6% against the previous year. Overall, the export price continues to indicate a noticeable reduction. The growth pace was the most rapid in 2020 an increase of 130% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sierra Leone (+2.5%), while the other leaders experienced a decline in the export price figures.

Bumper Imports

Imports in ECOWAS

Bumper imports surged to X tons in 2022, increasing by 47% against the year before. Overall, imports showed a significant increase. The pace of growth was the most pronounced in 2020 with an increase of 130%. The volume of import peaked in 2022 and is likely to see steady growth in the immediate term.

In value terms, bumper imports skyrocketed to $X in 2022. In general, imports continue to indicate strong growth. The growth pace was the most rapid in 2020 with an increase of 64% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Nigeria dominates imports structure, finishing at X tons, which was near 94% of total imports in 2022. Ghana (X tons) followed a long way behind the leaders.

Nigeria was also the fastest-growing in terms of the bumpers imports, with a CAGR of +26.3% from 2012 to 2022. At the same time, Ghana (+6.7%) displayed positive paces of growth. Nigeria (+32 p.p.) significantly strengthened its position in terms of the total imports, while Ghana saw its share reduced by -5.8% from 2012 to 2022, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported bumpers in ECOWAS, comprising 75% of total imports. The second position in the ranking was held by Ghana ($X), with an 11% share of total imports.

In Nigeria, bumper imports increased at an average annual rate of +14.7% over the period from 2012-2022.

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, falling by -3.5% against the previous year. In general, the import price saw a abrupt slump. The most prominent rate of growth was recorded in 2015 an increase of 31% against the previous year. As a result, import price reached the peak level of $X per ton. From 2016 to 2022, the import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Ghana ($X per ton), while Nigeria amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+2.9%).

Source: IndexBox Platform