ECOWAS: Candles And Tapers Market 2024

Candles And Tapers Market Size in ECOWAS

The ECOWAS candles and tapers market contracted to $X in 2021, which is down by -11.3% against the previous year. In general, consumption, however, recorded a pronounced expansion. As a result, consumption attained the peak level of $X. From 2018 to 2021, the growth of the market remained at a lower figure.

Candles And Tapers Production in ECOWAS

In value terms, candles and tapers production declined to $X in 2021 estimated in export price. Over the period under review, production, however, showed a remarkable increase. The most prominent rate of growth was recorded in 2017 when the production volume increased by 108%. As a result, production reached the peak level of $X. From 2018 to 2021, production growth remained at a somewhat lower figure.

Candles And Tapers Exports

Exports in ECOWAS

Candles and tapers exports reduced dramatically to X tons in 2021, waning by -22.2% against the year before. Over the period under review, exports recorded a abrupt setback. The pace of growth was the most pronounced in 2013 when exports increased by 47% against the previous year. The volume of export peaked at X tons in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, candles and tapers exports contracted sharply to $X in 2021. In general, exports showed a abrupt curtailment. The growth pace was the most rapid in 2013 when exports increased by 17%. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Togo was the main exporting country with an export of around X tons, which amounted to 58% of total exports. Cote d'Ivoire (X tons) took an 18% share (based on physical terms) of total exports, which put it in second place, followed by Nigeria (12%) and Gambia (9.7%).

Togo was also the fastest-growing in terms of the candles and tapers exports, with a CAGR of +3.9% from 2012 to 2021. Gambia (-5.1%), Cote d'Ivoire (-15.1%) and Nigeria (-19.1%) illustrated a downward trend over the same period. Togo (+45 p.p.) and Gambia (+5 p.p.) significantly strengthened its position in terms of the total exports, while Cote d'Ivoire and Nigeria saw its share reduced by -6% and -12.8% from 2012 to 2021, respectively.

In value terms, Cote d'Ivoire ($X), Togo ($X) and Nigeria ($X) were the countries with the highest levels of exports in 2021, with a combined 90% share of total exports.

Among the main exporting countries, Togo, with a CAGR of +6.7%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, growing by 2.1% against the previous year. Export price indicated a measured increase from 2012 to 2021: its price increased at an average annual rate of +2.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, candles and tapers export price decreased by -6.4% against 2019 indices. The pace of growth was the most pronounced in 2017 when the export price increased by 56%. Over the period under review, the export prices hit record highs at $X per ton in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while Gambia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+5.4%), while the other leaders experienced more modest paces of growth.

Candles And Tapers Imports

Imports in ECOWAS

In 2021, purchases abroad of candles and tapers decreased by -36.8% to X tons, falling for the third year in a row after two years of growth. Over the period under review, imports recorded a abrupt shrinkage. The pace of growth was the most pronounced in 2018 with an increase of 96%. Over the period under review, imports reached the peak figure at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, candles and tapers imports shrank dramatically to $X in 2021. Overall, imports saw a abrupt contraction. The most prominent rate of growth was recorded in 2018 with an increase of 23%. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Nigeria (X tons) represented the key importer of candles and tapers, generating 42% of total imports. Benin (X tons) held a 16% share (based on physical terms) of total imports, which put it in second place, followed by Ghana (15%), Gambia (9.6%) and Togo (5.7%). Cote d'Ivoire (X tons) and Sierra Leone (X tons) followed a long way behind the leaders.

Imports into Nigeria decreased at an average annual rate of -12.3% from 2012 to 2021. Benin (-1.6%), Sierra Leone (-4.1%), Togo (-4.3%), Ghana (-5.3%), Gambia (-9.4%) and Cote d'Ivoire (-9.7%) illustrated a downward trend over the same period. While the share of Benin (+8.3 p.p.), Ghana (+4.8 p.p.) and Togo (+2.2 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Nigeria (-14.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X), Benin ($X) and Nigeria ($X) were the countries with the highest levels of imports in 2021, together comprising 59% of total imports.

Ghana, with a CAGR of -1.1%, 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 a decline in the imports figures.

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, with an increase of 23% against the previous year. Overall, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 when the import price increased by 62% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2016; however, from 2017 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Cote d'Ivoire ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+7.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform