ECOWAS: Plastic Bottle Market 2024

Plastic Bottle Exports

Exports in ECOWAS

For the third consecutive year, ECOWAS recorded growth in overseas shipments of carboys, bottles and similar articles of plastics, which increased by 302% to X tons in 2022. In general, exports continue to indicate a significant increase. The growth pace was the most rapid in 2021 when exports increased by 15,806,750% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are likely to continue growth in the near future.

In value terms, plastic bottle exports skyrocketed to $X in 2022. Over the period under review, exports enjoyed significant growth. The pace of growth was the most pronounced in 2021 with an increase of 2,053,811% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are likely to continue growth in years to come.

Exports by Country

Nigeria dominates exports structure, amounting to X tons, which was near 88% of total exports in 2022. It was distantly followed by Benin (X tons), constituting a 6.1% share of total exports. Togo (X tons) held a minor share of total exports.

Nigeria was also the fastest-growing in terms of the carboys, bottles and similar articles of plastics exports, with a CAGR of +378.0% from 2020 to 2022. At the same time, Togo (+40.7%) displayed positive paces of growth. Benin experienced a relatively flat trend pattern. From 2020 to 2022, the share of Nigeria, Benin and Togo increased by +87, +5.1 and +2.9 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) remains the largest plastic bottle supplier in ECOWAS, comprising 87% of total exports. The second position in the ranking was taken by Benin ($X), with an 11% share of total exports.

From 2020 to 2022, the average annual rate of growth in terms of value in Nigeria stood at +377.9%. In the other countries, the average annual rates were as follows: Benin (0.0% per year) and Togo (-56.5% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, picking up by 6.5% against the previous year. Over the period under review, the export price, however, faced a sharp downturn. The level of export peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Benin ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2020 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (-0.1%).

Plastic Bottle Imports

Imports in ECOWAS

In 2022, imports of carboys, bottles and similar articles of plastics in ECOWAS surged to X tons, growing by 43% compared with 2021 figures. Total imports indicated a significant increase from 2020 to 2022: its volume increased at an average annual rate of +21.4% over the last two-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +47.5% against 2020 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, plastic bottle imports soared to $X in 2022. Total imports indicated significant growth from 2020 to 2022: its value increased at an average annual rate of +21.4% over the last two years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +47.4% against 2020 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Nigeria (X tons) represented the main importer of carboys, bottles and similar articles of plastics, mixing up 65% of total imports. Burkina Faso (X tons) ranks second in terms of the total imports with a 24% share, followed by Benin (4.9%). Togo (X tons) followed a long way behind the leaders.

From 2020 to 2022, average annual rates of growth with regard to plastic bottle imports into Nigeria stood at +19.9%. At the same time, Benin (+28.2%), Burkina Faso (+24.7%) and Togo (+3.2%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +28.2% from 2020-2022. Nigeria (-1.7 p.p.) significantly weakened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest plastic bottle importing markets in ECOWAS were Burkina Faso ($X), Nigeria ($X) and Benin ($X), with a combined 91% share of total imports.

Benin, with a CAGR of +48.8%, recorded the highest rates of growth with regard to 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

The import price in ECOWAS stood at $X per ton in 2022, waning by -13.3% against the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the import price increased by 15% against the previous year. As a result, import price reached the peak level of $X per ton, and then reduced in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Benin ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2020 to 2022, the most notable rate of growth in terms of prices was attained by Benin (+16.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform