ECOWAS: Corrugated Paper Market 2024

Corrugated Paper Market Size in ECOWAS

The ECOWAS corrugated paper market stood at $X in 2021, picking up by 3.4% against the previous year. The total consumption indicated a temperate expansion from 2012 to 2021: its value increased at an average annual rate of +4.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -2.8% against 2019 indices. The level of consumption peaked at $X in 2019; afterwards, it flattened through to 2021.

Corrugated Paper Production in ECOWAS

In value terms, corrugated paper production expanded slightly to $X in 2021 estimated in export price. The total production indicated notable growth from 2012 to 2021: its value increased at an average annual rate of +4.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -3.9% against 2019 indices. The most prominent rate of growth was recorded in 2018 with an increase of 34%. Over the period under review, production reached the peak level at $X in 2019; afterwards, it flattened through to 2021.

Corrugated Paper Exports

Exports in ECOWAS

In 2021, shipments abroad of corrugated paper and paperboard increased by 5.7% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports, however, saw a perceptible contraction. The pace of growth appeared the most rapid in 2015 when exports increased by 16% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, corrugated paper exports skyrocketed to $X in 2021. In general, exports, however, saw a perceptible decline. The level of export peaked at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

In 2021, Ghana (X tons) represented the main exporter of corrugated paper and paperboard, committing 58% of total exports. It was distantly followed by Cote d'Ivoire (X tons), committing a 35% share of total exports. The following exporters - Guinea (X tons) and Nigeria (X tons) - together made up 5% of total exports.

From 2012 to 2021, the biggest increases were recorded for Nigeria (with a CAGR of +46.8%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, the largest corrugated paper supplying countries in ECOWAS were Ghana ($X), Cote d'Ivoire ($X) and Guinea ($X), with a combined 98% share of total exports. Nigeria lagged somewhat behind, accounting for a further 0.7%.

In terms of the main exporting countries, Nigeria, with a CAGR of +39.7%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, with an increase of 28% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.7%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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 Ghana ($X per ton), while Nigeria ($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 (+2.1%), while the other leaders experienced mixed trends in the export price figures.

Corrugated Paper Imports

Imports in ECOWAS

In 2021, after two years of decline, there was significant growth in purchases abroad of corrugated paper and paperboard, when their volume increased by 24% to X tons. Over the period under review, imports continue to indicate a resilient increase. The growth pace was the most rapid in 2018 when imports increased by 71% against the previous year. The volume of import peaked in 2021 and is expected to retain growth in the near future.

In value terms, corrugated paper imports soared to $X in 2021. Overall, imports posted a prominent increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Cote d'Ivoire represented the largest importer of corrugated paper and paperboard in ECOWAS, with the volume of imports resulting at X tons, which was approx. 68% of total imports in 2021. Burkina Faso (X tons) took the second position in the ranking, followed by Nigeria (X tons). All these countries together took near 21% share of total imports. Senegal (X tons) and Mali (X tons) followed a long way behind the leaders.

Cote d'Ivoire was also the fastest-growing in terms of the corrugated paper and paperboard imports, with a CAGR of +37.9% from 2012 to 2021. At the same time, Senegal (+34.2%), Nigeria (+7.3%) and Mali (+3.9%) displayed positive paces of growth. By contrast, Burkina Faso (-3.1%) illustrated a downward trend over the same period. Cote d'Ivoire (+56 p.p.) and Senegal (+3.3 p.p.) significantly strengthened its position in terms of the total imports, while Mali, Nigeria and Burkina Faso saw its share reduced by -2%, -5% and -40.9% from 2012 to 2021, respectively.

In value terms, Cote d'Ivoire ($X) constitutes the largest market for imported corrugated paper and paperboard in ECOWAS, comprising 57% of total imports. The second position in the ranking was taken by Burkina Faso ($X), with a 19% share of total imports. It was followed by Nigeria, with an 11% share.

In Cote d'Ivoire, corrugated paper imports increased at an average annual rate of +33.6% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Burkina Faso (-2.2% per year) and Nigeria (+13.8% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, growing by 14% against the previous year. Overall, the import price, however, showed a pronounced descent. The most prominent rate of growth was recorded in 2017 when the import price increased by 16% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat 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 Burkina Faso ($X per ton), while Cote d'Ivoire ($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 (+6.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform