ECOWAS: Cosmetics Market 2024

Cosmetics Market Size in ECOWAS

In 2022, the ECOWAS cosmetics market decreased by X% to $X, falling for the second consecutive year after nine years of growth. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Cosmetics Production in ECOWAS

In value terms, cosmetics production rose slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2020 with an increase of X%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Cosmetics Exports

Exports in ECOWAS

In 2022, approx. X tons of cosmetics were exported in ECOWAS; picking up by X% against the previous year. Total exports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2015 indices. The most prominent rate of growth was recorded in 2014 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in years to come.

In value terms, cosmetics exports expanded significantly to $X in 2022. Total exports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2015 indices. The pace of growth appeared the most rapid in 2015 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the near future.

Exports by Country

In 2022, Cote d'Ivoire (X tons) represented the major exporter of cosmetics, comprising X% of total exports. Togo (X tons) took a X% share (based on physical terms) of total exports, which put it in second place, followed by Senegal (X%).

Exports from Cote d'Ivoire increased at an average annual rate of X% from 2012 to 2022. At the same time, Togo (X%) and Senegal (X%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. While the share of Togo (X p.p.) and Senegal (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Cote d'Ivoire (X p.p.) displayed negative dynamics.

In value terms, Cote d'Ivoire ($X) remains the largest cosmetics supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was held by Togo ($X), with a X% share of total exports.

In Cote d'Ivoire, cosmetics exports expanded at an average annual rate of X% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Togo (X% per year) and Senegal (X% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, which is down by X% against the previous year. In general, the export price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the export prices remained at a somewhat lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Senegal ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

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

Cosmetics Imports

Imports in ECOWAS

In 2022, overseas purchases of cosmetics decreased by X% to X tons, falling for the second consecutive year after four years of growth. Total imports indicated a notable expansion from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2020 when imports increased by X% against the previous year. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, cosmetics imports shrank to $X in 2022. Total imports indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by X% against 2020 indices. The growth pace was the most rapid in 2015 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Ghana (X tons), distantly followed by Nigeria (X tons), Burkina Faso (X tons), Guinea (X tons), Senegal (X tons) and Mali (X tons) were the key importers of cosmetics, together achieving X% of total imports. Niger (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Niger (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X) constitutes the largest market for imported cosmetics in ECOWAS, comprising X% of total imports. The second position in the ranking was taken by Guinea ($X), with a X% share of total imports. It was followed by Mali, with a X% share.

In Ghana, cosmetics imports expanded at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Guinea (X% per year) and Mali (X% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, declining by X% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the import price increased by X%. As a result, import price reached the peak level of $X per ton. From 2016 to 2022, the import prices failed to regain momentum.

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 Mali ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform