ECOWAS: Market for Industrial, Laboratory or Bakery Ovens 2024

Market Size for Industrial, Laboratory or Bakery Ovens in ECOWAS

The ECOWAS market for industrial, laboratory or bakery ovens dropped slightly to $X in 2022, waning by -2.8% against the previous year. Overall, consumption, however, saw buoyant growth. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Production of Industrial, Laboratory or Bakery Ovens in ECOWAS

In value terms, industrial, laboratory or bakery oven production fell to $X in 2022 estimated in export price. In general, production, however, recorded a buoyant expansion. The pace of growth appeared the most rapid in 2016 with an increase of 44% against the previous year. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Exports of Industrial, Laboratory or Bakery Ovens

Exports in ECOWAS

After four years of growth, overseas shipments of industrial, laboratory or bakery ovens decreased by -52.6% to X units in 2022. Over the period under review, exports, however, continue to indicate a strong expansion. The growth pace was the most rapid in 2021 when exports increased by 375%. As a result, the exports attained the peak of X units, and then contracted remarkably in the following year.

In value terms, industrial, laboratory or bakery oven exports dropped rapidly to $X in 2022. In general, exports continue to indicate a deep downturn. The pace of growth was the most pronounced in 2021 when exports increased by 180% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Nigeria represented the major exporter of industrial, laboratory or bakery ovens in ECOWAS, with the volume of exports finishing at X units, which was near 78% of total exports in 2022. It was distantly followed by Niger (X units), generating a 22% share of total exports.

Nigeria was also the fastest-growing in terms of the industrial, laboratory or bakery ovens exports, with a CAGR of +21.5% from 2012 to 2022. At the same time, Niger (+7.2%) displayed positive paces of growth. Nigeria (+58 p.p.) and Niger (+2.2 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) remains the largest industrial, laboratory or bakery oven supplier in ECOWAS, comprising 73% of total exports. The second position in the ranking was held by Niger ($X), with a 27% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Nigeria totaled +13.9%.

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2022, with a decrease of -36.1% against the previous year. In general, the export price showed a deep reduction. The pace of growth was the most pronounced in 2015 when the export price increased by 150% against the previous year. Over the period under review, the export prices reached the maximum at $X per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Niger ($X per unit), while Nigeria totaled $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Niger (+7.3%).

Imports of Industrial, Laboratory or Bakery Ovens

Imports in ECOWAS

In 2022, supplies from abroad of industrial, laboratory or bakery ovens increased by 8% to X units, rising for the second consecutive year after two years of decline. Overall, imports enjoyed noticeable growth. The growth pace was the most rapid in 2018 with an increase of 106% against the previous year. As a result, imports reached the peak of X units. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, industrial, laboratory or bakery oven imports totaled $X in 2022. Over the period under review, imports recorded resilient growth. The pace of growth was the most pronounced in 2018 with an increase of 146% against the previous year. As a result, imports attained the peak of $X. From 2019 to 2022, the growth of imports failed to regain momentum.

Imports by Country

The countries with the highest levels of industrial, laboratory or bakery oven imports in 2022 were Cote d'Ivoire (X units), Ghana (X units) and Nigeria (X units), together reaching 71% of total import. Guinea (X units) took the next position in the ranking, followed by Mali (X units). All these countries together held near 17% share of total imports. Burkina Faso (X units) and Sierra Leone (X units) took a minor share of total imports.

From 2012 to 2022, the biggest increases were recorded for Nigeria (with a CAGR of +30.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X), Cote d'Ivoire ($X) and Ghana ($X) appeared to be the countries with the highest levels of imports in 2022, together comprising 68% of total imports.

Among the main importing countries, Nigeria, with a CAGR of +57.9%, recorded the highest growth rate of the value of imports, 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 unit in 2022, standing approx. at the previous year. Import price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, industrial, laboratory or bakery oven import price decreased by -23.4% against 2018 indices. The most prominent rate of growth was recorded in 2016 when the import price increased by 93% against the previous year. Over the period under review, import prices hit record highs at $X per unit in 2018; however, from 2019 to 2022, 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 Nigeria ($X per unit), while Sierra Leone ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+21.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform