ECOWAS: Festive Articles Market 2024

Festive Articles Market Size in ECOWAS

For the fourth consecutive year, the ECOWAS festive articles market recorded growth in sales value, which increased by 2.9% to $X in 2022. The total consumption indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +8.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +31.8% against 2018 indices. Over the period under review, the market hit record highs in 2022 and is likely to see gradual growth in years to come.

Festive Articles Production in ECOWAS

In value terms, festive articles production rose to $X in 2022 estimated in export price. The total production indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +7.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.7% against 2020 indices. The pace of growth appeared the most rapid in 2015 when the production volume increased by 40%. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

Festive Articles Exports

Exports in ECOWAS

In 2022, the amount of festive or carnival articles exported in ECOWAS reduced to X tons, which is down by -12.8% on 2021 figures. Overall, exports faced a abrupt slump. The growth pace was the most rapid in 2014 with an increase of 128%. Over the period under review, the exports reached the maximum at X tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, festive articles exports shrank to $X in 2022. Over the period under review, exports continue to indicate a abrupt curtailment. The pace of growth appeared the most rapid in 2014 when exports increased by 52% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

In 2022, Ghana (X tons) represented the main exporter of festive or carnival articles, achieving 59% of total exports. Nigeria (X kg) held the second position in the ranking, followed by Liberia (X kg) and Cote d'Ivoire (X kg). All these countries together took near 30% share of total exports. Senegal (X kg), Burkina Faso (X kg) and Mali (X kg) followed a long way behind the leaders.

Ghana was also the fastest-growing in terms of the festive or carnival articles exports, with a CAGR of +39.4% from 2012 to 2022. At the same time, Liberia (+15.1%) and Cote d'Ivoire (+5.3%) displayed positive paces of growth. By contrast, Mali (-1.3%), Nigeria (-3.3%), Burkina Faso (-4.0%) and Senegal (-28.9%) illustrated a downward trend over the same period. While the share of Ghana (+58 p.p.), Liberia (+9.8 p.p.), Nigeria (+7 p.p.), Cote d'Ivoire (+5 p.p.) and Mali (+1.6 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Senegal (-38.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X), Ghana ($X) and Senegal ($X) constituted the countries with the highest levels of exports in 2022, together comprising 70% of total exports.

Ghana, with a CAGR of +18.3%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, rising by 7.4% against the previous year. Overall, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the export price increased by 235% 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 failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Ghana ($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 (+6.9%), while the other leaders experienced more modest paces of growth.

Festive Articles Imports

Imports in ECOWAS

In 2022, approx. X tons of festive or carnival articles were imported in ECOWAS; with an increase of 3.2% compared with the previous year's figure. Over the period under review, imports enjoyed a prominent expansion. The growth pace was the most rapid in 2021 with an increase of 51% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in the near future.

In value terms, festive articles imports fell to $X in 2022. Overall, imports posted a strong increase. The most prominent rate of growth was recorded in 2014 when imports increased by 58% against the previous year. The level of import peaked at $X in 2021, and then reduced in the following year.

Imports by Country

In 2022, Nigeria (X tons), distantly followed by Ghana (X tons), Senegal (X tons), Guinea (X tons), Niger (X tons) and Cote d'Ivoire (X tons) represented the main importers of festive or carnival articles, together mixing up 89% of total imports. The following importers - Sierra Leone (X tons) and Cabo Verde (X tons) - each recorded a 4.2% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Guinea (with a CAGR of +64.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest festive articles importing markets in ECOWAS were Ghana ($X), Senegal ($X) and Cote d'Ivoire ($X), with a combined 64% share of total imports. Nigeria, Guinea, Niger, Sierra Leone and Cabo Verde lagged somewhat behind, together accounting for a further 27%.

Guinea, with a CAGR of +52.7%, saw 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 more modest paces of growth.

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, dropping by -11% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.4%. The growth pace was the most rapid in 2016 an increase of 34% against the previous year. As a result, import price attained the peak level of $X per ton. From 2017 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 Ghana ($X per ton), while Nigeria ($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 (+6.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform