ECOWAS: Waterproof Footwear Market 2024

Waterproof Footwear Market Size in ECOWAS

The ECOWAS waterproof footwear market was estimated at $X in 2022, standing approx. at the previous year. The market value increased at an average annual rate of +1.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Waterproof Footwear Production in ECOWAS

In value terms, waterproof footwear production rose rapidly to $X in 2022 estimated in export price. Overall, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the production volume increased by 26% against the previous year. Over the period under review, production reached the peak level at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Waterproof Footwear Exports

Exports in ECOWAS

In 2022, shipments abroad of waterproof footwear increased by 261% to X pairs for the first time since 2017, thus ending a four-year declining trend. In general, exports, however, showed a significant decline. The growth pace was the most rapid in 2017 with an increase of 271% against the previous year. Over the period under review, the exports hit record highs at X pairs in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, waterproof footwear exports skyrocketed to $X in 2022. Over the period under review, exports, however, recorded a precipitous shrinkage. The most prominent rate of growth was recorded in 2017 when exports increased by 235%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Gambia dominates exports structure, finishing at X pairs, which was approx. 78% of total exports in 2022. It was distantly followed by Ghana (X pairs), making up an 8.4% share of total exports. Cote d'Ivoire (X pairs), Nigeria (X pairs) and Senegal (X pairs) followed a long way behind the leaders.

Gambia was also the fastest-growing in terms of the waterproof footwear exports, with a CAGR of +59.5% from 2012 to 2022. At the same time, Ghana (+8.5%) and Senegal (+2.4%) displayed positive paces of growth. By contrast, Nigeria (-18.5%) and Cote d'Ivoire (-43.3%) illustrated a downward trend over the same period. Gambia (+78 p.p.), Ghana (+8.1 p.p.) and Senegal (+2.1 p.p.) significantly strengthened its position in terms of the total exports, while Cote d'Ivoire saw its share reduced by -91.7% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Gambia ($X) remains the largest waterproof footwear supplier in ECOWAS, comprising 63% of total exports. The second position in the ranking was taken by Ghana ($X), with a 13% share of total exports. It was followed by Cote d'Ivoire, with an 8.5% share.

In Gambia, waterproof footwear exports increased at an average annual rate of +52.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Ghana (+13.0% per year) and Cote d'Ivoire (-38.6% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per pair, declining by -21.7% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 an increase of 197% against the previous year. The level of export peaked at $X per pair in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per pair), while Senegal ($X per pair) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+8.3%), while the other leaders experienced more modest paces of growth.

Waterproof Footwear Imports

Imports in ECOWAS

In 2022, purchases abroad of waterproof footwear decreased by -2.7% to X pairs, falling for the second consecutive year after two years of growth. Overall, imports, however, enjoyed perceptible growth. The pace of growth was the most pronounced in 2019 when imports increased by 142%. Over the period under review, imports attained the peak figure at X pairs in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, waterproof footwear imports contracted to $X in 2022. In general, imports, however, recorded a temperate increase. The growth pace was the most rapid in 2019 when imports increased by 117%. The level of import peaked at $X in 2021, and then fell in the following year.

Imports by Country

Ghana dominates imports structure, finishing at X pairs, which was near 70% of total imports in 2022. It was distantly followed by Guinea (X pairs) and Liberia (X pairs), together comprising a 15% share of total imports. The following importers - Cote d'Ivoire (X pairs), Senegal (X pairs), Mali (X pairs) and Sierra Leone (X pairs) - together made up 10% of total imports.

Ghana was also the fastest-growing in terms of the waterproof footwear imports, with a CAGR of +15.4% from 2012 to 2022. At the same time, Sierra Leone (+2.5%) and Guinea (+1.9%) displayed positive paces of growth. By contrast, Cote d'Ivoire (-2.7%), Liberia (-6.5%), Senegal (-7.2%) and Mali (-7.6%) illustrated a downward trend over the same period. While the share of Ghana (+45 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Guinea (-2.3 p.p.), Cote d'Ivoire (-3.1 p.p.), Mali (-4.9 p.p.), Senegal (-6.3 p.p.) and Liberia (-12.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) constitutes the largest market for imported waterproof footwear in ECOWAS, comprising 67% of total imports. The second position in the ranking was held by Liberia ($X), with an 8.7% share of total imports. It was followed by Guinea, with a 5.6% share.

From 2012 to 2022, the average annual growth rate of value in Ghana stood at +14.6%. In the other countries, the average annual rates were as follows: Liberia (+3.2% per year) and Guinea (-4.6% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per pair in 2022, falling by -2.8% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 15% against the previous year. Over the period under review, import prices reached the peak figure at $X per pair in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

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 Senegal ($X per pair), while Guinea ($X per pair) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Liberia (+10.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform