ECOWAS: Leather Footwear Market 2024

Leather Footwear Market Size in ECOWAS

The ECOWAS leather footwear market soared to $X in 2021, picking up by 24% against the previous year. The total consumption indicated a slight expansion from 2012 to 2021: its value increased at an average annual rate of +1.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -15.1% against 2019 indices. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Leather Footwear Production in ECOWAS

In value terms, leather footwear production surged to $X in 2021 estimated in export price. The total production indicated a notable expansion from 2012 to 2021: its value increased at an average annual rate of +2.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -17.7% against 2019 indices. The pace of growth was the most pronounced in 2015 when the production volume increased by 39%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Leather Footwear Exports

Exports in ECOWAS

In 2021, approx. X tons of leather footwear were exported in ECOWAS; which is down by -7.4% against the year before. In general, exports showed a deep downturn. The growth pace was the most rapid in 2018 with an increase of 52% against the previous year. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, leather footwear exports shrank to $X in 2021. Over the period under review, exports showed a noticeable setback. The growth pace was the most rapid in 2018 when exports increased by 96%. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

In 2021, Senegal (X tons) represented the main exporter of leather footwear, creating 38% of total exports. Nigeria (X tons) took the second position in the ranking, followed by Sierra Leone (X tons), Cote d'Ivoire (X tons), Benin (X tons), Ghana (X tons) and Togo (X tons). All these countries together took near 57% share of total exports.

Exports from Senegal increased at an average annual rate of +7.0% from 2012 to 2021. At the same time, Benin (+16.3%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +16.3% from 2012-2021. By contrast, Togo (-5.4%), Sierra Leone (-5.5%), Cote d'Ivoire (-12.7%), Ghana (-13.2%) and Nigeria (-14.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Senegal and Benin increased by +27 and +7.1 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Sierra Leone ($X), Nigeria ($X) and Senegal ($X) appeared to be the countries with the highest levels of exports in 2021, together accounting for 61% of total exports. Ghana, Cote d'Ivoire, Togo and Benin lagged somewhat behind, together comprising a further 30%.

In terms of the main exporting countries, Benin, with a CAGR of +7.8%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per kg, picking up by 2.5% against the previous year. Export price indicated a tangible expansion from 2012 to 2021: its price increased at an average annual rate of +3.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, leather footwear export price decreased by -37.0% against 2018 indices. The pace of growth appeared the most rapid in 2016 an increase of 31%. Over the period under review, the export prices hit record highs at $X per kg in 2018; however, from 2019 to 2021, 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 Sierra Leone ($X per kg), while Benin ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+18.3%), while the other leaders experienced more modest paces of growth.

Leather Footwear Imports

Imports in ECOWAS

For the third consecutive year, ECOWAS recorded growth in supplies from abroad of leather footwear, which increased by 15% to X tons in 2021. Over the period under review, imports enjoyed significant growth. The most prominent rate of growth was recorded in 2013 with an increase of 72%. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in years to come.

In value terms, leather footwear imports surged to $X in 2021. In general, imports enjoyed a prominent expansion. The growth pace was the most rapid in 2020 with an increase of 58%. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, Ghana (X tons) represented the major importer of leather footwear, generating 49% of total imports. Cote d'Ivoire (X tons) held a 9.9% share (based on physical terms) of total imports, which put it in second place, followed by Senegal (9.6%), Togo (7.5%), Benin (7.1%) and Guinea (5.1%). Burkina Faso (X tons) followed a long way behind the leaders.

Ghana was also the fastest-growing in terms of the leather footwear imports, with a CAGR of +37.9% from 2012 to 2021. At the same time, Burkina Faso (+23.2%), Senegal (+22.1%), Guinea (+21.8%), Cote d'Ivoire (+19.4%), Benin (+11.7%) and Togo (+5.7%) displayed positive paces of growth. While the share of Ghana (+34 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Benin (-7.4 p.p.) and Togo (-17.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) constitutes the largest market for imported leather footwear in ECOWAS, comprising 41% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 12% share of total imports. It was followed by Senegal, with a 9.7% share.

In Ghana, leather footwear imports expanded at an average annual rate of +26.2% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+13.3% per year) and Senegal (+20.8% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per kg in 2021, remaining constant against the previous year. In general, the import price, however, continues to indicate a pronounced shrinkage. The pace of growth appeared the most rapid in 2020 an increase of 15% against the previous year. The level of import peaked at $X per kg in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Benin ($X per kg), while Ghana ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Benin (+0.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform