ECOWAS: Market for Forage Harvesters and Other Harvesting Machines 2024

Market Size for Forage Harvesters and Other Harvesting Machines in ECOWAS

The ECOWAS market for forage harvesters and other harvesting machines contracted slightly to $X in 2021, which is down by -3% against the previous year. The market value increased at an average annual rate of +3.5% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the peak level at $X in 2020, and then reduced slightly in the following year.

Production of Forage Harvesters and Other Harvesting Machines in ECOWAS

In value terms, production of forage harvesters and other harvesting machines dropped slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.1% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2013 when the production volume increased by 26% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Exports of Forage Harvesters and Other Harvesting Machines

Exports in ECOWAS

After seven years of growth, shipments abroad of forage harvesters and other harvesting machines decreased by -28.6% to X units in 2021. Overall, exports, however, enjoyed a strong increase. The most prominent rate of growth was recorded in 2014 when exports increased by 100%. Over the period under review, the exports of attained the peak figure at X units in 2020, and then declined notably in the following year.

In value terms, exports of forage harvesters and other harvesting machines fell notably to $X in 2021. Over the period under review, exports faced a abrupt decrease. The pace of growth was the most pronounced in 2016 with an increase of 115% against the previous year. Over the period under review, the exports of hit record highs at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Ghana prevails in machines structure, amounting to X units, which was approx. 87% of total exports in 2021. Benin (X units) held a 6.7% share (based on physical terms) of total exports, which put it in second place, followed by Senegal (6.7%).

Ghana was also the fastest-growing in terms of the forage harvesters and other harvesting machines exports, with a CAGR of +17.7% from 2012 to 2021. Senegal experienced a relatively flat trend pattern. Benin (-11.5%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Ghana and Senegal increased by +44 and +6.7 percentage points, respectively.

In value terms, the largest forage harvesters and other harvesting machines supplying countries in ECOWAS were Ghana ($X), Benin ($X) and Senegal ($X), with a combined 100% share of total exports.

Ghana, with a CAGR of +8.5%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2021, dropping by -61.9% against the previous year. Over the period under review, the export price showed a dramatic decline. The pace of growth was the most pronounced in 2016 when the export price increased by 57%. The level of export peaked at $X per unit in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Benin ($X per unit), while Senegal ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (-8.0%), while the other leaders experienced a decline in the export price figures.

Imports of Forage Harvesters and Other Harvesting Machines

Imports in ECOWAS

In 2021, imports of forage harvesters and other harvesting machines in ECOWAS was estimated at X units, increasing by 2.2% on the previous year's figure. In general, imports enjoyed significant growth. The most prominent rate of growth was recorded in 2020 when imports increased by 280% against the previous year. Over the period under review, imports of hit record highs in 2021 and are expected to retain growth in the immediate term.

In value terms, imports of forage harvesters and other harvesting machines surged to $X in 2021. Overall, imports showed significant growth. The most prominent rate of growth was recorded in 2014 when imports increased by 118%. Over the period under review, imports of attained the maximum in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, Nigeria (X units) represented the key importer of forage harvesters and other harvesting machines, generating 77% of total imports. Senegal (X units) ranks second in terms of the total imports with a 10% share, followed by Cote d'Ivoire (5.7%). Ghana (X units) held a minor share of total imports.

Nigeria was also the fastest-growing in terms of the forage harvesters and other harvesting machines imports, with a CAGR of +39.4% from 2012 to 2021. At the same time, Senegal (+19.8%), Ghana (+16.7%) and Cote d'Ivoire (+11.5%) displayed positive paces of growth. From 2012 to 2021, the share of Nigeria increased by +45 percentage points.

In value terms, Nigeria ($X) constitutes the largest market for imported forage harvesters and other harvesting machines in ECOWAS, comprising 73% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 10% share of total imports. It was followed by Senegal, with a 7.5% share.

From 2012 to 2021, the average annual growth rate of value in Nigeria totaled +27.6%. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+10.0% per year) and Senegal (+21.9% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per unit, with an increase of 45% against the previous year. Over the period under review, the import price, however, recorded a pronounced decline. Over the period under review, import prices hit record highs at $X per unit in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Cote d'Ivoire ($X per unit), while Senegal ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+1.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform