ECOWAS: Refrigerator Or Freezer Market 2024

Refrigerator Or Freezer Market Size in ECOWAS

The ECOWAS refrigerator or freezer market expanded modestly to $X in 2022, with an increase of 1.9% against the previous year. Over the period under review, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Refrigerator Or Freezer Production in ECOWAS

In value terms, refrigerator or freezer production dropped to $X in 2022 estimated in export price. In general, production showed a pronounced curtailment. The most prominent rate of growth was recorded in 2019 when the production volume increased by 119%. The level of production peaked at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Refrigerator Or Freezer Exports

Exports in ECOWAS

In 2022, the amount of furniture designed to receive refrigerating or freezing equipment exported in ECOWAS dropped rapidly to X units, which is down by -19.6% on the previous year's figure. In general, exports showed a abrupt downturn. The most prominent rate of growth was recorded in 2013 when exports increased by 342% against the previous year. As a result, the exports attained the peak of X units. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, refrigerator or freezer exports reduced sharply to $X in 2022. Overall, exports saw a deep setback. The most prominent rate of growth was recorded in 2021 when exports increased by 190% against the previous year. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Senegal represented the major exporter of furniture designed to receive refrigerating or freezing equipment in ECOWAS, with the volume of exports reaching X units, which was near 48% of total exports in 2022. It was distantly followed by Ghana (X units), Benin (X units), Togo (X units) and Nigeria (X units), together making up a 51% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to refrigerator or freezer exports from Senegal stood at -3.6%. At the same time, Togo (+14.4%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +14.4% from 2012-2022. By contrast, Nigeria (-7.8%), Ghana (-17.0%) and Benin (-27.9%) illustrated a downward trend over the same period. Senegal (+21 p.p.), Benin (+15 p.p.) and Togo (+10 p.p.) significantly strengthened its position in terms of the total exports, while Ghana saw its share reduced by -27.8% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X), Togo ($X) and Benin ($X) constituted the countries with the highest levels of exports in 2022, together comprising 80% of total exports.

Togo, with a CAGR of +19.7%, saw the highest growth rate of the value of exports, in terms of 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 2022, which is down by -2.8% against the previous year. Overall, the export price showed a abrupt downturn. The most prominent rate of growth was recorded in 2015 when the export price increased by 82% against the previous year. The level of export peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Togo ($X per unit), while Ghana ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (+4.7%), while the other leaders experienced mixed trends in the export price figures.

Refrigerator Or Freezer Imports

Imports in ECOWAS

In 2022, imports of furniture designed to receive refrigerating or freezing equipment in ECOWAS reached X units, with an increase of 4.5% compared with 2021 figures. Overall, imports continue to indicate a perceptible increase. The pace of growth was the most pronounced in 2014 when imports increased by 51% against the previous year. As a result, imports reached the peak of X units. From 2015 to 2022, the growth of imports remained at a lower figure.

In value terms, refrigerator or freezer imports expanded to $X in 2022. Over the period under review, imports enjoyed a notable expansion. The most prominent rate of growth was recorded in 2014 with an increase of 67%. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Nigeria (X units), distantly followed by Senegal (X units), Niger (X units), Togo (X units), Guinea (X units) and Cote d'Ivoire (X units) represented the key importers of furniture designed to receive refrigerating or freezing equipment, together committing 82% of total imports. Ghana (X units) and Liberia (X units) held a minor 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 Cote d'Ivoire (with a CAGR of +44.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X), Senegal ($X) and Niger ($X) constituted the countries with the highest levels of imports in 2022, together comprising 58% of total imports. Ghana, Guinea, Cote d'Ivoire, Liberia and Togo lagged somewhat behind, together comprising a further 27%.

Cote d'Ivoire, with a CAGR of +37.9%, saw the highest growth rate of the value of imports, in terms of 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 unit, remaining relatively unchanged against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 23% against the previous year. The level of import peaked at $X per unit in 2014; however, from 2015 to 2022, 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 Ghana ($X per unit), while Togo ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+2.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform