ECOWAS: Plastic Furniture Market 2024

Plastic Furniture Market Size in ECOWAS

The ECOWAS plastic furniture market surged to $X in 2021, rising by 21% against the previous year. The total consumption indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +7.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Plastic Furniture Production in ECOWAS

In value terms, plastic furniture production expanded slightly to $X in 2021 estimated in export price. The total production indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +7.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -2.2% against 2019 indices. The pace of growth was the most pronounced in 2013 with an increase of 28%. The level of production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Plastic Furniture Exports

Exports in ECOWAS

In 2021, exports of furniture of plastic in ECOWAS contracted markedly to X units, declining by -75.4% compared with the previous year. In general, exports showed a abrupt decrease. The pace of growth appeared the most rapid in 2017 with an increase of 369%. As a result, the exports attained the peak of X units. From 2018 to 2021, the growth of the exports failed to regain momentum.

In value terms, plastic furniture exports fell dramatically to $X in 2021. Overall, exports showed a drastic downturn. The most prominent rate of growth was recorded in 2017 with an increase of 339% against the previous year. The level of export peaked at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Ghana represented the main exporter of furniture of plastic in ECOWAS, with the volume of exports accounting for X units, which was approx. 54% of total exports in 2021. Cote d'Ivoire (X units) took the second position in the ranking, distantly followed by Togo (X units) and Nigeria (X units). All these countries together held approx. 42% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Cote d'Ivoire (with a CAGR of +6.7%), while the other leaders experienced mixed trends in the exports figures.

In value terms, Ghana ($X), Cote d'Ivoire ($X) and Nigeria ($X) appeared to be the countries with the highest levels of exports in 2021, with a combined 82% share of total exports.

Among the main exporting countries, Cote d'Ivoire, with a CAGR of +6.8%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2021, shrinking by -10.5% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 an increase of 16%. The level of export peaked at $X per unit in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Togo (+0.2%), while the other leaders experienced mixed trends in the export price figures.

Plastic Furniture Imports

Imports in ECOWAS

In 2021, purchases abroad of furniture of plastic increased by 223% to X units for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports recorded a strong expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, plastic furniture imports skyrocketed to $X in 2021. In general, imports showed resilient growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Nigeria (X units) represented the main importer of furniture of plastic, committing 62% of total imports. Ghana (X units) ranks second in terms of the total imports with an 11% share, followed by Cote d'Ivoire (7.8%) and Burkina Faso (4.7%). The following importers - Senegal (X units), Benin (X units) and Gambia (X units) - together made up 8.4% of total imports.

From 2012 to 2021, average annual rates of growth with regard to plastic furniture imports into Nigeria stood at +5.9%. At the same time, Cote d'Ivoire (+21.7%), Gambia (+21.6%), Burkina Faso (+14.0%), Senegal (+9.2%), Ghana (+7.2%) and Benin (+6.9%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +21.7% from 2012-2021. While the share of Cote d'Ivoire (+5.2 p.p.) and Burkina Faso (+1.8 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Nigeria (-10.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest plastic furniture importing markets in ECOWAS were Nigeria ($X), Ghana ($X) and Cote d'Ivoire ($X), together comprising 82% of total imports. Senegal, Burkina Faso, Benin and Gambia lagged somewhat behind, together accounting for a further 11%.

Among the main importing countries, Gambia, with a CAGR of +18.9%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2021, falling by -31% 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 2013 when the import price increased by 18%. The level of import peaked at $X per unit in 2020, and then dropped dramatically in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Ghana ($X per unit), while Burkina Faso ($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 (+7.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform