ECOWAS: Hairpin Market 2024

Hairpin Market Size in ECOWAS

The ECOWAS hairpin market rose remarkably to $X in 2021, picking up by 14% against the previous year. In general, consumption saw a noticeable reduction. Over the period under review, the market attained the maximum level at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Hairpin Production in ECOWAS

In value terms, hairpin production rose notably to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.4% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when the production volume increased by 47%. As a result, production attained the peak level of $X. From 2019 to 2021, production growth failed to regain momentum.

Hairpin Exports

Exports in ECOWAS

After three years of growth, shipments abroad of hairpins, curling pins, curling grips and hair-curlers decreased by -16.1% to X tons in 2021. Overall, exports, however, showed a prominent expansion. The growth pace was the most rapid in 2014 when exports increased by 922% against the previous year. As a result, the exports attained the peak of X tons. From 2015 to 2021, the growth of the exports failed to regain momentum.

In value terms, hairpin exports reduced to $X in 2021. Over the period under review, exports, however, posted prominent growth. The pace of growth was the most pronounced in 2014 with an increase of 285% against the previous year. Over the period under review, the exports hit record highs 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 hairpins, curling pins, curling grips and hair-curlers in ECOWAS, with the volume of exports recording X tons, which was approx. 61% of total exports in 2021. It was distantly followed by Nigeria (X tons) and Senegal (X tons), together comprising a 34% share of total exports. Togo (X kg) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to hairpin exports from Ghana stood at +20.4%. At the same time, Nigeria (+22.1%) and Senegal (+11.6%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +22.1% from 2012-2021. Togo experienced a relatively flat trend pattern. While the share of Ghana (+12 p.p.) and Nigeria (+8.4 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Senegal (-2.9 p.p.) and Togo (-12.6 p.p.) displayed negative dynamics.

In value terms, the largest hairpin supplying countries in ECOWAS were Ghana ($X), Senegal ($X) and Nigeria ($X), together accounting for 89% of total exports.

Among the main exporting countries, Nigeria, with a CAGR of +24.2%, 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 ton, rising by 8.7% against the previous year. Overall, the export price, however, saw a noticeable descent. The most prominent rate of growth was recorded in 2016 an increase of 85%. Over the period under review, the export prices reached the maximum at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Togo (+8.4%), while the other leaders experienced more modest paces of growth.

Hairpin Imports

Imports in ECOWAS

In 2021, supplies from abroad of hairpins, curling pins, curling grips and hair-curlers decreased by -1.4% to X tons for the first time since 2017, thus ending a three-year rising trend. Overall, imports showed a perceptible decline. The pace of growth was the most pronounced in 2016 with an increase of 117%. Over the period under review, imports attained the peak figure at X tons in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, hairpin imports skyrocketed to $X in 2021. In general, imports recorded a pronounced decrease. The pace of growth appeared the most rapid in 2020 when imports increased by 41% against the previous year. Over the period under review, imports reached the maximum at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The countries with the highest levels of hairpin imports in 2021 were Ghana (X tons), Cote d'Ivoire (X tons) and Senegal (X tons), together finishing at 69% of total import. Nigeria (X tons) took the next position in the ranking, followed by Burkina Faso (X tons) and Togo (X tons). All these countries together held approx. 26% share of total imports. Mali (X tons) took a little share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Togo (with a CAGR of +15.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X) constitutes the largest market for imported hairpins, curling pins, curling grips and hair-curlers in ECOWAS, comprising 59% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 13% share of total imports. It was followed by Senegal, with a 7.3% share.

In Ghana, hairpin imports expanded at an average annual rate of +5.9% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+4.8% per year) and Senegal (+1.4% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, surging by 26% against the previous year. Import price indicated a slight expansion from 2012 to 2021: its price increased at an average annual rate of +1.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, hairpin import price increased by +57.5% against 2019 indices. The pace of growth was the most pronounced in 2014 when the import price increased by 38% against the previous year. Over the period under review, import prices hit record highs in 2021 and is likely to see steady growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Ghana ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Burkina Faso (+17.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform