ECOWAS: Handbag Market 2024

Handbag Market Size in ECOWAS

The ECOWAS handbag market rose remarkably to $X in 2022, growing by 5.1% against the previous year. The total consumption indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -3.9% against 2020 indices. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Handbag Production in ECOWAS

In value terms, handbag production rose remarkably to $X in 2022 estimated in export price. The total production indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -6.2% against 2020 indices. The pace of growth was the most pronounced in 2017 with an increase of 51%. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Handbag Exports

Exports in ECOWAS

In 2022, approx. X units of handbags were exported in ECOWAS; dropping by -4.6% compared with the previous year's figure. Overall, exports saw a pronounced shrinkage. The pace of growth was the most pronounced in 2017 when exports increased by 50%. Over the period under review, the exports attained the maximum at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, handbag exports fell to $X in 2022. Over the period under review, exports saw a mild descent. The pace of growth appeared the most rapid in 2017 with an increase of 47% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Ghana (X units) and Nigeria (X units) represented the largest exporters of handbags in 2022, accounting for approx. 33% and 22% of total exports, respectively. Mali (X units) held a 9.8% share (based on physical terms) of total exports, which put it in second place, followed by Cote d'Ivoire (9.1%), Senegal (8.3%) and Benin (6.9%). Liberia (X units) took a minor share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Liberia (with a CAGR of +33.7%), while the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X) remains the largest handbag supplier in ECOWAS, comprising 42% of total exports. The second position in the ranking was held by Nigeria ($X), with a 19% share of total exports. It was followed by Cote d'Ivoire, with an 8.3% share.

In Ghana, handbag exports increased at an average annual rate of +1.8% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Nigeria (-0.8% per year) and Cote d'Ivoire (+3.7% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per unit, shrinking by -1.7% against the previous year. Over the last decade, it increased at an average annual rate of +2.2%. The pace of growth was the most pronounced in 2013 an increase of 24%. Over the period under review, the export prices reached the peak figure at $X per unit in 2018; however, from 2019 to 2022, 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 Liberia ($X per unit), while Benin ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+3.0%), while the other leaders experienced more modest paces of growth.

Handbag Imports

Imports in ECOWAS

In 2022, after three years of growth, there was significant decline in supplies from abroad of handbags, when their volume decreased by -11% to X units. Overall, imports, however, saw a modest expansion. The growth pace was the most rapid in 2014 with an increase of 80%. The volume of import peaked at X units in 2021, and then reduced in the following year.

In value terms, handbag imports contracted to $X in 2022. In general, imports, however, enjoyed a remarkable increase. The growth pace was the most rapid in 2020 when imports increased by 88% against the previous year. Over the period under review, imports reached the peak figure at $X in 2021, and then declined in the following year.

Imports by Country

In 2022, Burkina Faso (X units), distantly followed by Ghana (X units), Guinea (X units), Liberia (X units), Cote d'Ivoire (X units) and Senegal (X units) represented the key importers of handbags, together generating 81% of total imports. Benin (X units) took a minor share of total imports.

From 2012 to 2022, the biggest increases were recorded for Burkina Faso (with a CAGR of +23.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X) constitutes the largest market for imported handbags in ECOWAS, comprising 48% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 10% share of total imports. It was followed by Guinea, with a 9.8% share.

From 2012 to 2022, the average annual growth rate of value in Ghana stood at +20.2%. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+19.1% per year) and Guinea (+8.9% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2022, dropping by -4.4% against the previous year. In general, the import price, however, enjoyed prominent growth. The most prominent rate of growth was recorded in 2015 when the import price increased by 62% against the previous year. The level of import peaked at $X per unit in 2021, and then contracted slightly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guinea (+21.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform