ECOWAS: Hay-Making Machinery Market 2025

Hay-Making Machinery Market Size in ECOWAS

In 2021, after two years of growth, there was significant decline in the ECOWAS hay-making machinery market, when its value decreased by -7.1% to $X. The total consumption indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +5.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +2.8% against 2017 indices. The level of consumption peaked at $X in 2020, and then declined in the following year.

Hay-Making Machinery Production in ECOWAS

In value terms, hay-making machinery production declined to $X in 2021 estimated in export price. The total production indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +6.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +3.3% against 2017 indices. The pace of growth was the most pronounced in 2015 when the production volume increased by 39%. The level of production peaked at $X in 2020, and then contracted in the following year.

Hay-Making Machinery Exports

Exports in ECOWAS

In 2020, approx. X units of hay-making machinery were exported in ECOWAS; which is down by -50% on the previous year's figure. Over the period under review, exports saw a relatively flat trend pattern. The volume of export peaked at X units in 2016; however, from 2017 to 2020, the exports stood at a somewhat lower figure.

In value terms, hay-making machinery exports fell sharply to $X in 2020. Overall, exports, however, showed buoyant growth. The most prominent rate of growth was recorded in 2019 with an increase of 1,503%. As a result, the exports attained the peak of $X, and then reduced remarkably in the following year.

Exports by Country

In 2020, Nigeria (X units) was the major exporter of hay-making machinery in ECOWAS, generating 100% of total export.

Nigeria experienced a relatively flat trend pattern with regard to volume of exports of hay-making machinery. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In Nigeria, hay-making machinery exports increased at an average annual rate of +5.6% over the period from 2013-2020.

Export Prices by Country

In 2020, the export price in ECOWAS amounted to $X per unit, with a decrease of -30.4% against the previous year. Overall, the export price, however, showed buoyant growth. The pace of growth appeared the most rapid in 2014 when the export price increased by 36% against the previous year. Over the period under review, the export prices attained the maximum at $X per unit in 2016; however, from 2017 to 2020, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Nigeria.

From 2013 to 2020, the rate of growth in terms of prices for Nigeria amounted to +5.6% per year.

Hay-Making Machinery Imports

Imports in ECOWAS

In 2021, approx. X units of hay-making machinery were imported in ECOWAS; reducing by -31.4% compared with the previous year's figure. Over the period under review, imports, however, posted prominent growth. The pace of growth appeared the most rapid in 2018 with an increase of 73%. Over the period under review, imports hit record highs at X units in 2020, and then reduced dramatically in the following year.

In value terms, hay-making machinery imports dropped to $X in 2021. In general, imports, however, recorded a prominent increase. The pace of growth appeared the most rapid in 2014 when imports increased by 181% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Nigeria (X units) represented the major importer of hay-making machinery, mixing up 50% of total imports. It was distantly followed by Ghana (X units), Benin (X units), Mali (X units) and Senegal (X units), together committing a 42% share of total imports. The following importers - Sierra Leone (X units) and Togo (X units) - each resulted at an 8.3% share of total imports.

Nigeria was also the fastest-growing in terms of the hay-making machinery imports, with a CAGR of +22.0% from 2012 to 2021. At the same time, Senegal (+9.1%) and Mali (+9.1%) displayed positive paces of growth. Ghana, Benin and Sierra Leone experienced a relatively flat trend pattern. By contrast, Togo (-50.0%) illustrated a downward trend over the same period. While the share of Nigeria (+32 p.p.), Senegal (+8.3 p.p.), Mali (+8.3 p.p.) and Togo (+4.2 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Sierra Leone (-4.9 p.p.), Benin (-9.8 p.p.) and Ghana (-19.7 p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) constitutes the largest market for imported hay-making machinery in ECOWAS, comprising 69% of total imports. The second position in the ranking was held by Ghana ($X), with a 10% share of total imports. It was followed by Senegal, with a 6.2% share.

In Nigeria, hay-making machinery imports increased at an average annual rate of +26.1% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+9.8% per year) and Senegal (+62.8% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per unit, jumping by 39% against the previous year. Overall, the import price enjoyed prominent growth. The most prominent rate of growth was recorded in 2014 an increase of 64%. Over the period under review, import prices reached the peak figure in 2021 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Nigeria ($X per unit), while Benin ($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 (+113.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform