ECOWAS: Imitation Jewellery Market 2024

Imitation Jewellery Market Size in ECOWAS

In 2021, the ECOWAS imitation jewellery market increased by 61% to $X, rising for the second consecutive year after two years of decline. Over the period under review, consumption continues to indicate a perceptible increase. As a result, consumption attained the peak level of $X. From 2018 to 2021, the growth of the market failed to regain momentum.

Imitation Jewellery Production in ECOWAS

In value terms, imitation jewellery production fell to $X in 2021 estimated in export price. Overall, production, however, saw a resilient increase. The growth pace was the most rapid in 2017 when the production volume increased by 884,866%. As a result, production reached the peak level of $X. From 2018 to 2021, production growth failed to regain momentum.

Imitation Jewellery Exports

Exports in ECOWAS

In 2021, overseas shipments of imitation jewelry increased by 16% to X tons, rising for the fourth consecutive year after two years of decline. Overall, exports recorded a buoyant increase. The pace of growth appeared the most rapid in 2014 with an increase of 70%. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, imitation jewellery exports declined sharply to $X in 2021. In general, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 63%. As a result, the exports attained the peak of $X. From 2020 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Senegal represented the major exporting country with an export of about X tons, which finished at 59% of total exports. Mali (X tons) took the second position in the ranking, followed by Niger (X kg), Cote d'Ivoire (X kg) and Benin (X kg). All these countries together took near 31% share of total exports. The following exporters - Togo (X kg) and Nigeria (X kg) - each accounted for a 5.9% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to imitation jewellery exports from Senegal stood at +32.4%. At the same time, Cote d'Ivoire (+37.3%), Benin (+10.5%) and Niger (+8.0%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +37.3% from 2012-2021. By contrast, Mali (-1.8%), Nigeria (-7.0%) and Togo (-16.5%) illustrated a downward trend over the same period. Senegal (+50 p.p.) and Cote d'Ivoire (+4.3 p.p.) significantly strengthened its position in terms of the total exports, while Nigeria, Mali and Togo saw its share reduced by -8.1%, -18.9% and -27.8% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest imitation jewellery supplying countries in ECOWAS were Nigeria ($X), Niger ($X) and Mali ($X), with a combined 66% share of total exports. These countries were followed by Benin, Togo, Cote d'Ivoire and Senegal, which together accounted for a further 23%.

Among the main exporting countries, Cote d'Ivoire, with a CAGR of +37.0%, 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

The export price in ECOWAS stood at $X per ton in 2021, shrinking by -40.2% against the previous year. Overall, the export price showed a deep setback. The growth pace was the most rapid in 2016 an increase of 86%. Over the period under review, the export prices reached the maximum at $X per ton in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Niger (+10.8%), while the other leaders experienced more modest paces of growth.

Imitation Jewellery Imports

Imports in ECOWAS

Imitation jewellery imports surged to X tons in 2021, picking up by 65% compared with 2020 figures. Total imports indicated a prominent expansion from 2012 to 2021: its volume increased at an average annual rate of +8.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +78.1% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, imitation jewellery imports surged to $X in 2021. In general, imports showed buoyant growth. The growth pace was the most rapid in 2013 when imports increased by 118% against the previous year. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the immediate term.

Imports by Country

The countries with the highest levels of imitation jewellery imports in 2021 were Cote d'Ivoire (X tons), Senegal (X tons), Ghana (X tons) and Burkina Faso (X tons), together recording 86% of total import. It was distantly followed by Guinea (X tons), generating a 4.9% share of total imports. Togo (X tons) and Nigeria (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were in Cote d'Ivoire (with a CAGR of +33.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X), Cote d'Ivoire ($X) and Nigeria ($X) were the countries with the highest levels of imports in 2021, with a combined 72% share of total imports.

In terms of the main importing countries, Cote d'Ivoire, with a CAGR of +31.8%, saw the highest rates of growth with regard to 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 ton in 2021, with an increase of 2.9% against the previous year. Import price indicated temperate growth from 2012 to 2021: its price increased at an average annual rate of +4.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imitation jewellery import price increased by +59.5% against 2018 indices. The pace of growth was the most pronounced in 2013 when the import price increased by 37%. Over the period under review, import prices attained the peak figure at $X per ton in 2016; however, from 2017 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+13.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform