ECOWAS: Industrial Bakery Machinery Market 2024

Industrial Bakery Machinery Market Size in ECOWAS

The ECOWAS industrial bakery machinery market soared to $X in 2022, jumping by 44% against the previous year. Over the period under review, consumption saw a moderate increase. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Industrial Bakery Machinery Production in ECOWAS

In value terms, industrial bakery machinery production rose modestly to $X in 2022 estimated in export price. The total production indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +2.1% 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 -1.5% against 2020 indices. The growth pace was the most rapid in 2019 with an increase of 37% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Industrial Bakery Machinery Exports

Exports in ECOWAS

In 2022, exports of industrial bakery machinery in ECOWAS fell to X units, which is down by -12.4% compared with the previous year. Over the period under review, exports, however, recorded a modest increase. The growth pace was the most rapid in 2014 with an increase of 330% against the previous year. Over the period under review, the exports attained the maximum at X units in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, industrial bakery machinery exports fell to $X in 2022. Overall, exports, however, recorded a noticeable expansion. The most prominent rate of growth was recorded in 2014 when exports increased by 380% against the previous year. Over the period under review, the exports reached the maximum at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

Senegal was the main exporter of industrial bakery machinery in ECOWAS, with the volume of exports finishing at X units, which was near 58% of total exports in 2022. Gambia (X units) held the second position in the ranking, distantly followed by Nigeria (X units) and Cote d'Ivoire (X units). All these countries together took approx. 38% share of total exports. Ghana (X units) took a relatively small share of total exports.

Senegal was also the fastest-growing in terms of the industrial bakery machinery exports, with a CAGR of +20.2% from 2012 to 2022. At the same time, Cote d'Ivoire (+3.4%) displayed positive paces of growth. By contrast, Gambia (-1.7%), Nigeria (-10.8%) and Ghana (-17.3%) illustrated a downward trend over the same period. While the share of Senegal (+48 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Gambia (-8.5 p.p.), Ghana (-13.6 p.p.) and Nigeria (-14 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) remains the largest industrial bakery machinery supplier in ECOWAS, comprising 54% of total exports. The second position in the ranking was taken by Nigeria ($X), with a 20% share of total exports. It was followed by Ghana, with a 13% share.

In Senegal, industrial bakery machinery exports increased at an average annual rate of +20.2% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Nigeria (-0.6% per year) and Ghana (+1.7% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2022, growing by 9.8% against the previous year. Over the period under review, the export price posted a pronounced increase. The growth pace was the most rapid in 2019 when the export price increased by 107% against the previous year. Over the period under review, the export prices attained the maximum at $X per unit in 2017; however, from 2018 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 Ghana ($X per unit), while Gambia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+22.3%), while the other leaders experienced more modest paces of growth.

Industrial Bakery Machinery Imports

Imports in ECOWAS

Industrial bakery machinery imports surged to X units in 2022, picking up by 43% against the previous year. Overall, imports continue to indicate a strong increase. The most prominent rate of growth was recorded in 2019 when imports increased by 121% against the previous year. Over the period under review, imports hit record highs at X units in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, industrial bakery machinery imports soared to $X in 2022. In general, imports continue to indicate a notable increase. The most prominent rate of growth was recorded in 2014 when imports increased by 109% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

Imports by Country

In 2022, Nigeria (X units) was the key importer of industrial bakery machinery, generating 66% of total imports. Cote d'Ivoire (X units) took a 10% share (based on physical terms) of total imports, which put it in second place, followed by Ghana (9.1%), Mali (5.7%) and Senegal (5.2%).

From 2012 to 2022, average annual rates of growth with regard to industrial bakery machinery imports into Nigeria stood at +4.4%. At the same time, Cote d'Ivoire (+22.7%), Mali (+11.6%), Ghana (+9.5%) and Senegal (+8.6%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +22.7% from 2012-2022. While the share of Cote d'Ivoire (+7.7 p.p.), Ghana (+2.4 p.p.) and Mali (+2.3 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Nigeria (-11.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported industrial bakery machinery in ECOWAS, comprising 63% of total imports. The second position in the ranking was taken by Ghana ($X), with a 14% share of total imports. It was followed by Cote d'Ivoire, with an 11% share.

In Nigeria, industrial bakery machinery imports remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Ghana (+19.3% per year) and Cote d'Ivoire (+22.3% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2022, with a decrease of -8.6% against the previous year. Over the period under review, the import price continues to indicate a perceptible decline. The growth pace was the most rapid in 2021 when the import price increased by 74%. The level of import peaked at $X per unit in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+9.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform