ECOWAS: Confectionery-Making Industrial Machinery Market 2024

Confectionery-Making Industrial Machinery Market Size in ECOWAS

The ECOWAS confectionery-making industrial machinery market expanded rapidly to $X in 2022, rising by 9.2% against the previous year. Over the period under review, consumption continues to indicate a prominent increase. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Confectionery-Making Industrial Machinery Production in ECOWAS

In value terms, confectionery-making industrial machinery production stood at $X in 2022 estimated in export price. In general, production saw a slight shrinkage. The pace of growth appeared the most rapid in 2017 with an increase of 15% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Confectionery-Making Industrial Machinery Exports

Exports in ECOWAS

In 2022, confectionery-making industrial machinery exports in ECOWAS skyrocketed to X units, increasing by 35% against 2021 figures. Over the period under review, exports posted a strong increase. The pace of growth was the most pronounced in 2018 when exports increased by 153%. The volume of export peaked at X units in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, confectionery-making industrial machinery exports soared to $X in 2022. In general, exports enjoyed a strong increase. The pace of growth appeared the most rapid in 2018 when exports increased by 210%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the near future.

Exports by Country

Nigeria represented the major exporter of industrial machinery for the manufacture or preparation of confectionery, cocoa or chocolate in ECOWAS, with the volume of exports resulting at X units, which was near 53% of total exports in 2022. Togo (X units) ranks second in terms of the total exports with a 31% share, followed by Senegal (9.5%). Guinea (X units) and Ghana (X units) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Senegal (with a CAGR of +71.0%), while the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) remains the largest confectionery-making industrial machinery supplier in ECOWAS, comprising 55% of total exports. The second position in the ranking was held by Senegal ($X), with a 26% share of total exports. It was followed by Togo, with a 9.8% share.

In Nigeria, confectionery-making industrial machinery exports expanded at an average annual rate of +27.8% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Senegal (+80.7% per year) and Togo (+39.6% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per unit, surging by 9.8% against the previous year. Export price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 an increase of 39% against the previous year. Over the period under review, the export prices hit record highs at $X per unit in 2016; however, from 2017 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+5.7%), while the other leaders experienced mixed trends in the export price figures.

Confectionery-Making Industrial Machinery Imports

Imports in ECOWAS

Confectionery-making industrial machinery imports soared to X units in 2022, with an increase of 19% against 2021. Over the period under review, imports posted a prominent expansion. The pace of growth was the most pronounced in 2019 with an increase of 233%. The volume of import peaked at X units in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, confectionery-making industrial machinery imports amounted to $X in 2022. In general, imports recorded a strong increase. The most prominent rate of growth was recorded in 2018 with an increase of 172%. Over the period under review, imports attained the maximum at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Nigeria (X units) was the main importer of industrial machinery for the manufacture or preparation of confectionery, cocoa or chocolate, achieving 53% of total imports. Cote d'Ivoire (X units) took a 24% share (based on physical terms) of total imports, which put it in second place, followed by Ghana (14%) and Senegal (4.7%). Benin (X units) held a relatively small share of total imports.

From 2012 to 2022, average annual rates of growth with regard to confectionery-making industrial machinery imports into Nigeria stood at +18.9%. At the same time, Benin (+56.1%), Cote d'Ivoire (+10.9%), Senegal (+6.8%) and Ghana (+5.9%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +56.1% from 2012-2022. From 2012 to 2022, the share of Nigeria and Benin increased by +21 and +1.7 percentage points, respectively.

In value terms, Nigeria ($X), Cote d'Ivoire ($X) and Ghana ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 88% share of total imports. Senegal and Benin lagged somewhat behind, together accounting for a further 9.6%.

Benin, with a CAGR of +30.1%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per unit, dropping by -15.9% against the previous year. In general, the import price continues to indicate a pronounced decline. The pace of growth was the most pronounced in 2013 an increase of 16%. Over the period under review, import prices reached the maximum at $X per unit in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

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 Senegal ($X per unit), while Benin ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+5.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform