ECOWAS: Market for Leather of Bovine and Equine Animals 2024

Market Size for Leather of Bovine and Equine Animals in ECOWAS

In 2021, after two years of growth, there was decline in the ECOWAS bovine and equine leather market, when its value decreased by -2.5% to $X. The market value increased at an average annual rate of +3.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the maximum level at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Production of Leather of Bovine and Equine Animals in ECOWAS

In value terms, bovine and equine leather production declined slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +4.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 when the production volume increased by 45%. The level of production peaked at $X in 2014; however, from 2015 to 2021, production stood at a somewhat lower figure.

Exports of Leather of Bovine and Equine Animals

Exports in ECOWAS

In 2021, approx. X tons of leather of bovine and equine animals were exported in ECOWAS; rising by 13% compared with 2020 figures. Overall, exports, however, recorded a abrupt decrease. The pace of growth appeared the most rapid in 2016 when exports increased by 98% against the previous year. As a result, the exports reached the peak of X tons. From 2017 to 2021, the growth of the exports failed to regain momentum.

In value terms, bovine and equine leather exports skyrocketed to $X in 2021. Over the period under review, exports, however, recorded a abrupt decrease. The growth pace was the most rapid in 2014 when exports increased by 62% against the previous year. The level of export peaked at $X in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Mali (X tons) and Senegal (X tons) were the largest exporters of leather of bovine and equine animals in ECOWAS, together constituting 74% of total exports. Nigeria (X tons) ranks next in terms of the total exports with a 15% share, followed by Niger (6.4%). Ghana (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Ghana (with a CAGR of +29.5%), while the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X), Senegal ($X) and Ghana ($X) were the countries with the highest levels of exports in 2021, together accounting for 74% of total exports.

Among the main exporting countries, Ghana, with a CAGR of +27.1%, saw the highest rates of growth with regard to 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, with an increase of 20% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 an increase of 84%. The level of export peaked at $X per ton in 2015; however, from 2016 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Mali ($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 (+13.5%), while the other leaders experienced mixed trends in the export price figures.

Imports of Leather of Bovine and Equine Animals

Imports in ECOWAS

In 2021, imports of leather of bovine and equine animals in ECOWAS expanded rapidly to X tons, with an increase of 13% compared with the previous year's figure. Overall, imports, however, saw a deep contraction. The pace of growth was the most pronounced in 2019 when imports increased by 49% against the previous year. The volume of import peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, bovine and equine leather imports surged to $X in 2021. Over the period under review, imports, however, saw a abrupt contraction. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

Nigeria (X tons) and Ghana (X tons) represented roughly 66% of total imports in 2021. Togo (X tons) held a 16% share (based on physical terms) of total imports, which put it in second place, followed by Mali (7.1%). The following importers - Senegal (X tons), Benin (X tons) and Cabo Verde (X tons) - together made up 8.1% of total imports.

From 2012 to 2021, the biggest increases were recorded for Ghana (with a CAGR of +13.9%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, Nigeria ($X), Ghana ($X) and Mali ($X) were the countries with the highest levels of imports in 2021, together accounting for 64% of total imports.

Among the main importing countries, Mali, with a CAGR of +24.4%, 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

In 2021, the import price in ECOWAS amounted to $X per ton, picking up by 27% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the import price increased by 61% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2016; however, from 2017 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mali (+21.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform