ECOWAS: Machinery For Packing Market 2024

Machinery For Packing Market Size in ECOWAS

In 2022, the ECOWAS machinery for packing market decreased by -23% to $X, falling for the second year in a row after five years of growth. Overall, consumption, however, recorded a buoyant increase. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Machinery For Packing Production in ECOWAS

In value terms, machinery for packing production declined modestly to $X in 2022 estimated in export price. Overall, production, however, saw a prominent expansion. The most prominent rate of growth was recorded in 2019 with an increase of 86%. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Machinery For Packing Exports

Exports in ECOWAS

In 2022, the amount of machinery for packing or wrapping exported in ECOWAS soared to X units, growing by 39% against 2021. Overall, exports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when exports increased by 255% against the previous year. As a result, the exports attained the peak of X units. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, machinery for packing exports fell to $X in 2022. Over the period under review, exports, however, continue to indicate a abrupt contraction. The pace of growth was the most pronounced in 2020 when exports increased by 39% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Ghana (X units) and Togo (X units) were the key exporters of machinery for packing or wrapping in ECOWAS, together constituting 65% of total exports. It was distantly followed by Senegal (X units) and Nigeria (X units), together comprising a 24% share of total exports. The following exporters - Cote d'Ivoire (X units), Liberia (X units) and Mali (X units) - together made up 8.4% of total exports.

From 2012 to 2022, the biggest increases were recorded for Liberia (with a CAGR of +25.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest machinery for packing supplying countries in ECOWAS were Togo ($X), Senegal ($X) and Nigeria ($X), with a combined 69% share of total exports. Ghana, Cote d'Ivoire, Liberia and Mali lagged somewhat behind, together accounting for a further 23%.

Cote d'Ivoire, with a CAGR of +23.7%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per unit, dropping by -34.1% against the previous year. Overall, the export price recorded a abrupt curtailment. The pace of growth was the most pronounced in 2021 an increase of 110%. Over the period under review, the export prices reached the maximum at $X per unit in 2018; however, from 2019 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 Nigeria ($X per unit), while Ghana ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+6.5%), while the other leaders experienced a decline in the export price figures.

Machinery For Packing Imports

Imports in ECOWAS

In 2022, overseas purchases of machinery for packing or wrapping decreased by -38.1% to X units, falling for the second consecutive year after five years of growth. Overall, imports, however, showed a resilient expansion. The pace of growth was the most pronounced in 2019 with an increase of 98%. The volume of import peaked at X units in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, machinery for packing imports contracted to $X in 2022. Over the period under review, imports, however, posted pronounced growth. The most prominent rate of growth was recorded in 2019 with an increase of 61% against the previous year. Over the period under review, imports reached the maximum at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

Nigeria dominates imports structure, resulting at X units, which was approx. 74% of total imports in 2022. It was distantly followed by Ghana (X units) and Cote d'Ivoire (X units), together committing a 13% share of total imports. Mali (X units), Senegal (X units) and Guinea (X units) followed a long way behind the leaders.

Imports into Nigeria increased at an average annual rate of +12.7% from 2012 to 2022. At the same time, Guinea (+20.5%), Mali (+11.8%), Cote d'Ivoire (+5.4%), Ghana (+2.2%) and Senegal (+2.0%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +20.5% from 2012-2022. While the share of Nigeria (+16 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Cote d'Ivoire (-3.2 p.p.), Senegal (-3.7 p.p.) and Ghana (-7.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported machinery for packing or wrapping in ECOWAS, comprising 50% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 16% share of total imports. It was followed by Ghana, with a 15% share.

In Nigeria, machinery for packing imports expanded at an average annual rate of +3.8% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+3.7% per year) and Ghana (+3.5% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2022, growing by 52% against the previous year. In general, the import price, however, saw a abrupt decrease. The level of import peaked at $X per unit in 2015; however, from 2016 to 2022, import prices remained at a 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 Cote d'Ivoire ($X per unit), while Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guinea (+2.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform