ECOWAS: Tobacco Making Machinery Market 2024

Tobacco Making Machinery Market Size in ECOWAS

In 2022, the ECOWAS tobacco making machinery market increased by 19% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption recorded a strong expansion. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a lower figure.

Tobacco Making Machinery Production in ECOWAS

In value terms, tobacco making machinery production contracted to $X in 2022 estimated in export price. In general, production, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of 37% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Tobacco Making Machinery Exports

Exports in ECOWAS

In 2022, the amount of machinery for the preparation or making up of tobacco exported in ECOWAS contracted dramatically to X units, waning by -86.3% against the previous year's figure. Over the period under review, exports recorded a significant decline. The pace of growth was the most pronounced in 2020 when exports increased by 591% against the previous year. Over the period under review, the exports reached the peak figure at X units in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, tobacco making machinery exports plummeted to $X in 2022. In general, exports continue to indicate a significant decrease. The pace of growth appeared the most rapid in 2020 with an increase of 4,728%. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

The shipments of the one major exporters of machinery for the preparation or making up of tobacco, namely Cote d'Ivoire, represented more than two-thirds of total export.

Cote d'Ivoire was also the fastest-growing in terms of the machinery for the preparation or making up of tobacco exports, with a CAGR of -24.5% from 2012 to 2022. While the share of Cote d'Ivoire (+23 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X) also remains the largest tobacco making machinery supplier in ECOWAS.

From 2012 to 2022, the average annual growth rate of value in Cote d'Ivoire stood at -33.1%.

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2022, which is down by -14% against the previous year. Over the period under review, the export price recorded a deep contraction. The pace of growth was the most pronounced in 2020 when the export price increased by 599%. Over the period under review, the export prices attained the maximum at $X per unit in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Cote d'Ivoire.

From 2012 to 2022, the rate of growth in terms of prices for Cote d'Ivoire amounted to -11.4% per year.

Tobacco Making Machinery Imports

Imports in ECOWAS

In 2022, overseas purchases of machinery for the preparation or making up of tobacco increased by 1.2% to X units, rising for the second consecutive year after two years of decline. In general, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 260%. As a result, imports attained the peak of X units. From 2019 to 2022, the growth of imports remained at a lower figure.

In value terms, tobacco making machinery imports surged to $X in 2022. Overall, imports showed a strong increase. The pace of growth appeared the most rapid in 2018 with an increase of 169% against the previous year. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

Nigeria represented the major importer of machinery for the preparation or making up of tobacco in ECOWAS, with the volume of imports reaching X units, which was approx. 81% of total imports in 2022. It was distantly followed by Cote d'Ivoire (X units), achieving a 14% share of total imports. The following importers - Burkina Faso (X units) and Mali (X units) - each resulted at a 3.8% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to tobacco making machinery imports into Nigeria stood at +13.1%. At the same time, Mali (+52.9%), Cote d'Ivoire (+5.4%) and Burkina Faso (+1.0%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +52.9% from 2012-2022. While the share of Nigeria (+58 p.p.), Cote d'Ivoire (+5.8 p.p.) and Mali (+1.8 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported machinery for the preparation or making up of tobacco in ECOWAS, comprising 93% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 4.4% share of total imports. It was followed by Mali, with a 1.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria totaled +28.5%. In the other countries, the average annual rates were as follows: Cote d'Ivoire (-9.1% per year) and Mali (+52.1% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per unit, with an increase of 37% against the previous year. Over the period under review, the import price continues to indicate a buoyant increase. The pace of growth was the most pronounced in 2020 when the import price increased by 226%. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Nigeria ($X per unit), while Cote d'Ivoire ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+13.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform