ECOWAS: Percussion Musical Instrument Market 2024

Percussion Musical Instrument Market Size in ECOWAS

In 2022, the ECOWAS percussion musical instrument market decreased by -1.2% to $X, falling for the second consecutive year after three years of growth. In general, consumption continues to indicate a abrupt curtailment. The level of consumption peaked at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Percussion Musical Instrument Production in ECOWAS

In value terms, percussion musical instrument production expanded rapidly to $X in 2022 estimated in export price. In general, production, however, showed a abrupt decline. The most prominent rate of growth was recorded in 2020 when the production volume increased by 24%. The level of production peaked at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Percussion Musical Instrument Exports

Exports in ECOWAS

In 2022, after two years of growth, there was decline in overseas shipments of percussion musical instruments, when their volume decreased by -0.8% to X units. Over the period under review, exports, however, showed resilient growth. The most prominent rate of growth was recorded in 2020 when exports increased by 125% against the previous year. Over the period under review, the exports reached the peak figure at X units in 2021, and then fell in the following year.

In value terms, percussion musical instrument exports stood at $X in 2022. Overall, exports, however, posted moderate growth. The most prominent rate of growth was recorded in 2020 when exports increased by 124%. As a result, the exports attained the peak of $X; afterwards, it flattened through to 2022.

Exports by Country

Ghana represented the main exporting country with an export of around X units, which recorded 60% of total exports. It was distantly followed by Mali (X units), Cote d'Ivoire (X units), Guinea (X units) and Senegal (X units), together generating a 39% share of total exports.

Ghana was also the fastest-growing in terms of the percussion musical instruments exports, with a CAGR of +21.8% from 2012 to 2022. At the same time, Cote d'Ivoire (+14.7%) and Guinea (+9.4%) displayed positive paces of growth. By contrast, Mali (-2.0%) and Senegal (-12.4%) illustrated a downward trend over the same period. Ghana (+44 p.p.), Cote d'Ivoire (+5.9 p.p.) and Guinea (+1.8 p.p.) significantly strengthened its position in terms of the total exports, while Mali and Senegal saw its share reduced by -20% and -29% from 2012 to 2022, respectively.

In value terms, the largest percussion musical instrument supplying countries in ECOWAS were Ghana ($X), Cote d'Ivoire ($X) and Mali ($X), together comprising 80% of total exports.

Cote d'Ivoire, with a CAGR of +16.9%, recorded the highest growth rate of the value of exports, in terms of 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, almost unchanged from the previous year. Overall, the export price, however, recorded a noticeable shrinkage. The most prominent rate of growth was recorded in 2019 an increase of 8.8%. The level of export peaked at $X per unit in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per unit), while Ghana ($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 (+4.5%), while the other leaders experienced mixed trends in the export price figures.

Percussion Musical Instrument Imports

Imports in ECOWAS

In 2022, the amount of percussion musical instruments imported in ECOWAS declined markedly to X units, reducing by -19.5% on 2021 figures. In general, imports saw a deep contraction. The pace of growth appeared the most rapid in 2019 when imports increased by 190% against the previous year. The volume of import peaked at X units in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, percussion musical instrument imports dropped notably to $X in 2022. Over the period under review, imports faced a abrupt downturn. The most prominent rate of growth was recorded in 2014 when imports increased by 74%. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Ghana prevails in imports structure, resulting at X units, which was approx. 89% of total imports in 2022. It was distantly followed by Nigeria (X units), committing a 7.8% share of total imports.

Ghana was also the fastest-growing in terms of the percussion musical instruments imports, with a CAGR of +4.5% from 2012 to 2022. Nigeria (-23.5%) illustrated a downward trend over the same period. Ghana (+57 p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by -55.3% from 2012 to 2022, respectively.

In value terms, Ghana ($X) constitutes the largest market for imported percussion musical instruments in ECOWAS, comprising 62% of total imports. The second position in the ranking was taken by Nigeria ($X), with a 29% share of total imports.

From 2012 to 2022, the average annual growth rate of value in Ghana was relatively modest.

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per unit, with a decrease of -20.4% against the previous year. Overall, the import price saw a drastic downturn. The most prominent rate of growth was recorded in 2016 an increase of 99% against the previous year. The level of import peaked at $X per unit in 2017; however, from 2018 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 Nigeria ($X per unit), while Ghana totaled $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+5.8%).

Source: IndexBox Platform