ECOWAS: Perfume Market 2024

Perfume Market Size in ECOWAS

The ECOWAS perfume market contracted modestly to $X in 2022, declining by -3.6% against the previous year. The market value increased at an average annual rate of +4.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the maximum level at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Perfume Production in ECOWAS

In value terms, perfume production dropped to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 29%. The level of production peaked at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Perfume Exports

Exports in ECOWAS

Perfume exports reduced to X tons in 2022, waning by -5.3% compared with the previous year. Over the period under review, exports showed a noticeable decline. The growth pace was the most rapid in 2014 when exports increased by 68% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, perfume exports dropped modestly to $X in 2022. Total exports indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +14.1% against 2019 indices. The pace of growth appeared the most rapid in 2014 with an increase of 41%. Over the period under review, the exports hit record highs at $X in 2021, and then declined in the following year.

Exports by Country

Cote d'Ivoire was the main exporter of perfumes and toilet waters in ECOWAS, with the volume of exports amounting to X tons, which was approx. 74% of total exports in 2022. It was distantly followed by Senegal (X tons) and Nigeria (X tons), together making up a 25% share of total exports.

Exports from Cote d'Ivoire decreased at an average annual rate of -2.8% from 2012 to 2022. At the same time, Nigeria (+2.8%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +2.8% from 2012-2022. Senegal experienced a relatively flat trend pattern. Senegal (+5.3 p.p.) and Nigeria (+1.8 p.p.) significantly strengthened its position in terms of the total exports, while Cote d'Ivoire saw its share reduced by -3.9% from 2012 to 2022, respectively.

In value terms, Cote d'Ivoire ($X) remains the largest perfume supplier in ECOWAS, comprising 82% of total exports. The second position in the ranking was held by Senegal ($X), with an 11% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Cote d'Ivoire amounted to +6.8%. The remaining exporting countries recorded the following average annual rates of exports growth: Senegal (-2.2% per year) and Nigeria (+15.3% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, with an increase of 1.8% against the previous year. Export price indicated a prominent increase from 2012 to 2022: its price increased at an average annual rate of +6.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, perfume export price decreased by -1.2% against 2020 indices. The most prominent rate of growth was recorded in 2016 when the export price increased by 19%. The level of export peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

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 Nigeria ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+12.1%), while the other leaders experienced mixed trends in the export price figures.

Perfume Imports

Imports in ECOWAS

In 2022, after seven years of growth, there was significant decline in overseas purchases of perfumes and toilet waters, when their volume decreased by -9.4% to X tons. Over the period under review, imports, however, saw a resilient increase. The most prominent rate of growth was recorded in 2017 with an increase of 59%. The volume of import peaked at X tons in 2021, and then shrank in the following year.

In value terms, perfume imports shrank to $X in 2022. In general, imports, however, continue to indicate a strong increase. The pace of growth was the most pronounced in 2017 with an increase of 43%. The level of import peaked at $X in 2021, and then reduced in the following year.

Imports by Country

In 2022, Ghana (X tons) and Senegal (X tons) were the largest importers of perfumes and toilet waters in ECOWAS, together making up 53% of total imports. Cote d'Ivoire (X tons) ranks next in terms of the total imports with a 9.7% share, followed by Nigeria (9.2%), Mali (8.5%) and Burkina Faso (5.2%). Togo (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Mali (with a CAGR of +42.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest perfume importing markets in ECOWAS were Ghana ($X), Senegal ($X) and Cote d'Ivoire ($X), together accounting for 72% of total imports. Mali, Nigeria, Togo and Burkina Faso lagged somewhat behind, together accounting for a further 18%.

Mali, with a CAGR of +34.8%, recorded the highest growth rate of 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 ton, approximately equating the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. The pace of growth was the most pronounced in 2021 an increase of 29% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, 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 Cote d'Ivoire ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+12.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform