ECOWAS: Piano Market 2024

Piano Market Size in ECOWAS

The ECOWAS piano market expanded remarkably to $X in 2021, growing by 14% against the previous year. Overall, consumption saw a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Piano Production in ECOWAS

In value terms, piano production rose sharply to $X in 2021 estimated in export price. The total production indicated mild growth from 2012 to 2021: its value increased at an average annual rate of +1.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -11.5% against 2019 indices. The most prominent rate of growth was recorded in 2018 with an increase of 31% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Piano Exports

Exports in ECOWAS

For the fourth consecutive year, ECOWAS recorded decline in overseas shipments of pianos and other keyboard stringed musical instruments, which decreased by -21.2% to X tons in 2021. Overall, exports, however, saw a buoyant increase. The most prominent rate of growth was recorded in 2014 when exports increased by 271% against the previous year. The volume of export peaked at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, piano exports declined rapidly to $X in 2021. Over the period under review, exports, however, posted a buoyant increase. The most prominent rate of growth was recorded in 2017 when exports increased by 164%. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Nigeria (X tons) and Cote d'Ivoire (X tons) prevails in exports structure, together committing 75% of total exports. Togo (X kg) took the next position in the ranking, followed by Ghana (X kg) and Senegal (X kg). All these countries together took approx. 24% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of +32.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X), Ghana ($X) and Nigeria ($X) were the countries with the highest levels of exports in 2021, with a combined 80% share of total exports.

Among the main exporting countries, Cote d'Ivoire, with a CAGR of +32.3%, saw the highest growth rate of 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, growing by 6.9% against the previous year. In general, the export price, however, continues to indicate a deep reduction. The pace of growth appeared the most rapid in 2015 an increase of 108% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Ghana ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+14.0%), while the other leaders experienced more modest paces of growth.

Piano Imports

Imports in ECOWAS

For the third year in a row, ECOWAS recorded decline in supplies from abroad of pianos and other keyboard stringed musical instruments, which decreased by -29.3% to X tons in 2021. Overall, imports showed a perceptible descent. The most prominent rate of growth was recorded in 2013 when imports increased by 69% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, piano imports fell to $X in 2021. Total imports indicated a pronounced increase from 2012 to 2021: its value increased at an average annual rate of +2.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -25.9% against 2019 indices. The most prominent rate of growth was recorded in 2019 when imports increased by 66% against the previous year. The level of import peaked at $X in 2016; however, from 2017 to 2021, imports remained at a lower figure.

Imports by Country

Nigeria prevails in imports structure, amounting to X tons, which was near 74% of total imports in 2021. It was distantly followed by Ghana (X tons) and Cote d'Ivoire (X tons), together achieving a 14% share of total imports. Guinea (X tons), Burkina Faso (X tons) and Liberia (X tons) held a minor share of total imports.

Nigeria experienced a relatively flat trend pattern with regard to volume of imports of pianos and other keyboard stringed musical instruments. At the same time, Burkina Faso (+34.9%), Liberia (+11.5%) and Cote d'Ivoire (+7.7%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +34.9% from 2012-2021. By contrast, Ghana (-12.8%) and Guinea (-18.5%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Nigeria, Cote d'Ivoire, Burkina Faso and Liberia increased by +17, +2.9, +2.4 and +2 percentage points, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported pianos and other keyboard stringed musical instruments in ECOWAS, comprising 80% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 5.6% share of total imports. It was followed by Ghana, with a 4.2% share.

In Nigeria, piano imports increased at an average annual rate of +5.1% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+2.1% per year) and Ghana (-6.9% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, rising by 20% against the previous year. Overall, the import price saw a remarkable increase. The pace of growth was the most pronounced in 2019 when the import price increased by 88% against the previous year. Over the period under review, import prices reached the peak figure in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Liberia ($X per ton), while Guinea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+6.7%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform