ECOWAS: Commercial Refrigeration Equipment Market 2024

Commercial Refrigeration Equipment Exports

Exports in ECOWAS

In 2021, shipments abroad of refrigerating and freezing equipment and heat pumps (except household type equipment) increased by 4.7% to X units for the first time since 2018, thus ending a two-year declining trend. Overall, exports, however, continue to indicate a abrupt descent. The pace of growth was the most pronounced in 2018 with an increase of 87%. Over the period under review, the exports reached the peak figure at X units in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, commercial refrigeration equipment exports rose significantly to $X in 2021. In general, exports, however, recorded a abrupt shrinkage. The pace of growth was the most pronounced in 2018 when exports increased by 90% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Nigeria (X units) and Mali (X units) were the major exporters of refrigerating and freezing equipment and heat pumps (except household type equipment) in 2021, recording near 40% and 27% of total exports, respectively. Cabo Verde (X units) ranks next in terms of the total exports with a 6.7% share, followed by Sierra Leone (6.1%) and Togo (6%). The following exporters - Senegal (X units) and Cote d'Ivoire (X units) - together made up 7.1% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Nigeria (with a CAGR of +26.6%), while the other leaders experienced more modest paces of growth.

In value terms, the largest commercial refrigeration equipment supplying countries in ECOWAS were Sierra Leone ($X), Nigeria ($X) and Mali ($X), together comprising 61% of total exports.

Mali, with a CAGR of +17.1%, recorded 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

The export price in ECOWAS stood at $X per unit in 2021, remaining stable against the previous year. Over the period under review, the export price saw prominent growth. The most prominent rate of growth was recorded in 2016 an increase of 79% against the previous year. The level of export peaked at $X per unit in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Sierra Leone ($X per unit), while Mali ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+11.4%), while the other leaders experienced more modest paces of growth.

Commercial Refrigeration Equipment Imports

Imports in ECOWAS

In 2021, purchases abroad of refrigerating and freezing equipment and heat pumps (except household type equipment) decreased by -12.8% to X units for the first time since 2015, thus ending a five-year rising trend. Total imports indicated a noticeable expansion from 2012 to 2021: its volume increased at an average annual rate of +3.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +110.0% against 2015 indices. The pace of growth appeared the most rapid in 2020 when imports increased by 36%. As a result, imports reached the peak of X units, and then declined in the following year.

In value terms, commercial refrigeration equipment imports surged to $X in 2021. Total imports indicated a measured increase from 2012 to 2021: its value increased at an average annual rate of +3.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 with an increase of 39% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, Nigeria (X units), distantly followed by Ghana (X units), Cote d'Ivoire (X units), Guinea (X units), Senegal (X units) and Mali (X units) were the key importers of refrigerating and freezing equipment and heat pumps (except household type equipment), together committing 84% of total imports. Benin (X units) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Mali (with a CAGR of +23.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X), Ghana ($X) and Cote d'Ivoire ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 63% share of total imports. These countries were followed by Guinea, Mali, Senegal and Benin, which together accounted for a further 22%.

In terms of the main importing countries, Mali, with a CAGR of +24.7%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2021, jumping by 45% against the previous year. In general, the import price saw a relatively flat trend pattern. The level of import peaked at $X per unit in 2015; however, from 2016 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Ghana ($X per unit) and Mali ($X per unit), while Cote d'Ivoire ($X per unit) and Senegal ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Benin (+5.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform