ECOWAS: Sparkling Wine Market 2024

Sparkling Wine Market Size in ECOWAS

The ECOWAS sparkling wine market rose remarkably to $X in 2022, with an increase of 7% against the previous year. Over the period under review, consumption, however, recorded a relatively flat trend pattern. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Sparkling Wine Production in ECOWAS

In value terms, sparkling wine production declined modestly to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2016 when the production volume increased by 20% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Sparkling Wine Exports

Exports in ECOWAS

After three years of decline, overseas shipments of sparkling wine increased by 26% to X litres in 2022. Overall, exports showed a noticeable increase. The growth pace was the most rapid in 2015 when exports increased by 137% against the previous year. As a result, the exports reached the peak of X litres. From 2016 to 2022, the growth of the exports failed to regain momentum.

In value terms, sparkling wine exports expanded remarkably to $X in 2022. In general, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when exports increased by 32%. The level of export peaked at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Togo (X litres) represented the key exporter of sparkling wine, making up 49% of total exports. It was distantly followed by Burkina Faso (X litres), Niger (X litres) and Senegal (X litres), together achieving a 46% share of total exports. Ghana (X litres) and Nigeria (X litres) took a little share of total exports.

From 2012 to 2022, the biggest increases were recorded for Togo (with a CAGR of +23.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest sparkling wine supplying countries in ECOWAS were Burkina Faso ($X), Togo ($X) and Senegal ($X), with a combined 94% share of total exports.

Togo, with a CAGR of +12.7%, recorded the highest rates of growth with regard to 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

The export price in ECOWAS stood at $X per litre in 2022, reducing by -14.1% against the previous year. Over the period under review, the export price showed a perceptible shrinkage. The pace of growth was the most pronounced in 2016 when the export price increased by 51% against the previous year. Over the period under review, the export prices hit record highs at $X per litre in 2013; however, from 2014 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 Burkina Faso ($X per litre), while Niger ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+10.1%), while the other leaders experienced more modest paces of growth.

Sparkling Wine Imports

Imports in ECOWAS

In 2022, approx. X litres of sparkling wine were imported in ECOWAS; with an increase of 148% against 2021 figures. Over the period under review, imports enjoyed resilient growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, sparkling wine imports shrank to $X in 2022. Overall, imports saw a strong expansion. The most prominent rate of growth was recorded in 2019 when imports increased by 85%. Over the period under review, imports hit record highs at $X in 2021, and then reduced in the following year.

Imports by Country

Nigeria dominates imports structure, finishing at X litres, which was near 89% of total imports in 2022. The following importers - Ghana (X litres) and Cote d'Ivoire (X litres) - together made up 7.6% of total imports.

From 2012 to 2022, average annual rates of growth with regard to sparkling wine imports into Nigeria stood at +8.6%. At the same time, Ghana (+26.0%) and Cote d'Ivoire (+10.9%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +26.0% from 2012-2022. From 2012 to 2022, the share of Ghana increased by +3.2 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest sparkling wine importing markets in ECOWAS were Ghana ($X), Nigeria ($X) and Cote d'Ivoire ($X), together comprising 84% of total imports.

Ghana, with a CAGR of +32.1%, recorded the highest growth rate of the value of imports, among 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

The import price in ECOWAS stood at $X per litre in 2022, shrinking by -64.1% against the previous year. In general, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 an increase of 74% against the previous year. The level of import peaked at $X per litre in 2021, and then dropped markedly in the following year.

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 Ghana ($X per litre), while Nigeria ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+4.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform