ECOWAS: Plastic Ornamental Articles Market 2024

Plastic Ornamental Articles Market Size in ECOWAS

After three years of growth, the ECOWAS plastic ornamental articles market decreased by -12.4% to $X in 2022. Over the period under review, consumption, however, showed a resilient increase. Over the period under review, the market hit record highs at $X in 2021, and then contracted in the following year.

Plastic Ornamental Articles Production in ECOWAS

In value terms, plastic ornamental articles production rose significantly to $X in 2022 estimated in export price. In general, production, however, saw a slight setback. The pace of growth appeared the most rapid in 2020 with an increase of 27% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Plastic Ornamental Articles Exports

Exports in ECOWAS

In 2022, the amount of statuettes and other ornamental articles of plastic exported in ECOWAS fell to X tons, reducing by -2.1% against the previous year's figure. Over the period under review, exports recorded a pronounced downturn. The most prominent rate of growth was recorded in 2016 when exports increased by 80% against the previous year. As a result, the exports reached the peak of X tons. From 2017 to 2022, the growth of the exports remained at a lower figure.

In value terms, plastic ornamental articles exports reduced remarkably to $X in 2022. In general, exports continue to indicate a mild slump. The most prominent rate of growth was recorded in 2016 when exports increased by 76%. As a result, the exports attained the peak of $X. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Benin represented the main exporting country with an export of around X tons, which amounted to 44% of total exports. Ghana (X tons) took a 23% share (based on physical terms) of total exports, which put it in second place, followed by Nigeria (20%) and Cote d'Ivoire (4.7%). Burkina Faso (X kg), Senegal (X kg) and Niger (X kg) held a relatively small share of total exports.

From 2012 to 2022, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of +20.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X), Ghana ($X) and Nigeria ($X) constituted the countries with the highest levels of exports in 2022, together accounting for 56% of total exports.

Cote d'Ivoire, with a CAGR of +39.2%, 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 ton in 2022, waning by -21.6% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the export price increased by 99% against the previous year. The level of export peaked at $X per ton in 2021, and then contracted notably in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+15.2%), while the other leaders experienced more modest paces of growth.

Plastic Ornamental Articles Imports

Imports in ECOWAS

In 2022, after three years of growth, there was significant decline in overseas purchases of statuettes and other ornamental articles of plastic, when their volume decreased by -6% to X tons. Overall, imports, however, recorded a remarkable increase. The pace of growth appeared the most rapid in 2017 with an increase of 200%. The volume of import peaked at X tons in 2021, and then declined in the following year.

In value terms, plastic ornamental articles imports contracted notably to $X in 2022. In general, imports, however, showed a buoyant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 154% against the previous year. The level of import peaked at $X in 2021, and then shrank significantly in the following year.

Imports by Country

In 2022, Ghana (X tons), distantly followed by Senegal (X tons), Guinea (X tons), Cote d'Ivoire (X tons) and Nigeria (X tons) were the main importers of statuettes and other ornamental articles of plastic, together constituting 93% of total imports. Cabo Verde (X tons) took a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Ghana (with a CAGR of +56.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X), Senegal ($X) and Cote d'Ivoire ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 75% share of total imports.

In terms of the main importing countries, Ghana, with a CAGR of +61.1%, recorded 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

In 2022, the import price in ECOWAS amounted to $X per ton, falling by -13.9% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the import price increased by 30% against the previous year. As a result, import price reached the peak level of $X per ton, and then declined 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 Cote d'Ivoire ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+14.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform