ECOWAS: Travel Set Market 2025

Travel Set Market Size in ECOWAS

After two years of growth, the ECOWAS travel set market decreased by -11.5% to $X in 2021. Over the period under review, consumption, however, posted a resilient increase. The level of consumption peaked at $X in 2020, and then shrank in the following year.

Travel Set Production in ECOWAS

In value terms, travel set production contracted to $X in 2021 estimated in export price. Overall, production, however, recorded a remarkable increase. The pace of growth was the most pronounced in 2019 with an increase of 56% against the previous year. Over the period under review, production attained the peak level at $X in 2020, and then reduced in the following year.

Travel Set Exports

Exports in ECOWAS

In 2021, shipments abroad of travel sets increased by 33% to X units, rising for the second year in a row after two years of decline. Overall, exports, however, recorded a mild setback. The pace of growth was the most pronounced in 2017 with an increase of 132% against the previous year. As a result, the exports attained the peak of X units. From 2018 to 2021, the growth of the exports failed to regain momentum.

In value terms, travel set exports surged to $X in 2021. Over the period under review, exports, however, showed a deep downturn. The growth pace was the most rapid in 2017 with an increase of 106%. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Nigeria was the largest exporting country with an export of about X units, which resulted at 59% of total exports. Senegal (X units) took a 25% share (based on physical terms) of total exports, which put it in second place, followed by Ghana (4.9%). Niger (X units) and Benin (X units) followed a long way behind the leaders.

Nigeria experienced a relatively flat trend pattern with regard to volume of exports of travel sets. At the same time, Senegal (+11.5%) and Benin (+2.7%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +11.5% from 2012-2021. By contrast, Niger (-1.3%) and Ghana (-7.5%) illustrated a downward trend over the same period. Senegal (+17 p.p.) and Nigeria (+8.9 p.p.) significantly strengthened its position in terms of the total exports, while Ghana saw its share reduced by -3.5% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest travel set supplying countries in ECOWAS were Nigeria ($X), Senegal ($X) and Niger ($X), together comprising 82% of total exports. These countries were followed by Ghana and Benin, which together accounted for a further 14%.

Benin, with a CAGR of +9.9%, saw the highest rates of growth with regard to 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

In 2021, the export price in ECOWAS amounted to $X per unit, flattening at the previous year. Overall, the export price recorded a perceptible decline. The most prominent rate of growth was recorded in 2015 when the export price increased by 26%. As a result, the export price reached the peak level of $X per unit. From 2016 to 2021, the export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Niger ($X per unit), while Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Benin (+7.0%), while the other leaders experienced more modest paces of growth.

Travel Set Imports

Imports in ECOWAS

In 2021, the amount of travel sets imported in ECOWAS soared to X units, increasing by 24% compared with the previous year's figure. In general, imports showed strong growth. The most prominent rate of growth was recorded in 2019 when imports increased by 277% against the previous year. As a result, imports attained the peak of X units. From 2020 to 2021, the growth of imports remained at a lower figure.

In value terms, travel set imports contracted to $X in 2021. Overall, imports, however, recorded a mild setback. The most prominent rate of growth was recorded in 2017 when imports increased by 36%. Over the period under review, imports reached the maximum at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

Nigeria dominates imports structure, amounting to X units, which was near 86% of total imports in 2021. It was distantly followed by Ghana (X units), achieving a 5.2% share of total imports. The following importers - Senegal (X units) and Guinea (X units) - each resulted at a 4% share of total imports.

Nigeria was also the fastest-growing in terms of the travel sets imports, with a CAGR of +22.5% from 2012 to 2021. At the same time, Senegal (+16.7%) and Guinea (+4.6%) displayed positive paces of growth. By contrast, Ghana (-11.7%) illustrated a downward trend over the same period. Nigeria (+50 p.p.) significantly strengthened its position in terms of the total imports, while Ghana saw its share reduced by -36.1% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported travel sets in ECOWAS, comprising 43% of total imports. The second position in the ranking was held by Ghana ($X), with a 21% share of total imports. It was followed by Senegal, with an 8.1% share.

From 2012 to 2021, the average annual growth rate of value in Nigeria stood at +17.7%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (-11.1% per year) and Senegal (+12.8% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per unit, waning by -20.4% against the previous year. Overall, the import price showed a abrupt decline. The most prominent rate of growth was recorded in 2015 when the import price increased by 66%. Over the period under review, import prices hit record highs at $X per unit in 2017; however, from 2018 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Ghana ($X per unit), while Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+0.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform