ECOWAS: Wooden Bedroom Furniture Market 2024

Wooden Bedroom Furniture Market Size in ECOWAS

The ECOWAS wooden bedroom furniture market amounted to $X in 2022, surging by 7.7% against the previous year. The total consumption indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -6.6% against 2020 indices. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Wooden Bedroom Furniture Production in ECOWAS

In value terms, wooden bedroom furniture production stood at $X in 2022 estimated in export price. The total production indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -7.0% against 2020 indices. The pace of growth appeared the most rapid in 2020 when the production volume increased by 39% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Wooden Bedroom Furniture Exports

Exports in ECOWAS

In 2022, overseas shipments of wooden furniture of a kind used in the bedroom were finally on the rise to reach X units for the first time since 2016, thus ending a five-year declining trend. Overall, exports, however, recorded a deep setback. The pace of growth appeared the most rapid in 2014 when exports increased by 34%. The volume of export peaked at X units in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, wooden bedroom furniture exports soared to $X in 2022. In general, exports, however, recorded a abrupt descent. The pace of growth was the most pronounced in 2014 with an increase of 49% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

In 2022, Benin (X units) and Nigeria (X units) represented the largest exporters of wooden furniture of a kind used in the bedroom in ECOWAS, together accounting for near 69% of total exports. It was distantly followed by Senegal (X units) and Cote d'Ivoire (X units), together creating an 11% share of total exports. Ghana (X units), Mali (X units), Burkina Faso (X units), Togo (X units), Cabo Verde (X units) and Niger (X units) 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 +16.2%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Benin ($X), Nigeria ($X) and Cote d'Ivoire ($X) constituted the countries with the highest levels of exports in 2022, together accounting for 70% of total exports.

Cote d'Ivoire, with a CAGR of +21.7%, recorded the highest growth rate of 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

In 2022, the export price in ECOWAS amounted to $X per unit, picking up by 8.3% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the export price increased by 12%. Over the period under review, the export prices attained the peak figure at $X per unit in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+6.3%), while the other leaders experienced more modest paces of growth.

Wooden Bedroom Furniture Imports

Imports in ECOWAS

After two years of growth, supplies from abroad of wooden furniture of a kind used in the bedroom decreased by -16.4% to X units in 2022. Over the period under review, imports, however, posted a remarkable increase. The pace of growth was the most pronounced in 2015 when imports increased by 75% against the previous year. Over the period under review, imports attained the peak figure at X units in 2021, and then contracted rapidly in the following year.

In value terms, wooden bedroom furniture imports declined sharply to $X in 2022. Overall, imports, however, posted strong growth. The most prominent rate of growth was recorded in 2021 when imports increased by 78% against the previous year. As a result, imports attained the peak of $X, and then shrank significantly in the following year.

Imports by Country

Ghana (X units) and Senegal (X units) represented roughly 50% of total imports in 2022. It was distantly followed by Cote d'Ivoire (X units), Guinea (X units), Nigeria (X units) and Cabo Verde (X units), together achieving a 32% share of total imports. Gambia (X units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Nigeria (with a CAGR of +48.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest wooden bedroom furniture importing markets in ECOWAS were Ghana ($X), Senegal ($X) and Nigeria ($X), with a combined 58% share of total imports.

In terms of the main importing countries, Nigeria, with a CAGR of +58.8%, saw the highest rates of growth with regard to 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 unit, almost unchanged from the previous year. Overall, the import price, however, continues to indicate a slight contraction. The most prominent rate of growth was recorded in 2019 an increase of 13%. Over the period under review, import prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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 Nigeria ($X per unit), while Guinea ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+6.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform