ECOWAS: Worked Wax Articles Market 2024

Worked Wax Articles Market Size in ECOWAS

The ECOWAS worked wax articles market expanded rapidly to $X in 2022, picking up by 13% against the previous year. In general, consumption continues to indicate a noticeable increase. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Worked Wax Articles Production in ECOWAS

In value terms, worked wax articles production expanded remarkably to $X in 2022 estimated in export price. Overall, production posted notable growth. The most prominent rate of growth was recorded in 2020 with an increase of 83% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Worked Wax Articles Exports

Exports in ECOWAS

In 2022, the amount of worked articles of wax exported in ECOWAS shrank rapidly to X units, with a decrease of -17.4% compared with 2021 figures. In general, exports saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2014 with an increase of 95%. The volume of export peaked at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, worked wax articles exports expanded significantly to $X in 2022. Overall, exports recorded a abrupt slump. The pace of growth was the most pronounced in 2019 with an increase of 96%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Cote d'Ivoire represented the largest exporter of worked articles of wax in ECOWAS, with the volume of exports recording X units, which was near 75% of total exports in 2022. Ghana (X units) took a 13% share (based on physical terms) of total exports, which put it in second place, followed by Senegal (5.5%). Nigeria (X units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to worked wax articles exports from Cote d'Ivoire stood at -3.7%. At the same time, Senegal (+21.4%) and Nigeria (+5.8%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +21.4% from 2012-2022. By contrast, Ghana (-19.1%) illustrated a downward trend over the same period. While the share of Cote d'Ivoire (+36 p.p.), Senegal (+5.2 p.p.) and Nigeria (+2.8 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Ghana (-26.1 p.p.) displayed negative dynamics.

In value terms, the largest worked wax articles supplying countries in ECOWAS were Cote d'Ivoire ($X), Ghana ($X) and Nigeria ($X), with a combined 91% share of total exports. These countries were followed by Senegal, which accounted for a further 3.3%.

Among the main exporting countries, Senegal, with a CAGR of +18.3%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per thousand units, with an increase of 36% against the previous year. Over the period under review, the export price, however, saw a perceptible slump. The level of export peaked at $X per thousand units in 2016; however, from 2017 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 Ghana ($X per thousand units), while Senegal ($X per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+7.5%), while the other leaders experienced a decline in the export price figures.

Worked Wax Articles Imports

Imports in ECOWAS

Worked wax articles imports rose to X units in 2022, with an increase of 1.9% against the previous year. The total import volume increased at an average annual rate of +1.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 with an increase of 25% against the previous year. As a result, imports attained the peak of X units. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, worked wax articles imports fell slightly to $X in 2022. Over the period under review, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 with an increase of 53% against the previous year. Over the period under review, imports hit record highs at $X in 2015; however, from 2016 to 2022, imports remained at a lower figure.

Imports by Country

The countries with the highest levels of worked wax articles imports in 2022 were Ghana (X units) and Nigeria (X units), together reaching 98% of total import.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Ghana (with a CAGR of +1.6%).

In value terms, the largest worked wax articles importing markets in ECOWAS were Ghana ($X) and Nigeria ($X).

In terms of the main importing countries, Nigeria, with a CAGR of +3.7%, saw the highest rates of growth with regard to the value of imports, over the period under review.

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per thousand units, reducing by -4.6% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the import price increased by 22%. Over the period under review, import prices attained the maximum at $X per thousand units in 2016; however, from 2017 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Ghana ($X per thousand units), while Nigeria amounted to $X per thousand units.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+3.0%).

Source: IndexBox Platform