Western Africa: Grand Piano Market 2024

Grand Piano Market Size in Western Africa

The West African grand piano market fell dramatically to $X in 2021, waning by -27.7% against the previous year. Overall, consumption, however, enjoyed a pronounced increase. The level of consumption peaked at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Grand Piano Production in Western Africa

In value terms, grand piano production totaled $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.4% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of 19% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Grand Piano Exports

Exports in Western Africa

In 2021, grand piano exports in Western Africa shrank to X kg, with a decrease of -8.2% compared with the previous year's figure. Over the period under review, exports, however, showed prominent growth. The growth pace was the most rapid in 2015 with an increase of 5,405%. As a result, the exports attained the peak of X tons. From 2016 to 2021, the growth of the exports remained at a lower figure.

In value terms, grand piano exports dropped sharply to $X in 2021. In general, exports, however, enjoyed prominent growth. The most prominent rate of growth was recorded in 2015 with an increase of 5,125%. As a result, the exports attained the peak of $X. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

In 2021, Ghana (X kg) represented the main exporter of acoustic grand pianos, mixing up 90% of total exports. It was distantly followed by Togo (X kg), constituting a 10% share of total exports.

Ghana was also the fastest-growing in terms of the acoustic grand pianos exports, with a CAGR of +16.9% from 2012 to 2021. Togo experienced a relatively flat trend pattern. Togo (+10 p.p.) significantly strengthened its position in terms of the total exports, while Ghana saw its share reduced by -4.3% from 2012 to 2021, respectively.

In value terms, Ghana ($X) remains the largest grand piano supplier in Western Africa, comprising 89% of total exports. The second position in the ranking was held by Togo ($X), with an 11% share of total exports.

In Ghana, grand piano exports expanded at an average annual rate of +18.6% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, with a decrease of -15.1% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.4%. The most prominent rate of growth was recorded in 2020 when the export price increased by 22%. As a result, the export price reached the peak level of $X per ton, and then dropped rapidly in the following year.

Average prices varied noticeably amongst the major exporting countries. In 2021, the country with the highest price was Togo ($X per ton), while Ghana amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+1.4%).

Grand Piano Imports

Imports in Western Africa

In 2021, the amount of acoustic grand pianos imported in Western Africa dropped markedly to X tons, with a decrease of -43.8% on 2020. Over the period under review, imports continue to indicate a pronounced contraction. The growth pace was the most rapid in 2019 with an increase of 332%. The volume of import peaked at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, grand piano imports shrank rapidly to $X in 2021. Overall, imports, however, saw a prominent increase. The growth pace was the most rapid in 2019 with an increase of 595%. As a result, imports attained the peak of $X. From 2020 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Nigeria was the main importer of acoustic grand pianos in Western Africa, with the volume of imports recording X tons, which was approx. 73% of total imports in 2021. It was distantly followed by Ghana (X kg), Cote d'Ivoire (X kg) and Senegal (X kg), together generating a 23% share of total imports. Cabo Verde (X kg) took a little share of total imports.

Nigeria experienced a relatively flat trend pattern with regard to volume of imports of acoustic grand pianos. At the same time, Cote d'Ivoire (+14.5%) and Senegal (+4.4%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +14.5% from 2012-2021. By contrast, Ghana (-5.4%) and Cabo Verde (-23.0%) illustrated a downward trend over the same period. Nigeria (+13 p.p.), Cote d'Ivoire (+6.4 p.p.) and Senegal (+2.4 p.p.) significantly strengthened its position in terms of the total imports, while Ghana and Cabo Verde saw its share reduced by -2.5% and -12.3% from 2012 to 2021, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported acoustic grand pianos in Western Africa, comprising 85% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 7.4% share of total imports. It was followed by Senegal, with a 3.8% share.

In Nigeria, grand piano imports expanded at an average annual rate of +15.0% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+15.0% per year) and Senegal (+7.3% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2021, picking up by 36% against the previous year. In general, the import price recorded a buoyant increase. The most prominent rate of growth was recorded in 2019 when the import price increased by 61% against the previous year. The level of import peaked in 2021 and is likely to see steady growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+15.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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