Western Africa: Cork Article Market 2024

Cork Article Market Size in Western Africa

In 2021, the West African cork article market increased by 5.7% to $X for the first time since 2017, thus ending a three-year declining trend. The market value increased at an average annual rate of +1.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X. From 2018 to 2021, the growth of the market remained at a lower figure.

Cork Article Production in Western Africa

In value terms, cork article production expanded remarkably to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 21% against the previous year. The level of production peaked at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Cork Article Exports

Exports in Western Africa

In 2021, overseas shipments of cork articles decreased by -57.5% to X tons, falling for the third consecutive year after three years of growth. Overall, exports continue to indicate a dramatic setback. The most prominent rate of growth was recorded in 2018 when exports increased by 127%. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, cork article exports reduced sharply to $X in 2021. Over the period under review, exports recorded a abrupt descent. The most prominent rate of growth was recorded in 2018 when exports increased by 124% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Ghana (X kg) and Senegal (X kg) dominates exports structure, together creating 86% of total exports. It was distantly followed by Nigeria (X kg), generating a 9% share of total exports. The following exporters - Mali (X kg) and Cabo Verde (X kg) - together made up 5.4% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Senegal (with a CAGR of +86.6%), while the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X) remains the largest cork article supplier in Western Africa, comprising 55% of total exports. The second position in the ranking was taken by Nigeria ($X), with a 17% share of total exports. It was followed by Cabo Verde, with an 11% share.

From 2012 to 2021, the average annual growth rate of value in Ghana totaled +6.1%. In the other countries, the average annual rates were as follows: Nigeria (-16.9% per year) and Cabo Verde (+16.8% per year).

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, falling by -19.9% against the previous year. In general, the export price, however, posted a significant expansion. The most prominent rate of growth was recorded in 2013 when the export price increased by 304%. The level of export peaked at $X per ton in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Cabo Verde ($X per ton), while Senegal ($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 (+8.8%), while the other leaders experienced more modest paces of growth.

Cork Article Imports

Imports in Western Africa

In 2021, after two years of growth, there was significant decline in overseas purchases of cork articles, when their volume decreased by -27.6% to X tons. Overall, imports, however, continue to indicate a buoyant increase. The most prominent rate of growth was recorded in 2015 when imports increased by 175%. The volume of import peaked at X tons in 2020, and then dropped remarkably in the following year.

In value terms, cork article imports soared to $X in 2021. Over the period under review, imports, however, continue to indicate a buoyant increase. The pace of growth appeared the most rapid in 2013 when imports increased by 380%. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Nigeria represented the main importer of cork articles in Western Africa, with the volume of imports recording X tons, which was approx. 75% of total imports in 2021. Cabo Verde (X tons) ranks second in terms of the total imports with an 11% share, followed by Guinea (4.7%). Cote d'Ivoire (X tons), Ghana (X tons) and Senegal (X tons) took a relatively small share of total imports.

From 2012 to 2021, average annual rates of growth with regard to cork article imports into Nigeria stood at +6.6%. At the same time, Cabo Verde (+47.0%), Cote d'Ivoire (+34.0%), Guinea (+28.7%) and Ghana (+16.0%) displayed positive paces of growth. Moreover, Cabo Verde emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +47.0% from 2012-2021. By contrast, Senegal (-4.4%) illustrated a downward trend over the same period. While the share of Cabo Verde (+11 p.p.), Guinea (+3.7 p.p.) and Cote d'Ivoire (+2.7 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Senegal (-3.5 p.p.) and Nigeria (-13.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported cork articles in Western Africa, comprising 52% of total imports. The second position in the ranking was taken by Guinea ($X), with a 24% share of total imports. It was followed by Cabo Verde, with an 8% share.

In Nigeria, cork article imports expanded at an average annual rate of +12.3% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Guinea (+38.2% per year) and Cabo Verde (+35.9% per year).

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, increasing by 92% against the previous year. Over the period under review, the import price posted a prominent increase. The most prominent rate of growth was recorded in 2016 an increase of 166%. The level of import peaked at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Guinea ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Guinea (+7.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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