Western Africa: Candles And Tapers Market 2024

Candles And Tapers Market Size in Western Africa

The West African candles and tapers market shrank to $X in 2021, waning by -11.3% against the previous year. Over the period under review, consumption, however, enjoyed tangible growth. As a result, consumption attained the peak level of $X. From 2018 to 2021, the growth of the market failed to regain momentum.

Candles And Tapers Production in Western Africa

In value terms, candles and tapers production shrank to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a resilient increase. The growth pace was the most rapid in 2017 with an increase of 108% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2021, production growth remained at a somewhat lower figure.

Candles And Tapers Exports

Exports in Western Africa

Candles and tapers exports reduced dramatically to X tons in 2021, falling by -22.2% against the previous year. Over the period under review, exports showed a deep contraction. The pace of growth was the most pronounced in 2013 when exports increased by 47% against the previous year. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, candles and tapers exports reduced dramatically to $X in 2021. In general, exports faced a drastic downturn. The pace of growth appeared the most rapid in 2013 with an increase of 17%. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

In 2021, Togo (X tons) represented the largest exporter of candles and tapers, generating 58% of total exports. Cote d'Ivoire (X tons) held the second position in the ranking, followed by Nigeria (X tons) and Gambia (X tons). All these countries together took near 40% share of total exports.

Togo was also the fastest-growing in terms of the candles and tapers exports, with a CAGR of +3.9% from 2012 to 2021. Gambia (-5.1%), Cote d'Ivoire (-15.1%) and Nigeria (-19.1%) illustrated a downward trend over the same period. Togo (+45 p.p.) and Gambia (+5 p.p.) significantly strengthened its position in terms of the total exports, while Cote d'Ivoire and Nigeria saw its share reduced by -6% and -12.8% from 2012 to 2021, respectively.

In value terms, the largest candles and tapers supplying countries in Western Africa were Cote d'Ivoire ($X), Togo ($X) and Nigeria ($X), together accounting for 89% of total exports.

Among the main exporting countries, Togo, with a CAGR of +6.7%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, growing by 2.6% against the previous year. Export price indicated a measured increase from 2012 to 2021: its price increased at an average annual rate of +2.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, candles and tapers export price decreased by -5.9% against 2019 indices. The most prominent rate of growth was recorded in 2017 an increase of 55% against the previous year. The level of export peaked at $X per ton in 2019; however, from 2020 to 2021, 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 Cote d'Ivoire ($X per ton), while Gambia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+5.4%), while the other leaders experienced more modest paces of growth.

Candles And Tapers Imports

Imports in Western Africa

In 2021, supplies from abroad of candles and tapers decreased by -36.7% to X tons, falling for the third consecutive year after two years of growth. Overall, imports saw a deep setback. The growth pace was the most rapid in 2018 when imports increased by 98%. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, candles and tapers imports contracted sharply to $X in 2021. Over the period under review, imports showed a deep contraction. The most prominent rate of growth was recorded in 2018 with an increase of 25%. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

Nigeria was the main importer of candles and tapers in Western Africa, with the volume of imports amounting to X tons, which was near 42% of total imports in 2021. It was distantly followed by Benin (X tons), Ghana (X tons), Gambia (X tons) and Togo (X tons), together achieving a 46% share of total imports. Cote d'Ivoire (X tons) and Sierra Leone (X tons) followed a long way behind the leaders.

Imports into Nigeria decreased at an average annual rate of -12.3% from 2012 to 2021. Benin (-1.6%), Sierra Leone (-4.1%), Togo (-4.3%), Ghana (-5.3%), Gambia (-9.4%) and Cote d'Ivoire (-9.7%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Benin, Ghana and Togo increased by +8.3, +4.9 and +2.2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest candles and tapers importing markets in Western Africa were Ghana ($X), Benin ($X) and Nigeria ($X), with a combined 58% share of total imports.

Ghana, with a CAGR of -1.1%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, increasing by 23% against the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the import price increased by 60%. The level of import peaked at $X per ton in 2016; however, from 2017 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 Cote d'Ivoire ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+7.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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