Western Africa: Festive Articles Market 2024

Festive Articles Market Size in Western Africa

The West African festive articles market expanded to $X in 2022, surging by 2.9% against the previous year. The total consumption indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +8.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +31.9% against 2018 indices. The level of consumption peaked in 2022 and is likely to see gradual growth in the immediate term.

Festive Articles Production in Western Africa

In value terms, festive articles production expanded to $X in 2022 estimated in export price. The total production indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +7.0% 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 -3.7% against 2020 indices. The pace of growth was the most pronounced in 2015 when the production volume increased by 40%. Over the period under review, production reached the maximum level at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Festive Articles Exports

Exports in Western Africa

For the fourth year in a row, Western Africa recorded decline in shipments abroad of festive or carnival articles, which decreased by -12.8% to X tons in 2022. In general, exports faced a abrupt descent. The pace of growth appeared the most rapid in 2014 with an increase of 128%. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, festive articles exports shrank to $X in 2022. Over the period under review, exports faced a abrupt curtailment. The pace of growth appeared the most rapid in 2014 when exports increased by 53%. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Ghana was the major exporting country with an export of around X tons, which accounted for 59% of total exports. Nigeria (X kg) ranks second in terms of the total exports with a 13% share, followed by Liberia (11%) and Cote d'Ivoire (6.2%). Senegal (X kg), Burkina Faso (X kg) and Mali (X kg) took a relatively small share of total exports.

Ghana was also the fastest-growing in terms of the festive or carnival articles exports, with a CAGR of +39.4% from 2012 to 2022. At the same time, Liberia (+15.1%) and Cote d'Ivoire (+5.3%) displayed positive paces of growth. By contrast, Mali (-1.3%), Nigeria (-3.3%), Burkina Faso (-4.0%) and Senegal (-28.9%) illustrated a downward trend over the same period. While the share of Ghana (+58 p.p.), Liberia (+9.8 p.p.), Nigeria (+7 p.p.), Cote d'Ivoire (+5 p.p.) and Mali (+1.6 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Senegal (-38.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest festive articles supplying countries in Western Africa were Nigeria ($X), Ghana ($X) and Senegal ($X), together comprising 70% of total exports.

Ghana, with a CAGR of +18.3%, 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 Western Africa amounted to $X per ton, surging by 7.4% against the previous year. In general, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the export price increased by 235%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the export prices remained at a somewhat lower figure.

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

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

Festive Articles Imports

Imports in Western Africa

In 2022, approx. X tons of festive or carnival articles were imported in Western Africa; surging by 2.9% against 2021. Over the period under review, imports saw a prominent increase. The growth pace was the most rapid in 2014 with an increase of 62%. Over the period under review, imports reached the maximum in 2022 and are likely to continue growth in the near future.

In value terms, festive articles imports dropped to $X in 2022. Overall, imports posted a buoyant expansion. The most prominent rate of growth was recorded in 2014 when imports increased by 72% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then declined in the following year.

Imports by Country

In 2022, Nigeria (X tons), distantly followed by Ghana (X tons), Senegal (X tons), Guinea (X tons), Niger (X tons) and Cote d'Ivoire (X tons) were the major importers of festive or carnival articles, together making up 87% of total imports. Mauritania (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Guinea (with a CAGR of +64.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest festive articles importing markets in Western Africa were Ghana ($X), Senegal ($X) and Cote d'Ivoire ($X), together accounting for 62% of total imports. Nigeria, Guinea, Niger and Mauritania lagged somewhat behind, together comprising a further 23%.

Among the main importing countries, Guinea, with a CAGR of +52.7%, recorded the highest growth rate of 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

The import price in Western Africa stood at $X per ton in 2022, dropping by -10.6% against the previous year. Over the last decade, it increased at an average annual rate of +1.4%. The growth pace was the most rapid in 2016 an increase of 31% against the previous year. As a result, import price reached the peak level of $X per ton. From 2017 to 2022, the import prices failed to regain momentum.

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 Ghana ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+6.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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