Western Africa: Leather Footwear Market 2024

Leather Footwear Market Size in Western Africa

The West African leather footwear market skyrocketed to $X in 2021, growing by 24% against the previous year. The total consumption indicated a modest increase from 2012 to 2021: its value increased at an average annual rate of +1.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -15.1% against 2019 indices. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Leather Footwear Production in Western Africa

In value terms, leather footwear production skyrocketed to $X in 2021 estimated in export price. The total production indicated a pronounced increase from 2012 to 2021: its value increased at an average annual rate of +2.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -17.7% against 2019 indices. The most prominent rate of growth was recorded in 2015 with an increase of 39%. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Leather Footwear Exports

Exports in Western Africa

For the third year in a row, Western Africa recorded decline in shipments abroad of leather footwear, which decreased by -9.8% to X tons in 2021. Over the period under review, exports saw a abrupt curtailment. The pace of growth appeared the most rapid in 2018 when exports increased by 51%. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, leather footwear exports contracted modestly to $X in 2021. Overall, exports saw a pronounced descent. The most prominent rate of growth was recorded in 2018 with an increase of 96% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Senegal represented the key exporting country with an export of about X tons, which resulted at 36% of total exports. Nigeria (X tons) ranks second in terms of the total exports with a 12% share, followed by Sierra Leone (10%), Cote d'Ivoire (8.7%), Benin (7.9%), Ghana (7.6%) and Togo (7.6%).

From 2012 to 2021, average annual rates of growth with regard to leather footwear exports from Senegal stood at +7.0%. At the same time, Benin (+16.3%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +16.3% from 2012-2021. By contrast, Togo (-5.4%), Sierra Leone (-5.5%), Cote d'Ivoire (-12.7%), Ghana (-13.2%) and Nigeria (-14.3%) illustrated a downward trend over the same period. While the share of Senegal (+27 p.p.), Benin (+6.9 p.p.) and Sierra Leone (+1.9 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Ghana (-5.7 p.p.), Cote d'Ivoire (-5.9 p.p.) and Nigeria (-11.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Sierra Leone ($X), Nigeria ($X) and Senegal ($X) constituted the countries with the highest levels of exports in 2021, together comprising 55% of total exports. These countries were followed by Ghana, Cote d'Ivoire, Togo and Benin, which together accounted for a further 26%.

Benin, with a CAGR of +7.8%, saw the highest rates of growth with regard to the value of exports, among 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

The export price in Western Africa stood at $X per kg in 2021, picking up by 8% against the previous year. Export price indicated a noticeable expansion from 2012 to 2021: its price increased at an average annual rate of +4.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, leather footwear export price decreased by -32.4% against 2018 indices. The most prominent rate of growth was recorded in 2016 an increase of 30%. Over the period under review, the export prices hit record highs at $X per kg in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Sierra Leone ($X per kg), while Benin ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+18.3%), while the other leaders experienced more modest paces of growth.

Leather Footwear Imports

Imports in Western Africa

For the third consecutive year, Western Africa recorded growth in purchases abroad of leather footwear, which increased by 15% to X tons in 2021. Over the period under review, imports enjoyed a significant expansion. The pace of growth was the most pronounced in 2013 with an increase of 68%. The volume of import peaked in 2021 and is likely to continue growth in years to come.

In value terms, leather footwear imports skyrocketed to $X in 2021. Overall, imports posted a strong increase. The growth pace was the most rapid in 2014 when imports increased by 56% against the previous year. The level of import peaked in 2021 and is expected to retain growth in the immediate term.

Imports by Country

In 2021, Ghana (X tons) was the main importer of leather footwear, making up 46% of total imports. Cote d'Ivoire (X tons) ranks second in terms of the total imports with a 9.3% share, followed by Senegal (9%), Togo (7.1%), Benin (6.7%), Mauritania (6.2%) and Guinea (4.8%).

Ghana was also the fastest-growing in terms of the leather footwear imports, with a CAGR of +37.9% from 2012 to 2021. At the same time, Mauritania (+23.2%), Senegal (+22.1%), Guinea (+21.8%), Cote d'Ivoire (+19.4%), Benin (+11.7%) and Togo (+5.7%) displayed positive paces of growth. From 2012 to 2021, the share of Ghana increased by +32 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) constitutes the largest market for imported leather footwear in Western Africa, comprising 38% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 12% share of total imports. It was followed by Senegal, with a 9.1% share.

In Ghana, leather footwear imports increased at an average annual rate of +26.2% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+13.3% per year) and Senegal (+20.8% per year).

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per kg, approximately mirroring the previous year. Over the period under review, the import price, however, showed a noticeable slump. The most prominent rate of growth was recorded in 2020 an increase of 10%. Over the period under review, import prices hit record highs at $X per kg in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Benin ($X per kg), while Ghana ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Benin (+0.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform