Western Africa: Imitation Jewellery Market 2024

Imitation Jewellery Market Size in Western Africa

In 2021, the West African imitation jewellery market increased by 58% to $X, rising for the second year in a row after two years of decline. In general, consumption continues to indicate a moderate expansion. As a result, consumption attained the peak level of $X. From 2018 to 2021, the growth of the market failed to regain momentum.

Imitation Jewellery Production in Western Africa

In value terms, imitation jewellery production contracted to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a buoyant increase. The most prominent rate of growth was recorded in 2017 with an increase of 884,866% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2021, production growth remained at a lower figure.

Imitation Jewellery Exports

Exports in Western Africa

In 2021, overseas shipments of imitation jewelry increased by 17% to X tons, rising for the fourth consecutive year after three years of decline. Overall, exports saw a prominent expansion. The most prominent rate of growth was recorded in 2014 with an increase of 69% against the previous year. As a result, the exports attained the peak of X tons. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, imitation jewellery exports reduced sharply to $X in 2021. Over the period under review, exports, however, recorded a slight descent. The pace of growth was the most pronounced in 2019 with an increase of 62% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Senegal represented the key exporting country with an export of about X tons, which finished at 59% of total exports. Mali (X tons) took the second position in the ranking, followed by Niger (X kg), Cote d'Ivoire (X kg) and Benin (X kg). All these countries together took approx. 31% share of total exports. The following exporters - Togo (X kg) and Nigeria (X kg) - each recorded a 5.9% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to imitation jewellery exports from Senegal stood at +32.4%. At the same time, Cote d'Ivoire (+37.3%), Benin (+10.5%) and Niger (+8.0%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +37.3% from 2012-2021. By contrast, Mali (-1.8%), Nigeria (-7.0%) and Togo (-16.5%) illustrated a downward trend over the same period. While the share of Senegal (+50 p.p.) and Cote d'Ivoire (+4.3 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Nigeria (-7.6 p.p.), Mali (-17.2 p.p.) and Togo (-26.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X), Niger ($X) and Mali ($X) constituted the countries with the highest levels of exports in 2021, with a combined 65% share of total exports. Benin, Togo, Cote d'Ivoire and Senegal lagged somewhat behind, together comprising a further 23%.

Among the main exporting countries, Cote d'Ivoire, with a CAGR of +37.0%, 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 more modest paces of growth.

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, dropping by -39.7% against the previous year. In general, the export price recorded a abrupt setback. The most prominent rate of growth was recorded in 2016 when the export price increased by 84%. 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 country of origin: the country with the highest price was Nigeria ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Niger (+10.8%), while the other leaders experienced more modest paces of growth.

Imitation Jewellery Imports

Imports in Western Africa

In 2021, approx. X tons of imitation jewelry were imported in Western Africa; increasing by 64% against 2020 figures. Total imports indicated a resilient expansion from 2012 to 2021: its volume increased at an average annual rate of +8.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +74.7% against 2019 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, imitation jewellery imports skyrocketed to $X in 2021. Overall, imports enjoyed a remarkable increase. The pace of growth appeared the most rapid in 2013 with an increase of 119% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in years to come.

Imports by Country

Cote d'Ivoire (X tons), Senegal (X tons), Ghana (X tons) and Burkina Faso (X tons) represented roughly 85% of total imports in 2021. It was distantly followed by Guinea (X tons), making up a 4.9% share of total imports. The following importers - Togo (X tons) and Nigeria (X tons) - together made up 6.3% of total imports.

From 2012 to 2021, the biggest increases were in Cote d'Ivoire (with a CAGR of +33.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest imitation jewellery importing markets in Western Africa were Ghana ($X), Cote d'Ivoire ($X) and Nigeria ($X), with a combined 71% share of total imports.

Among the main importing countries, Cote d'Ivoire, with a CAGR of +31.8%, 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 2021, growing by 2.1% against the previous year. Import price indicated a notable expansion from 2012 to 2021: its price increased at an average annual rate of +3.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imitation jewellery import price increased by +59.5% against 2018 indices. The pace of growth was the most pronounced in 2013 when the import price increased by 36%. The level of import peaked at $X per ton in 2016; however, from 2017 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Nigeria ($X per ton), while Senegal ($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 (+13.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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