Western Africa: Keyboard Stringed Instrument Market 2024

Keyboard Stringed Instrument Market Size in Western Africa

The West African keyboard stringed instrument market contracted to $X in 2022, falling by -7.8% against the previous year. In general, consumption, however, enjoyed strong growth. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Keyboard Stringed Instrument Production in Western Africa

In value terms, keyboard stringed instrument production rose sharply to $X in 2022 estimated in export price. Overall, production, however, posted measured growth. The pace of growth appeared the most rapid in 2017 when the production volume increased by 131%. The level of production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Keyboard Stringed Instrument Exports

Exports in Western Africa

In 2022, shipments abroad of keyboard stringed instruments was finally on the rise to reach X units for the first time since 2017, thus ending a four-year declining trend. In general, exports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when exports increased by 219%. As a result, the exports attained the peak of X units. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, keyboard stringed instrument exports skyrocketed to $X in 2022. Overall, exports, however, showed a pronounced slump. The most prominent rate of growth was recorded in 2017 with an increase of 186%. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

In 2022, Nigeria (X units) was the major exporter of keyboard stringed instruments, mixing up 57% of total exports. Ghana (X units) took a 13% share (based on physical terms) of total exports, which put it in second place, followed by Cote d'Ivoire (13%) and Togo (10%). The following exporters - Liberia (X units) and Senegal (X units) - each resulted at a 6.7% share of total exports.

Nigeria was also the fastest-growing in terms of the keyboard stringed instruments exports, with a CAGR of +23.9% from 2012 to 2022. At the same time, Togo (+11.6%) and Ghana (+7.2%) displayed positive paces of growth. Liberia experienced a relatively flat trend pattern. By contrast, Cote d'Ivoire (-2.2%) and Senegal (-6.7%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Nigeria, Ghana, Togo and Liberia increased by +50, +6.9, +6.8 and +3.3 percentage points, respectively.

In value terms, Nigeria ($X) remains the largest keyboard stringed instrument supplier in Western Africa, comprising 62% of total exports. The second position in the ranking was held by Ghana ($X), with an 11% share of total exports. It was followed by Cote d'Ivoire, with a 10% share.

In Nigeria, keyboard stringed instrument exports increased at an average annual rate of +39.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Ghana (+3.9% per year) and Cote d'Ivoire (+7.4% per year).

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per unit, declining by -16.6% against the previous year. Over the period under review, the export price recorded a perceptible slump. The growth pace was the most rapid in 2018 when the export price increased by 37% against the previous year. The level of export peaked at $X per unit in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Senegal ($X per unit), while Liberia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+12.2%), while the other leaders experienced more modest paces of growth.

Keyboard Stringed Instrument Imports

Imports in Western Africa

In 2022, keyboard stringed instrument imports in Western Africa dropped to X units, shrinking by -11.2% on the year before. In general, imports, however, continue to indicate strong growth. The pace of growth appeared the most rapid in 2013 with an increase of 177% against the previous year. Over the period under review, imports hit record highs at X units in 2021, and then shrank in the following year.

In value terms, keyboard stringed instrument imports skyrocketed to $X in 2022. Overall, imports showed a mild downturn. The pace of growth was the most pronounced in 2013 with an increase of 115%. The level of import peaked at $X in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Nigeria (X units) represented the main importer of keyboard stringed instruments, constituting 65% of total imports. Cote d'Ivoire (X units) took a 12% share (based on physical terms) of total imports, which put it in second place, followed by Ghana (8.6%), Benin (6.3%) and Cabo Verde (4.6%).

From 2012 to 2022, average annual rates of growth with regard to keyboard stringed instrument imports into Nigeria stood at +13.9%. At the same time, Cabo Verde (+14.9%), Benin (+13.9%) and Ghana (+9.6%) displayed positive paces of growth. Moreover, Cabo Verde emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +14.9% from 2012-2022. Cote d'Ivoire experienced a relatively flat trend pattern. From 2012 to 2022, the share of Nigeria, Benin and Cabo Verde increased by +18, +1.7 and +1.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X), Ghana ($X) and Cote d'Ivoire ($X) appeared to be the countries with the highest levels of imports in 2022, together comprising 81% of total imports. Cabo Verde and Benin lagged somewhat behind, together comprising a further 7.5%.

Cabo Verde, with a CAGR of +30.1%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per unit, jumping by 30% against the previous year. In general, the import price, however, faced a abrupt curtailment. Over the period under review, import prices attained the peak figure at $X per unit in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

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 ($X per unit), while Benin ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cabo Verde (+11.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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