Western Africa: Natural Stone Sett Market 2024

Natural Stone Sett Market Size in Western Africa

The West African natural stone sett market surged to $X in 2022, rising by 358% against the previous year. Overall, consumption continues to indicate a measured increase. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Natural Stone Sett Production in Western Africa

In value terms, natural stone sett production skyrocketed to $X in 2022 estimated in export price. Over the period under review, production continues to indicate tangible growth. As a result, production attained the peak level and is likely to continue growth in the immediate term.

Natural Stone Sett Exports

Exports in Western Africa

In 2022, the amount of natural stone setts, kerbstones and flagstones exported in Western Africa fell remarkably to X tons, which is down by -93.1% against the previous year's figure. Over the period under review, exports, however, posted a strong expansion. The most prominent rate of growth was recorded in 2021 with an increase of 915%. As a result, the exports reached the peak of X tons, and then reduced dramatically in the following year.

In value terms, natural stone sett exports dropped rapidly to $X in 2022. In general, exports, however, continue to indicate a tangible expansion. The pace of growth appeared the most rapid in 2021 when exports increased by 596% against the previous year. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Ghana (X tons) was the largest exporter of natural stone setts, kerbstones and flagstones, constituting 73% of total exports. It was distantly followed by Benin (X tons), comprising a 21% share of total exports. The following exporters - Togo (X tons) and Nigeria (X tons) - each recorded a 6% share of total exports.

Ghana was also the fastest-growing in terms of the natural stone setts, kerbstones and flagstones exports, with a CAGR of +33.6% from 2012 to 2022. Nigeria (-6.4%), Benin (-8.8%) and Togo (-20.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Ghana and Togo increased by +73 and +3.1 percentage points, respectively.

In value terms, Ghana ($X) emerged as the largest natural stone sett supplier in Western Africa, comprising 68% of total exports. The second position in the ranking was held by Benin ($X), with a 28% share of total exports. It was followed by Nigeria, with a 2.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Ghana totaled +34.5%. The remaining exporting countries recorded the following average annual rates of exports growth: Benin (-7.7% per year) and Nigeria (-3.8% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, growing by 343% against the previous year. Overall, the export price, however, saw a slight curtailment. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, 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 Benin ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+2.8%), while the other leaders experienced more modest paces of growth.

Natural Stone Sett Imports

Imports in Western Africa

In 2022, after four years of growth, there was significant decline in overseas purchases of natural stone setts, kerbstones and flagstones, when their volume decreased by -18.5% to X tons. Over the period under review, imports, however, recorded a prominent expansion. The pace of growth appeared the most rapid in 2021 with an increase of 58%. As a result, imports attained the peak of X tons, and then fell dramatically in the following year.

In value terms, natural stone sett imports reduced slightly to $X in 2022. In general, imports, however, continue to indicate a resilient expansion. The most prominent rate of growth was recorded in 2015 when imports increased by 63% against the previous year. The level of import peaked at $X in 2021, and then shrank in the following year.

Imports by Country

Mauritania (X tons), Nigeria (X tons), Cote d'Ivoire (X tons) and Cabo Verde (X tons) represented roughly 75% of total imports in 2022. Ghana (X tons) took the next position in the ranking, followed by Niger (X tons). All these countries together held approx. 16% share of total imports. Benin (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Benin (with a CAGR of +40.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest natural stone sett importing markets in Western Africa were Benin ($X), Cote d'Ivoire ($X) and Nigeria ($X), together accounting for 58% of total imports.

In terms of the main importing countries, Benin, with a CAGR of +71.6%, saw the highest rates of growth with regard to 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

In 2022, the import price in Western Africa amounted to $X per ton, with an increase of 20% against the previous year. Import price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, natural stone sett import price increased by +40.2% against 2019 indices. The pace of growth appeared the most rapid in 2017 an increase of 62% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the near future.

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 Benin ($X per ton), while Cabo Verde ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Benin (+22.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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