Western Africa: Piano Market 2024

Piano Market Size in Western Africa

The West African piano market rose sharply to $X in 2021, with an increase of 11% against the previous year. Over the period under review, consumption recorded a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Piano Production in Western Africa

In value terms, piano production totaled $X in 2021 estimated in export price. The total production indicated a mild expansion from 2012 to 2021: its value increased at an average annual rate of +1.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -9.9% against 2019 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 31%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Piano Exports

Exports in Western Africa

In 2021, exports of pianos and other keyboard stringed musical instruments in Western Africa dropped remarkably to X tons, shrinking by -21.6% on the previous year. Overall, exports, however, continue to indicate buoyant growth. The growth pace was the most rapid in 2014 with an increase of 271% against the previous year. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, piano exports contracted sharply to $X in 2021. Over the period under review, exports, however, continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2017 when exports increased by 148%. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Nigeria (X tons) and Cote d'Ivoire (X tons) prevails in exports structure, together constituting 75% of total exports. Togo (X kg) took the next position in the ranking, followed by Ghana (X kg) and Senegal (X kg). All these countries together took near 24% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Cote d'Ivoire (with a CAGR of +32.0%), while the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X), Ghana ($X) and Nigeria ($X) appeared to be the countries with the highest levels of exports in 2021, together comprising 80% of total exports.

Cote d'Ivoire, with a CAGR of +32.3%, 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 2021, the export price in Western Africa amounted to $X per ton, increasing by 5.9% against the previous year. Overall, the export price, however, continues to indicate a abrupt slump. The most prominent rate of growth was recorded in 2015 when the export price increased by 108%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Ghana ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+14.0%), while the other leaders experienced more modest paces of growth.

Piano Imports

Imports in Western Africa

For the third consecutive year, Western Africa recorded decline in supplies from abroad of pianos and other keyboard stringed musical instruments, which decreased by -29.3% to X tons in 2021. In general, imports showed a pronounced decline. The pace of growth appeared the most rapid in 2013 with an increase of 68% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports remained at a lower figure.

In value terms, piano imports reduced to $X in 2021. Total imports indicated a temperate increase from 2012 to 2021: its value increased at an average annual rate of +2.6% 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 decreased by -25.9% against 2019 indices. The most prominent rate of growth was recorded in 2019 when imports increased by 66% against the previous year. The level of import peaked at $X in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Nigeria dominates imports structure, reaching X tons, which was near 74% of total imports in 2021. Ghana (X tons) held a 9% share (based on physical terms) of total imports, which put it in second place, followed by Cote d'Ivoire (4.6%). Guinea (X tons), Burkina Faso (X tons) and Liberia (X tons) held a relatively small share of total imports.

Nigeria experienced a relatively flat trend pattern with regard to volume of imports of pianos and other keyboard stringed musical instruments. At the same time, Burkina Faso (+34.9%), Liberia (+11.5%) and Cote d'Ivoire (+7.7%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +34.9% from 2012-2021. By contrast, Ghana (-12.8%) and Guinea (-18.5%) illustrated a downward trend over the same period. While the share of Nigeria (+18 p.p.), Cote d'Ivoire (+2.9 p.p.), Burkina Faso (+2.4 p.p.) and Liberia (+2 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Guinea (-11.2 p.p.) and Ghana (-12.6 p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) constitutes the largest market for imported pianos and other keyboard stringed musical instruments in Western Africa, comprising 80% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 5.6% share of total imports. It was followed by Ghana, with a 4.2% share.

From 2012 to 2021, the average annual growth rate of value in Nigeria totaled +5.1%. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+2.1% per year) and Ghana (-6.9% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2021, picking up by 20% against the previous year. Over the period under review, the import price continues to indicate a strong expansion. The growth pace was the most rapid in 2019 an increase of 88%. Over the period under review, import prices reached the maximum in 2021 and is expected to retain growth in years to come.

Prices varied noticeably country of destination: the country with the highest price was Liberia ($X per ton), while Guinea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+6.7%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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