Western Africa: Commercial Refrigeration Equipment Market 2024

Commercial Refrigeration Equipment Exports

Exports in Western Africa

In 2021, overseas shipments of refrigerating and freezing equipment and heat pumps (except household type equipment) increased by 2.5% to X units for the first time since 2018, thus ending a two-year declining trend. Overall, exports, however, showed a abrupt slump. The growth pace was the most rapid in 2018 with an increase of 147% against the previous year. The volume of export peaked at X units in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, commercial refrigeration equipment exports rose notably to $X in 2021. Over the period under review, exports, however, showed a perceptible setback. The pace of growth was the most pronounced in 2018 with an increase of 91% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

In 2021, Mauritania (X units) represented the main exporter of refrigerating and freezing equipment and heat pumps (except household type equipment), achieving 47% of total exports. Nigeria (X units) held a 21% share (based on physical terms) of total exports, which put it in second place, followed by Mali (14%). The following exporters - Cabo Verde (X units), Sierra Leone (X units), Togo (X units) and Senegal (X units) - together made up 12% of total exports.

Mauritania was also the fastest-growing in terms of the refrigerating and freezing equipment and heat pumps (except household type equipment) exports, with a CAGR of +51.5% from 2012 to 2021. At the same time, Nigeria (+26.6%), Mali (+23.8%) and Togo (+2.2%) displayed positive paces of growth. By contrast, Sierra Leone (-3.7%), Cabo Verde (-8.0%) and Senegal (-23.1%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Mauritania, Nigeria, Mali and Togo increased by +47, +20, +14 and +2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mauritania ($X) remains the largest commercial refrigeration equipment supplier in Western Africa, comprising 42% of total exports. The second position in the ranking was taken by Sierra Leone ($X), with a 16% share of total exports. It was followed by Nigeria, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Mauritania stood at +33.9%. The remaining exporting countries recorded the following average annual rates of exports growth: Sierra Leone (+2.7% per year) and Nigeria (+15.2% per year).

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per unit, picking up by 3.6% against the previous year. Overall, the export price posted a buoyant expansion. The most prominent rate of growth was recorded in 2016 when the export price increased by 94% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2017 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Sierra Leone ($X per unit), while Mali ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sierra Leone (+6.7%), while the other leaders experienced more modest paces of growth.

Commercial Refrigeration Equipment Imports

Imports in Western Africa

After five years of growth, purchases abroad of refrigerating and freezing equipment and heat pumps (except household type equipment) decreased by -10.4% to X units in 2021. Total imports indicated tangible growth from 2012 to 2021: its volume increased at an average annual rate of +3.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +120.6% against 2015 indices. The most prominent rate of growth was recorded in 2020 with an increase of 43% against the previous year. As a result, imports attained the peak of X units, and then declined in the following year.

In value terms, commercial refrigeration equipment imports skyrocketed to $X in 2021. Total imports indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +3.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +78.8% against 2015 indices. The growth pace was the most rapid in 2018 when imports increased by 35% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, Nigeria (X units), distantly followed by Ghana (X units), Cote d'Ivoire (X units), Mauritania (X units), Guinea (X units), Senegal (X units) and Mali (X units) represented the key importers of refrigerating and freezing equipment and heat pumps (except household type equipment), together creating 86% of total imports. Benin (X units) took a minor share of total imports.

From 2012 to 2021, the biggest increases were recorded for Mali (with a CAGR of +23.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest commercial refrigeration equipment importing markets in Western Africa were Nigeria ($X), Ghana ($X) and Cote d'Ivoire ($X), together accounting for 59% of total imports. Guinea, Mali, Mauritania, Senegal and Benin lagged somewhat behind, together comprising a further 27%.

Among the main importing countries, Mali, with a CAGR of +24.7%, 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 2021, the import price in Western Africa amounted to $X per unit, growing by 40% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The level of import peaked at $X per unit in 2015; however, from 2016 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Ghana ($X per unit), while Mauritania ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Benin (+5.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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