ECOWAS: Festive Articles Market 2024

Festive Articles Market Size in ECOWAS

After three years of growth, the ECOWAS festive articles market decreased by X% to $X in 2022. Overall, consumption enjoyed prominent growth. Over the period under review, the market reached the peak level at $X in 2021, and then shrank in the following year.

Festive Articles Production in ECOWAS

In value terms, festive articles production expanded slightly to $X in 2022 estimated in export price. The total production indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by X% against 2020 indices. The pace of growth appeared the most rapid in 2019 when the production volume increased by X%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Festive Articles Exports

Exports in ECOWAS

In 2022, approx. X tons of festive or carnival articles were exported in ECOWAS; declining by X% compared with 2021. In general, exports recorded a deep reduction. The pace of growth was the most pronounced in 2016 when exports increased by X%. As a result, the exports reached the peak of X tons. From 2017 to 2022, the growth of the exports remained at a lower figure.

In value terms, festive articles exports reduced remarkably to $X in 2022. Overall, exports recorded a abrupt descent. The growth pace was the most rapid in 2015 with an increase of X% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Ghana represented the key exporter of festive or carnival articles in ECOWAS, with the volume of exports reaching X tons, which was approx. X% of total exports in 2022. Burkina Faso (X tons) ranks second in terms of the total exports with a X% share, followed by Liberia (X%). The following exporters - Mali (X kg) and Cote d'Ivoire (X kg) - each resulted at a X% share of total exports.

Exports from Ghana increased at an average annual rate of X% from 2012 to 2022. At the same time, Liberia (X%) and Burkina Faso (X%) displayed positive paces of growth. Moreover, Liberia emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. Mali experienced a relatively flat trend pattern. By contrast, Cote d'Ivoire (X%) illustrated a downward trend over the same period. While the share of Ghana (X p.p.), Burkina Faso (X p.p.), Liberia (X p.p.) and Mali (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest festive articles supplying countries in ECOWAS were Ghana ($X), Liberia ($X) and Cote d'Ivoire ($X), with a combined X% share of total exports.

In terms of the main exporting countries, Liberia, with a CAGR of X%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, shrinking by X% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of X% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the export prices remained at a 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 Cote d'Ivoire ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (X%), while the other leaders experienced a decline in the export price figures.

Festive Articles Imports

Imports in ECOWAS

In 2022, the amount of festive or carnival articles imported in ECOWAS expanded to X tons, growing by X% against 2021. Overall, imports continue to indicate strong growth. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the near future.

In value terms, festive articles imports fell to $X in 2022. In general, imports enjoyed a buoyant expansion. The pace of growth was the most pronounced in 2021 when imports increased by X% against the previous year. As a result, imports attained the peak of $X, and then reduced in the following year.

Imports by Country

Senegal was the main importer of festive or carnival articles in ECOWAS, with the volume of imports finishing at X tons, which was approx. X% of total imports in 2022. Nigeria (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Ghana (X%), Niger (X%) and Togo (X%). Burkina Faso (X tons) and Benin (X tons) followed a long way behind the leaders.

Imports into Senegal increased at an average annual rate of X% from 2012 to 2022. At the same time, Ghana (X%), Niger (X%), Togo (X%), Nigeria (X%), Benin (X%) and Burkina Faso (X%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. From 2012 to 2022, the share of Senegal, Ghana and Niger increased by X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) constitutes the largest market for imported festive or carnival articles in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Senegal ($X), with a X% share of total imports. It was followed by Nigeria, with a X% share.

In Ghana, festive articles imports expanded at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Senegal (X% per year) and Nigeria (X% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, reducing by X% against the previous year. Over the period under review, the import price saw a pronounced slump. The pace of growth appeared the most rapid in 2017 when the import price increased by X%. As a result, import price reached the peak level of $X per ton. From 2018 to 2022, the import prices remained at a somewhat 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 ($X per ton), while Senegal ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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