ECOWAS: Commercial Refrigeration Equipment Market 2024

Commercial Refrigeration Equipment Market Size in ECOWAS

For the third year in a row, the ECOWAS commercial refrigeration equipment market recorded decline in sales value, which decreased by X% to $X in 2023. In general, consumption, however, saw a mild slump. As a result, consumption reached the peak level of $X. From 2021 to 2023, the growth of the market remained at a lower figure.

Commercial Refrigeration Equipment Production in ECOWAS

In value terms, commercial refrigeration equipment production amounted to $X in 2023 estimated in export price. Overall, production recorded strong growth. The pace of growth appeared the most rapid in 2020 when the production volume increased by X%. The level of production peaked at $X in 2021; afterwards, it flattened through to 2023.

Commercial Refrigeration Equipment Exports

Exports in ECOWAS

Commercial refrigeration equipment exports reduced dramatically to X units in 2023, waning by X% on the previous year. In general, exports showed a abrupt decrease. The most prominent rate of growth was recorded in 2015 with an increase of X%. As a result, the exports attained the peak of X units. From 2016 to 2023, the growth of the exports remained at a somewhat lower figure.

In value terms, commercial refrigeration equipment exports fell notably to $X in 2023. Over the period under review, exports continue to indicate a abrupt contraction. The growth pace was the most rapid in 2022 with an increase of X%. The level of export peaked at $X in 2013; however, from 2014 to 2023, the exports remained at a lower figure.

Exports by Country

Benin (X units) and Sierra Leone (X units) represented roughly X% of total exports in 2023. Senegal (X units) took an X% share (based on physical terms) of total exports, which put it in second place, followed by Cabo Verde (X%), Mali (X%), Niger (X%), Ghana (X%), Guinea (X%) and Cote d'Ivoire (X%).

From 2012 to 2023, the biggest increases were recorded for Benin (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Sierra Leone ($X) remains the largest commercial refrigeration equipment supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was taken by Senegal ($X), with a X% share of total exports. It was followed by Benin, with an X% share.

In Sierra Leone, commercial refrigeration equipment exports expanded at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Senegal (X% per year) and Benin (X% per year).

Export Prices by Country

In 2023, the export price in ECOWAS amounted to $X per unit, jumping by X% against the previous year. Over the period under review, the export price posted a perceptible increase. The most prominent rate of growth was recorded in 2021 when the export price increased by X%. Over the period under review, the export prices attained the peak figure in 2023 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Sierra Leone ($X per unit), while Benin ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (X%), while the other leaders experienced more modest paces of growth.

Commercial Refrigeration Equipment Imports

Imports in ECOWAS

For the third year in a row, ECOWAS recorded decline in purchases abroad of refrigerating and freezing equipment and heat pumps (except household type equipment), which decreased by X% to X units in 2023. In general, imports saw a perceptible decline. The pace of growth was the most pronounced in 2020 when imports increased by X% against the previous year. As a result, imports attained the peak of X units. From 2021 to 2023, the growth of imports remained at a lower figure.

In value terms, commercial refrigeration equipment imports reduced to $X in 2023. Total imports indicated a slight expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports decreased by X% against 2019 indices. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2023, imports stood at a somewhat lower figure.

Imports by Country

In 2023, Cote d'Ivoire (X units), Ghana (X units) and Nigeria (X units) was the major importer of refrigerating and freezing equipment and heat pumps (except household type equipment) in ECOWAS, committing X% of total import. Senegal (X units) ranks next in terms of the total imports with a X% share, followed by Guinea (X%). The following importers - Niger (X units), Burkina Faso (X units), Sierra Leone (X units), Mali (X units), Benin (X units), Togo (X units) and Gambia (X units) - together made up X% of total imports.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Niger (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest commercial refrigeration equipment importing markets in ECOWAS were Nigeria ($X), Cote d'Ivoire ($X) and Ghana ($X), together comprising X% of total imports. Senegal, Guinea, Togo, Sierra Leone, Mali, Burkina Faso, Benin, Niger and Gambia lagged somewhat behind, together comprising a further X%.

Among the main importing countries, Togo, with a CAGR of X%, recorded the highest growth rate of 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

The import price in ECOWAS stood at $X per unit in 2023, falling by X% against the previous year. Import price indicated a buoyant expansion from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, commercial refrigeration equipment import price increased by X% against 2020 indices. The pace of growth was the most pronounced in 2014 an increase of X%. The level of import peaked at $X per unit in 2019; however, from 2020 to 2023, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Togo ($X per unit), while Niger ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Togo (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform