ECOWAS: Refrigerator And Freezer Market 2022

Refrigerator And Freezer Exports

Exports in ECOWAS

In 2021, shipments abroad of refrigerators and freezers increased by 17% to X units, rising for the second consecutive year after two years of decline. Over the period under review, exports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when exports increased by 47% against the previous year. Over the period under review, the exports reached the maximum at X units in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, refrigerator and freezer exports totaled $X in 2021. In general, exports, however, continue to indicate a noticeable setback. The pace of growth appeared the most rapid in 2020 when exports increased by 32% against the previous year. The level of export peaked at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Senegal represented the main exporting country with an export of around X units, which accounted for 51% of total exports. It was distantly followed by Togo (X units), Cote d'Ivoire (X units) and Sierra Leone (X units), together generating a 32% share of total exports. The following exporters - Niger (X units), Guinea (X units) and Nigeria (X units) - together made up 11% of total exports.

Senegal experienced a relatively flat trend pattern with regard to volume of exports of refrigerators and freezers. At the same time, Niger (+25.6%), Sierra Leone (+20.3%), Guinea (+19.4%), Togo (+14.5%) and Cote d'Ivoire (+2.1%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +25.6% from 2012-2021. By contrast, Nigeria (-14.5%) illustrated a downward trend over the same period. While the share of Togo (+11 p.p.), Sierra Leone (+5.6 p.p.), Senegal (+3.9 p.p.), Niger (+3.8 p.p.), Guinea (+2.8 p.p.) and Cote d'Ivoire (+1.7 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Nigeria (-10.2 p.p.) displayed negative dynamics.

In value terms, Senegal ($X) remains the largest refrigerator and freezer supplier in ECOWAS, comprising 54% of total exports. The second position in the ranking was taken by Togo ($X), with a 13% share of total exports. It was followed by Cote d'Ivoire, with a 9.3% share.

From 2012 to 2021, the average annual growth rate of value in Senegal stood at -5.4%. In the other countries, the average annual rates were as follows: Togo (+10.0% per year) and Cote d'Ivoire (+4.0% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2021, declining by -5.1% against the previous year. Over the period under review, the export price showed a pronounced curtailment. The pace of growth was the most pronounced in 2018 when the export price increased by 23%. The level of export peaked at $X per unit in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Niger ($X per unit), while Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+1.9%), while the other leaders experienced a decline in the export price figures.

Refrigerator And Freezer Imports

Imports in ECOWAS

In 2021, overseas purchases of refrigerators and freezers decreased by -2.9% to X units, falling for the second consecutive year after two years of growth. In general, imports, however, recorded a modest expansion. The pace of growth appeared the most rapid in 2019 when imports increased by 56% against the previous year. As a result, imports reached the peak of X units. From 2020 to 2021, the growth of imports failed to regain momentum.

In value terms, refrigerator and freezer imports shrank to $X in 2021. Total imports indicated a pronounced increase from 2012 to 2021: its value increased at an average annual rate of +2.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2019 with an increase of 45% against the previous year. The level of import peaked at $X in 2020, and then dropped in the following year.

Imports by Country

Nigeria was the largest importer of refrigerators and freezers in ECOWAS, with the volume of imports amounting to X units, which was approx. 46% of total imports in 2021. It was distantly followed by Ghana (X units) and Cote d'Ivoire (X units), together generating a 31% share of total imports. Burkina Faso (X units), Guinea (X units), Togo (X units), Senegal (X units), Liberia (X units), Sierra Leone (X units) and Mali (X units) held a relatively small share of total imports.

Imports into Nigeria decreased at an average annual rate of -1.6% from 2012 to 2021. At the same time, Mali (+21.1%), Burkina Faso (+16.8%), Liberia (+13.0%), Togo (+12.8%), Guinea (+8.7%), Sierra Leone (+8.6%), Cote d'Ivoire (+7.7%) and Ghana (+3.7%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +21.1% from 2012-2021. By contrast, Senegal (-6.7%) illustrated a downward trend over the same period. While the share of Cote d'Ivoire (+4.6 p.p.), Ghana (+3.6 p.p.), Burkina Faso (+2.8 p.p.), Togo (+2.1 p.p.) and Guinea (+1.8 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Senegal (-3.2 p.p.) and Nigeria (-14.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported refrigerators and freezers in ECOWAS, comprising 47% of total imports. The second position in the ranking was held by Ghana ($X), with a 22% share of total imports. It was followed by Cote d'Ivoire, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Nigeria was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+6.7% per year) and Cote d'Ivoire (+10.4% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2021, declining by -4.8% against the previous year. Import price indicated a mild expansion from 2012 to 2021: its price increased at an average annual rate of +1.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, refrigerator and freezer import price decreased by +0.7% against 2019 indices. The pace of growth appeared the most rapid in 2014 when the import price increased by 72%. As a result, import price attained the peak level of $X per unit. From 2015 to 2021, the import prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Cote d'Ivoire ($X per unit), while Togo ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+3.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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