ECOWAS: Composition Leather Market 2024

Composition Leather Market Size in ECOWAS

In 2021, the ECOWAS composition leather market decreased by -73.8% to $X, falling for the second year in a row after four years of growth. Overall, consumption saw a mild contraction. As a result, consumption attained the peak level of $X. From 2020 to 2021, the growth of the market remained at a lower figure.

Composition Leather Production in ECOWAS

In value terms, composition leather production expanded rapidly to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a noticeable slump. The most prominent rate of growth was recorded in 2017 when the production volume increased by 18%. As a result, production attained the peak level of $X. From 2018 to 2021, production growth failed to regain momentum.

Composition Leather Exports

Exports in ECOWAS

In 2021, shipments abroad of composition leather decreased by -86.7% to X square meters for the first time since 2018, thus ending a two-year rising trend. In general, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when exports increased by 1,962% against the previous year. As a result, the exports attained the peak of X square meters. From 2014 to 2021, the growth of the exports failed to regain momentum.

In value terms, composition leather exports shrank rapidly to $X in 2021. Overall, exports, however, enjoyed a tangible expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 4,629%. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Togo represented the key exporter of composition leather in ECOWAS, with the volume of exports finishing at X square meters, which was near 74% of total exports in 2021. Nigeria (X square meters) took the second position in the ranking, distantly followed by Senegal (X square meters). All these countries together held approx. 25% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to composition leather exports from Togo stood at -1.3%. At the same time, Senegal (+15.1%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +15.1% from 2012-2021. Nigeria experienced a relatively flat trend pattern. From 2012 to 2021, the share of Senegal increased by +6.2 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) remains the largest composition leather supplier in ECOWAS, comprising 66% of total exports. The second position in the ranking was taken by Togo ($X), with a 21% share of total exports.

In Senegal, composition leather exports increased at an average annual rate of +28.8% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Togo (-6.1% per year) and Nigeria (-17.3% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per square meter in 2021, declining by -70.9% against the previous year. Over the period under review, the export price, however, continues to indicate a tangible expansion. The pace of growth was the most pronounced in 2020 when the export price increased by 263%. As a result, the export price attained the peak level of $X per square meter, and then contracted dramatically in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Senegal ($X per square meter), while Togo ($X per square meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+11.9%), while the other leaders experienced a decline in the export price figures.

Composition Leather Imports

Imports in ECOWAS

In 2021, supplies from abroad of composition leather decreased by -87.8% to X square meters, falling for the second consecutive year after four years of growth. Overall, imports, however, continue to indicate a notable expansion. The pace of growth was the most pronounced in 2019 when imports increased by 329%. As a result, imports reached the peak of X square meters. From 2020 to 2021, the growth of imports failed to regain momentum.

In value terms, composition leather imports shrank significantly to $X in 2021. In general, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of 303%. The level of import peaked at $X in 2020, and then shrank sharply in the following year.

Imports by Country

Nigeria prevails in imports structure, accounting for X square meters, which was approx. 89% of total imports in 2021. It was distantly followed by Ghana (X square meters), making up an 8.5% share of total imports.

Nigeria was also the fastest-growing in terms of the composition leather imports, with a CAGR of +7.4% from 2012 to 2021. Ghana (-12.9%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Nigeria increased by +31 percentage points.

In value terms, Nigeria ($X) constitutes the largest market for imported composition leather in ECOWAS, comprising 79% of total imports. The second position in the ranking was taken by Ghana ($X), with a 16% share of total imports.

In Nigeria, composition leather imports increased at an average annual rate of +2.5% over the period from 2012-2021.

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per square meter, shrinking by -15% against the previous year. Overall, the import price recorded a noticeable slump. The growth pace was the most rapid in 2014 an increase of 107%. Over the period under review, import prices hit record highs at $X per square meter in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Ghana ($X per square meter), while Nigeria amounted to $X per square meter.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+5.5%).

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :