ECOWAS: Cosmetics Market 2024

Cosmetics Market Size in ECOWAS

In 2023, the ECOWAS cosmetics market decreased by X% to $X, falling for the third consecutive year after three years of growth. The total consumption indicated noticeable growth 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, consumption decreased by X% against 2020 indices. The level of consumption peaked at $X in 2020; however, from 2021 to 2023, consumption failed to regain momentum.

Cosmetics Production in ECOWAS

In value terms, cosmetics production stood at $X in 2023 estimated in export price. The total production indicated prominent growth from 2012 to 2023: its value 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, production decreased by X% against 2021 indices. The growth pace was the most rapid in 2018 with an increase of X% against the previous year. The level of production peaked at $X in 2021; however, from 2022 to 2023, production stood at a somewhat lower figure.

Cosmetics Exports

Exports in ECOWAS

In 2023, the amount of cosmetics exported in ECOWAS was estimated at X tons, leveling off at 2022. Total exports indicated a prominent increase from 2012 to 2023: its volume 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, exports increased by X% against 2017 indices. The most prominent rate of growth was recorded in 2014 with an increase of X%. Over the period under review, the exports attained the maximum in 2023 and are likely to continue growth in the near future.

In value terms, cosmetics exports reached $X in 2023. Total exports indicated buoyant growth from 2012 to 2023: its value 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, exports increased by X% against 2019 indices. The pace of growth was the most pronounced in 2017 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs in 2023 and are expected to retain growth in years to come.

Exports by Country

In 2023, Cote d'Ivoire (X tons) represented the key exporter of cosmetics, generating X% of total exports. It was distantly followed by Togo (X tons) and Senegal (X tons), together achieving a X% share of total exports. Ghana (X tons) followed a long way behind the leaders.

Exports from Cote d'Ivoire increased at an average annual rate of X% from 2012 to 2023. At the same time, Togo (X%) and Senegal (X%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2023. By contrast, Ghana (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Togo and Senegal increased by X and X percentage points, respectively.

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

In Cote d'Ivoire, cosmetics exports expanded at an average annual rate of X% over the period from 2012-2023. The remaining exporting countries recorded the following average annual rates of exports growth: Togo (X% per year) and Senegal (X% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2023, approximately reflecting the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the export price increased by X% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2015; however, from 2016 to 2023, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2023, major exporting countries recorded the following prices: in Togo ($X per ton) and Senegal ($X per ton), while Ghana ($X per ton) and Cote d'Ivoire ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Senegal (X%), while the other leaders experienced a decline in the export price figures.

Cosmetics Imports

Imports in ECOWAS

Cosmetics imports plummeted to X tons in 2023, falling by X% on 2022. Total imports indicated pronounced growth from 2012 to 2023: its volume 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 2020 indices. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. As a result, imports reached the peak of X tons. From 2021 to 2023, the growth of imports remained at a lower figure.

In value terms, cosmetics imports dropped significantly to $X in 2023. Total imports indicated pronounced growth from 2012 to 2023: its value 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, imports decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2020 with an increase of X%. As a result, imports attained the peak of $X. From 2021 to 2023, the growth of imports remained at a lower figure.

Imports by Country

In 2023, Nigeria (X tons) represented the largest importer of cosmetics, achieving X% of total imports. Mali (X tons) ranks second in terms of the total imports with a X% share, followed by Guinea (X%), Senegal (X%), Burkina Faso (X%), Benin (X%), Ghana (X%) and Cote d'Ivoire (X%).

Nigeria experienced a relatively flat trend pattern with regard to volume of imports of cosmetics. At the same time, Mali (X%), Cote d'Ivoire (X%), Senegal (X%), Guinea (X%) and Burkina Faso (X%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2023. By contrast, Benin (X%) and Ghana (X%) illustrated a downward trend over the same period. Mali (X p.p.), Senegal (X p.p.), Cote d'Ivoire (X p.p.) and Guinea (X p.p.) significantly strengthened its position in terms of the total imports, while Benin, Nigeria and Ghana saw its share reduced by X%, X% and X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest cosmetics importing markets in ECOWAS were Nigeria ($X), Senegal ($X) and Guinea ($X), with a combined X% share of total imports. Mali, Cote d'Ivoire, Ghana, Benin and Burkina Faso lagged somewhat behind, together comprising a further X%.

Among the main importing countries, Mali, with a CAGR of X%, saw 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

In 2023, the import price in ECOWAS amounted to $X per ton, stabilizing at the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2014 an increase of X%. Over the period under review, import prices reached the maximum at $X per ton in 2018; however, from 2019 to 2023, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, 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 2023, the most notable rate of growth in terms of prices was attained by Guinea (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform