ECOWAS: Glass Closure Market 2024

Glass Closure Market Size in ECOWAS

The ECOWAS glass closure market totaled $X in 2023, with an increase of X% against the previous year. Overall, consumption posted a strong increase. As a result, consumption attained the peak level of $X. From 2017 to 2023, the growth of the market remained at a lower figure.

Glass Closure Production in ECOWAS

In value terms, glass closure production expanded sharply to $X in 2023 estimated in export price. The total production indicated a resilient 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, production decreased by X% against 2021 indices. The pace of growth was the most pronounced in 2016 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2023, production growth remained at a somewhat lower figure.

Glass Closure Exports

Exports in ECOWAS

In 2023, after three years of growth, there was significant decline in overseas shipments of glass stoppers, lids and other closures, when their volume decreased by X% to X tons. Over the period under review, exports, however, continue to indicate a significant expansion. The pace of growth was the most pronounced in 2020 with an increase of X% against the previous year. The volume of export peaked at X tons in 2022, and then shrank sharply in the following year.

In value terms, glass closure exports soared to $X in 2023. In general, exports, however, saw significant growth. The most prominent rate of growth was recorded in 2016 with an increase of X%. The level of export peaked in 2023 and is expected to retain growth in the immediate term.

Exports by Country

The shipments of the two major exporters of glass stoppers, lids and other closures, namely Benin and Nigeria, represented more than two-thirds of total export.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Nigeria (with a CAGR of X%).

In value terms, the largest glass closure supplying countries in ECOWAS were Nigeria ($X) and Benin ($X).

Benin, with a CAGR of X%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2023, rising by X% against the previous year. In general, the export price, however, recorded a drastic downturn. The pace of growth appeared the most rapid in 2019 an increase of X% against the previous year. Over the period under review, the export prices reached the maximum at $X per ton in 2016; however, from 2017 to 2023, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Benin amounted to $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Benin (X%).

Glass Closure Imports

Imports in ECOWAS

In 2023, imports of glass stoppers, lids and other closures in ECOWAS expanded rapidly to X tons, picking up by X% on 2022. Overall, imports continue to indicate a significant increase. The growth pace was the most rapid in 2018 with an increase of X% against the previous year. The volume of import peaked at X tons in 2020; however, from 2021 to 2023, imports stood at a somewhat lower figure.

In value terms, glass closure imports soared to $X in 2023. Over the period under review, imports showed strong growth. The pace of growth was the most pronounced in 2020 when imports increased by 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

Nigeria dominates imports structure, recording X tons, which was near X% of total imports in 2023. It was distantly followed by Benin (X tons), creating a X% share of total imports. Ghana (X tons), Mali (X tons), Senegal (X tons) and Guinea (X tons) followed a long way behind the leaders.

Imports into Nigeria increased at an average annual rate of X% from 2012 to 2023. At the same time, Senegal (X%), Guinea (X%), Benin (X%), Mali (X%) and Ghana (X%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2023. From 2012 to 2023, the share of Benin and Senegal increased by X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported glass stoppers, lids and other closures in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Ghana ($X), with a X% share of total imports. It was followed by Benin, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in Nigeria amounted to X%. In the other countries, the average annual rates were as follows: Ghana (X% per year) and Benin (X% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2023, increasing by X% against the previous year. Over the period under review, the import price, however, continues to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2014; however, from 2015 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 Guinea ($X per ton), while Mali ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform