ECOWAS: Plastic Closure Market 2024

Plastic Closure Market Size in ECOWAS

For the third consecutive year, the ECOWAS plastic closure market recorded growth in sales value, which increased by X% to $X in 2023. Over the period under review, consumption recorded a slight increase. Over the period under review, the market attained the maximum level at $X in 2017; however, from 2018 to 2023, consumption stood at a somewhat lower figure.

Plastic Closure Production in ECOWAS

In value terms, plastic closure production soared to $X in 2023 estimated in export price. In general, production showed a slight expansion. The growth pace was the most rapid in 2021 when the production volume increased by X% against the previous year. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2023, production failed to regain momentum.

Plastic Closure Exports

Exports in ECOWAS

In 2023, plastic closure exports in ECOWAS skyrocketed to X tons, rising by X% on the year before. Over the period under review, exports showed a significant expansion. The most prominent rate of growth was recorded in 2021 when exports increased by X%. As a result, the exports reached the peak of X tons. From 2022 to 2023, the growth of the exports failed to regain momentum.

In value terms, plastic closure exports surged to $X in 2023. In general, exports enjoyed a resilient increase. The growth pace was the most rapid in 2021 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X. From 2022 to 2023, the growth of the exports failed to regain momentum.

Exports by Country

Ghana (X tons) and Cote d'Ivoire (X tons) represented the main exporters of plastic stoppers, caps and closures in 2023, finishing at near X% and X% of total exports, respectively. Senegal (X tons) took a X% share (based on physical terms) of total exports, which put it in second place, followed by Togo (X%).

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

In value terms, the largest plastic closure supplying countries in ECOWAS were Cote d'Ivoire ($X), Ghana ($X) and Senegal ($X), together comprising X% of total exports. These countries were followed by Togo, which accounted for a further X%.

Togo, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2023, which is down by X% against the previous year. Overall, the export price recorded a perceptible downturn. The pace of growth was the most pronounced in 2022 an increase of X%. Over the period under review, the export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2023, the export prices remained at a lower figure.

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 Senegal ($X per ton), while Togo ($X per ton) 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 a decline in the export price figures.

Plastic Closure Imports

Imports in ECOWAS

Plastic closure imports declined slightly to X tons in 2023, waning by X% against the previous year's figure. The total import volume increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. 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 attained the peak figure at X tons in 2021; however, from 2022 to 2023, imports remained at a lower figure.

In value terms, plastic closure imports contracted modestly to $X in 2023. The total import value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 when imports increased by X% against the previous year. As a result, imports attained the peak of $X. From 2022 to 2023, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2023, Nigeria (X tons), distantly followed by Senegal (X tons), Cote d'Ivoire (X tons), Ghana (X tons), Mali (X tons), Burkina Faso (X tons) and Guinea (X tons) represented the key importers of plastic stoppers, caps and closures, together committing X% of total imports. Sierra Leone (X tons) followed a long way behind the leaders.

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

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

In terms of the main importing countries, Guinea, 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

The import price in ECOWAS stood at $X per ton in 2023, increasing by X% against the previous year. Overall, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2014 when the import price increased by X% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2023, the 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 Nigeria ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform