Western Africa: Illuminated Sign Market 2024

Illuminated Sign Market Size in Western Africa

The West African illuminated sign market rose significantly to $X in 2021, surging by 9% against the previous year. The total consumption indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +4.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -5.1% against 2019 indices. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Illuminated Sign Production in Western Africa

In value terms, illuminated sign production rose rapidly to $X in 2021 estimated in export price. The total production indicated a pronounced increase from 2012 to 2021: its value increased at an average annual rate of +4.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -5.0% against 2019 indices. The growth pace was the most rapid in 2015 with an increase of 37% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Illuminated Sign Exports

Exports in Western Africa

In 2021, shipments abroad of illuminated signs and illuminated name-plates increased by 5.5% to X tons, rising for the second consecutive year after two years of decline. Overall, exports posted a tangible increase. The most prominent rate of growth was recorded in 2017 with an increase of 86% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports failed to regain momentum.

In value terms, illuminated sign exports fell remarkably to $X in 2021. Over the period under review, exports, however, continue to indicate a perceptible reduction. The most prominent rate of growth was recorded in 2017 when exports increased by 166% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Senegal dominates exports structure, amounting to X tons, which was near 84% of total exports in 2021. It was distantly followed by Cote d'Ivoire (X tons), comprising a 5.3% share of total exports. Burkina Faso (X kg), Mali (X kg) and Benin (X kg) took a relatively small share of total exports.

Exports from Senegal increased at an average annual rate of +3.4% from 2012 to 2021. At the same time, Benin (+52.4%), Burkina Faso (+38.2%), Mali (+22.2%) and Cote d'Ivoire (+19.1%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +52.4% from 2012-2021. From 2012 to 2021, the share of Senegal, Cote d'Ivoire, Burkina Faso, Mali and Benin increased by +5.8, +3.9, +3.1, +2 and +1.9 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) remains the largest illuminated sign supplier in Western Africa, comprising 70% of total exports. The second position in the ranking was taken by Mali ($X), with a 13% share of total exports. It was followed by Cote d'Ivoire, with a 6.8% share.

In Senegal, illuminated sign exports declined by an average annual rate of -2.8% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Mali (+21.9% per year) and Cote d'Ivoire (+12.5% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, falling by -20.4% against the previous year. Over the period under review, the export price saw a perceptible descent. The most prominent rate of growth was recorded in 2017 when the export price increased by 43% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2018 to 2021, the export prices remained at a lower figure.

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 Mali ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mali (-0.2%), while the other leaders experienced a decline in the export price figures.

Illuminated Sign Imports

Imports in Western Africa

Illuminated sign imports surged to X tons in 2021, growing by 41% compared with 2020 figures. Total imports indicated temperate growth from 2012 to 2021: its volume increased at an average annual rate of +4.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -14.5% against 2019 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 78%. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports remained at a lower figure.

In value terms, illuminated sign imports soared to $X in 2021. Over the period under review, imports continue to indicate modest growth. The most prominent rate of growth was recorded in 2014 when imports increased by 79% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Cote d'Ivoire (X tons) and Ghana (X tons) represented roughly 42% of total imports in 2021. Senegal (X tons) ranks next in terms of the total imports with a 13% share, followed by Mali (12%), Guinea (8.4%), Nigeria (7.9%) and Burkina Faso (7.6%).

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Mali (with a CAGR of +50.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X), Ghana ($X) and Mali ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 59% share of total imports.

Mali, with a CAGR of +40.7%, saw the highest growth rate of the value of imports, among the main importing countries 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 Western Africa stood at $X per ton in 2021, stabilizing at the previous year. In general, the import price, however, saw a perceptible slump. The pace of growth appeared the most rapid in 2018 when the import price increased by 14% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cote d'Ivoire ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+2.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :