Western Africa: Commercial Refrigeration Equipment Market 2024

Commercial Refrigeration Equipment Market Size in Western Africa

The West African commercial refrigeration equipment market fell modestly to $X in 2023, almost unchanged from the previous year. In general, consumption, however, showed a slight curtailment. As a result, consumption attained the peak level of $X. From 2021 to 2023, the growth of the market failed to regain momentum.

Commercial Refrigeration Equipment Production in Western Africa

In value terms, commercial refrigeration equipment production reached $X in 2023 estimated in export price. In general, production saw resilient growth. The pace of growth was the most pronounced in 2020 with an increase of X% against the previous year. The level of production peaked at $X in 2021; afterwards, it flattened through to 2023.

Commercial Refrigeration Equipment Exports

Exports in Western Africa

Commercial refrigeration equipment exports reduced rapidly to X units in 2023, waning by X% compared with 2022 figures. Over the period under review, exports showed a slight reduction. The pace of growth was the most pronounced in 2015 with an increase of X% against the previous year. As a result, the exports reached the peak of X units. From 2016 to 2023, the growth of the exports remained at a lower figure.

In value terms, commercial refrigeration equipment exports contracted remarkably to $X in 2023. In general, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X, and then reduced dramatically in the following year.

Exports by Country

Mauritania prevails in exports structure, reaching X units, which was approx. X% of total exports in 2023. Benin (X units) ranks second in terms of the total exports with a X% share, followed by Saint Helena, Ascension and Tristan da Cunha (X%) and Sierra Leone (X%). Senegal (X units), Cabo Verde (X units), Mali (X units), Niger (X units), Ghana (X units), Guinea (X units), Cote d'Ivoire (X units) and Nigeria (X units) followed a long way behind the leaders.

Exports from Mauritania increased at an average annual rate of X% from 2012 to 2023. At the same time, Benin (X%), Sierra Leone (X%) and Mali (X%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of X% from 2012-2023. By contrast, Cabo Verde (X%), Guinea (X%), Saint Helena, Ascension and Tristan da Cunha (X%), Ghana (X%), Cote d'Ivoire (X%), Niger (X%), Nigeria (X%) and Senegal (X%) illustrated a downward trend over the same period. While the share of Mauritania (X p.p.), Benin (X p.p.), Saint Helena, Ascension and Tristan da Cunha (X p.p.), Sierra Leone (X p.p.) and Mali (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Cote d'Ivoire (X p.p.), Nigeria (X p.p.), Niger (X p.p.) and Senegal (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mauritania ($X) remains the largest commercial refrigeration equipment supplier in Western Africa, comprising X% of total exports. The second position in the ranking was taken by Sierra Leone ($X), with a X% share of total exports. It was followed by Senegal, with a X% share.

In Mauritania, commercial refrigeration equipment exports increased 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: Sierra Leone (X% per year) and Senegal (X% per year).

Export Prices by Country

The export price in Western Africa stood at $X per unit in 2023, surging by X% against the previous year. Overall, the export price continues to indicate a mild increase. The most prominent rate of growth was recorded in 2016 when the export price increased by X%. Over the period under review, the export prices attained the maximum in 2023 and is likely to see gradual growth in the near future.

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 Sierra Leone ($X per unit), while Saint Helena, Ascension and Tristan da Cunha ($X per unit) 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 more modest paces of growth.

Commercial Refrigeration Equipment Imports

Imports in Western Africa

In 2023, overseas purchases of refrigerating and freezing equipment and heat pumps (except household type equipment) were finally on the rise to reach X units after two years of decline. Overall, imports, however, saw a perceptible downturn. The growth pace was the most rapid in 2020 when imports increased by X%. As a result, imports reached the peak of X units. From 2021 to 2023, the growth of imports remained at a lower figure.

In value terms, commercial refrigeration equipment imports contracted to $X in 2023. Total imports indicated a mild increase 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, imports decreased by X% against 2021 indices. The pace of growth appeared the most rapid in 2018 with an increase of X%. Over the period under review, imports attained the peak figure at $X in 2021; however, from 2022 to 2023, imports failed to regain momentum.

Imports by Country

In 2023, Cote d'Ivoire (X units), Ghana (X units) and Nigeria (X units) represented the main importer of refrigerating and freezing equipment and heat pumps (except household type equipment) in Western Africa, committing X% of total import. It was distantly followed by Mauritania (X units), Senegal (X units) and Guinea (X units), together mixing up a X% share of total imports. Niger (X units) followed a long way behind the leaders.

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

In value terms, Nigeria ($X), Cote d'Ivoire ($X) and Ghana ($X) were the countries with the highest levels of imports in 2023, together accounting for X% of total imports. Senegal, Guinea, Mauritania and Niger lagged somewhat behind, together accounting for a further X%.

Niger, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, in terms of 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

In 2023, the import price in Western Africa amounted to $X per unit, declining by X% against the previous year. Import price indicated a noticeable increase from 2012 to 2023: its price 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, commercial refrigeration equipment import price increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2014 an increase of X% against the previous year. The level of import peaked at $X per unit in 2019; however, from 2020 to 2023, 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 ($X per unit), while Mauritania ($X per unit) 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 more modest paces of growth.

Source: IndexBox Platform