ECOWAS: Fertilizer Market 2024

Fertilizer Market Size in ECOWAS

The ECOWAS fertilizer market surged to $X in 2023, growing by X% against the previous year. The total consumption indicated a prominent 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, consumption increased by X% against 2019 indices. The level of consumption peaked in 2023 and is likely to see steady growth in years to come.

Fertilizer Production in ECOWAS

In value terms, fertilizer production expanded significantly to $X in 2023 estimated in export price. The total production indicated strong 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, production decreased by X% against 2021 indices. The pace of growth was the most pronounced in 2021 with an increase of X%. As a result, production reached the peak level of $X. From 2022 to 2023, production growth remained at a somewhat lower figure.

Fertilizer Exports

Exports in ECOWAS

After two years of growth, overseas shipments of fertilizers decreased by X% to X tons in 2023. Overall, exports, however, recorded a significant expansion. The growth pace was the most rapid in 2021 with an increase of X%. The volume of export peaked at X tons in 2022, and then fell in the following year.

In value terms, fertilizer exports fell dramatically to $X in 2023. In general, exports, however, recorded prominent growth. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. The level of export peaked at $X in 2022, and then dropped remarkably in the following year.

Exports by Country

Nigeria dominates exports structure, accounting for X tons, which was approx. X% of total exports in 2023. The following exporters - Cote d'Ivoire (X tons), Mali (X tons), Senegal (X tons) and Ghana (X tons) - together made up X% of total exports.

Nigeria was also the fastest-growing in terms of the fertilizers exports, with a CAGR of X% from 2012 to 2023. At the same time, Cote d'Ivoire (X%), Ghana (X%) and Senegal (X%) displayed positive paces of growth. By contrast, Mali (X%) illustrated a downward trend over the same period. While the share of Nigeria (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Cote d'Ivoire (X p.p.), Ghana (X p.p.), Senegal (X p.p.) and Mali (X p.p.) displayed negative dynamics.

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

In Nigeria, fertilizer exports expanded at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Ghana (X% per year) and Cote d'Ivoire (X% per year).

Export Prices by Country

In 2023, the export price in ECOWAS amounted to $X per ton, with a decrease of X% against the previous year. In general, the export price continues to indicate a perceptible decrease. The most prominent rate of growth was recorded in 2020 when the export price increased by X% against the previous year. The level of export peaked at $X per ton in 2022, and then reduced dramatically in the following year.

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 Ghana ($X per ton), while Nigeria ($X per ton) was 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 more modest paces of growth.

Fertilizer Imports

Imports in ECOWAS

In 2023, the amount of fertilizers imported in ECOWAS soared to X tons, rising by X% compared with the previous year. Total imports indicated prominent growth from 2012 to 2023: its volume 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 increased by X% against 2021 indices. The most prominent rate of growth was recorded in 2016 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure in 2023 and are expected to retain growth in years to come.

In value terms, fertilizer imports rose rapidly to $X in 2023. Total imports indicated a notable expansion 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 increased by X% against 2021 indices. The growth pace was the most rapid in 2022 with an increase of X%. The level of import peaked in 2023 and is likely to continue growth in years to come.

Imports by Country

In 2023, Nigeria (X tons), Benin (X tons), Ghana (X tons), Togo (X tons), Cote d'Ivoire (X tons) and Burkina Faso (X tons) represented the key importer of fertilizers in ECOWAS, committing X% of total import. It was distantly followed by Mali (X tons), creating a X% share of total imports.

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

In value terms, Nigeria ($X), Ghana ($X) and Benin ($X) constituted the countries with the highest levels of imports in 2023, with a combined X% share of total imports.

Benin, with a CAGR of X%, recorded the highest rates of growth with regard to 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

In 2023, the import price in ECOWAS amounted to $X per ton, dropping by X% against the previous year. Over the period under review, the import price showed a mild slump. The growth pace was the most rapid in 2022 when the import price increased by X%. As a result, import price attained the peak level of $X per ton, and then contracted notably in the following year.

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 Ghana ($X per ton), while Togo ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform