ECOWAS: Fertilizer Market 2024

Fertilizer Market Size in ECOWAS

The ECOWAS fertilizer market rose markedly to $X in 2023, increasing by X% against the previous year. In general, consumption continues to indicate a temperate increase. As a result, consumption attained the peak level of $X. From 2022 to 2023, the growth of the market remained at a somewhat lower figure.

Fertilizer Production in ECOWAS

In value terms, fertilizer production stood at $X in 2023 estimated in export price. The total production indicated a resilient increase 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, production decreased by X% against 2021 indices. The most prominent rate of growth was recorded in 2021 with an increase of X%. As a result, production attained 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, shipments abroad of fertilizers decreased by X% to X tons in 2023. Over the period under review, exports, however, recorded a significant increase. The most prominent rate of growth was recorded in 2021 with an increase of X%. The volume of export peaked at X tons in 2022, and then shrank in the following year.

In value terms, fertilizer exports fell markedly to $X in 2023. Overall, exports, however, posted a remarkable increase. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, the exports attained the maximum at $X in 2022, and then fell dramatically in the following year.

Exports by Country

Nigeria dominates exports structure, resulting at X tons, which was near X% of total exports in 2023. Cote d'Ivoire (X tons), Ghana (X tons), Mali (X tons) and Senegal (X tons) followed a long way behind the leaders.

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. Nigeria (X p.p.) significantly strengthened its position in terms of the total exports, while Cote d'Ivoire, Senegal, Ghana and Mali saw its share reduced by X%, X%, X% and X% from 2012 to 2023, respectively.

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 increased 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, declining by X% against the previous year. In general, the export price showed a noticeable reduction. The growth pace was the most rapid in 2020 when the export price increased by X% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2022, and then reduced dramatically in the following year.

Prices varied noticeably by country of origin: 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 mixed trends in the export price figures.

Fertilizer Imports

Imports in ECOWAS

In 2023, purchases abroad of fertilizers increased by X% to X tons, rising for the second year in a row after two years of decline. Total imports indicated prominent growth from 2012 to 2023: its volume 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 increased by X% against 2021 indices. The pace of growth was the most pronounced in 2016 with an increase of X% against the previous year. The volume of import peaked in 2023 and is likely to continue growth in the near future.

In value terms, fertilizer imports contracted slightly to $X in 2023. Total imports indicated temperate growth 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 2020 indices. The most prominent rate of growth was recorded in 2022 with an increase of X%. As a result, imports attained the peak of $X, and then dropped in the following year.

Imports by Country

The purchases of the six major importers of fertilizers, namely Nigeria, Benin, Ghana, Togo, Cote d'Ivoire and Burkina Faso, represented more than two-thirds of total import. It was distantly followed by Mali (X tons), achieving a X% share of total imports.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Benin (with a CAGR of X%), while imports 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, 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 ECOWAS amounted to $X per ton, falling by X% against the previous year. Over the period under review, the import price recorded a mild shrinkage. The most prominent rate of growth was recorded in 2022 when the import price increased by X%. As a result, import price reached the peak level of $X per ton, and then plummeted in the following year.

Prices varied noticeably by country of destination: 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 Cote d'Ivoire (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform