ECOWAS: Plant-Growth Regulators Market 2024

Plant-Growth Regulators Market Size in ECOWAS

In 2023, the ECOWAS plant-growth regulators market decreased by X% to $X for the first time since 2019, thus ending a three-year rising trend. Over the period under review, consumption recorded strong growth. The level of consumption peaked at $X in 2022, and then declined dramatically in the following year.

Plant-Growth Regulators Production in ECOWAS

In value terms, plant-growth regulators production expanded to $X in 2023 estimated in export price. The total production indicated a moderate 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, production increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2023, production failed to regain momentum.

Plant-Growth Regulators Exports

Exports in ECOWAS

In 2023, plant-growth regulators exports in ECOWAS contracted significantly to X tons, which is down by X% compared with the previous year's figure. Overall, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by X% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2023, the growth of the exports failed to regain momentum.

In value terms, plant-growth regulators exports shrank sharply to $X in 2023. Over the period under review, exports, however, continue to indicate a slight expansion. The most prominent rate of growth was recorded in 2017 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2023, the growth of the exports remained at a lower figure.

Exports by Country

Cote d'Ivoire represented the largest exporter of plant-growth regulators in ECOWAS, with the volume of exports amounting to X tons, which was approx. X% of total exports in 2023. Senegal (X tons) held the second position in the ranking, distantly followed by Ghana (X tons) and Nigeria (X tons). All these countries together held near X% share of total exports. Burkina Faso (X tons) followed a long way behind the leaders.

Cote d'Ivoire was also the fastest-growing in terms of the plant-growth regulators exports, with a CAGR of X% from 2012 to 2023. At the same time, Senegal (X%) displayed positive paces of growth. By contrast, Ghana (X%), Nigeria (X%) and Burkina Faso (X%) illustrated a downward trend over the same period. Cote d'Ivoire (X p.p.) and Senegal (X p.p.) significantly strengthened its position in terms of the total exports, while Ghana, Burkina Faso and Nigeria saw its share reduced by X%, X% and X% from 2012 to 2023, respectively.

In value terms, Cote d'Ivoire ($X) remains the largest plant-growth regulators supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was taken by Senegal ($X), with a X% share of total exports. It was followed by Ghana, with an X% share.

In Cote d'Ivoire, plant-growth regulators 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: Senegal (X% per year) and Ghana (X% per year).

Export Prices by Country

In 2023, the export price in ECOWAS amounted to $X per ton, remaining constant against the previous year. Export price indicated mild growth 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, plant-growth regulators export price increased by X% against 2016 indices. The most prominent rate of growth was recorded in 2017 an increase of X%. Over the period under review, the export prices attained the peak figure at $X per ton in 2015; however, from 2016 to 2023, the export prices failed to regain momentum.

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 ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Senegal (X%), while the other leaders experienced a decline in the export price figures.

Plant-Growth Regulators Imports

Imports in ECOWAS

In 2023, approx. X tons of plant-growth regulators were imported in ECOWAS; remaining stable against the previous year. Overall, imports saw a noticeable increase. The growth pace was the most rapid in 2018 when imports increased by X%. Over the period under review, imports reached the maximum at X tons in 2021; however, from 2022 to 2023, imports failed to regain momentum.

In value terms, plant-growth regulators imports reduced notably to $X in 2023. Over the period under review, imports enjoyed a strong increase. The pace of growth was the most pronounced in 2014 with an increase of X%. The level of import peaked at $X in 2022, and then fell remarkably in the following year.

Imports by Country

Nigeria (X tons) and Ghana (X tons) represented roughly X% of total imports in 2023. Cote d'Ivoire (X tons) ranks next in terms of the total imports with a X% share, followed by Guinea (X%). The following importers - Benin (X tons) and Burkina Faso (X tons) - each recorded a X% share of total imports.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main 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, the largest plant-growth regulators importing markets in ECOWAS were Nigeria ($X), Ghana ($X) and Cote d'Ivoire ($X), with a combined X% share of total imports. Benin, Guinea and Burkina Faso lagged somewhat behind, together comprising a further X%.

Among the main importing countries, Benin, 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, declining by X% against the previous year. Import price indicated a perceptible increase from 2012 to 2023: its price 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, plant-growth regulators import price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2022 an increase of X% against the previous year. As a result, import price reached the peak level of $X per ton, and then reduced sharply 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 Benin ($X per ton), while Ghana ($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 more modest paces of growth.

Source: IndexBox Platform