ECOWAS: Essential Oils Market 2024

Essential Oils Market Size in ECOWAS

In 2022, the ECOWAS essential oils market was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. The total consumption indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Essential Oils Production in ECOWAS

In value terms, essential oils production fell slightly to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a prominent expansion. The pace of growth appeared the most rapid in 2014 with an increase of X% against the previous year. The level of production peaked at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Essential Oils Exports

Exports in ECOWAS

After two years of growth, shipments abroad of essential oils decreased by X% to X tons in 2022. Overall, exports saw a noticeable slump. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, essential oils exports fell rapidly to $X in 2022. In general, exports continue to indicate a abrupt slump. 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 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

Nigeria was the key exporter of essential oils in ECOWAS, with the volume of exports resulting at X tons, which was approx. X% of total exports in 2022. Cote d'Ivoire (X tons) ranks second in terms of the total exports with a X% share, followed by Ghana (X%).

Nigeria was also the fastest-growing in terms of the essential oils exports, with a CAGR of X% from 2012 to 2022. At the same time, Ghana (X%) displayed positive paces of growth. Cote d'Ivoire experienced a relatively flat trend pattern. While the share of Nigeria (X p.p.), Cote d'Ivoire (X p.p.) and Ghana (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

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

In Cote d'Ivoire, essential oils exports shrank by an average annual rate of X% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Nigeria (X% per year) and Ghana (X% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, falling by X% against the previous year. Over the period under review, the export price recorded a perceptible downturn. The growth pace was the most rapid in 2019 an increase of X% against the previous year. The level of export peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (X%), while the other leaders experienced a decline in the export price figures.

Essential Oils Imports

Imports in ECOWAS

In 2022, purchases abroad of essential oils decreased by X% to X tons, falling for the third year in a row after two years of growth. Overall, imports recorded a pronounced slump. The pace of growth appeared the most rapid in 2019 with an increase of X% against the previous year. As a result, imports attained the peak of X tons. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, essential oils imports shrank dramatically to $X in 2022. Over the period under review, imports showed a mild decline. The most prominent rate of growth was recorded in 2019 when imports increased by X%. As a result, imports reached the peak of $X. From 2020 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Nigeria dominates imports structure, recording X tons, which was approx. X% of total imports in 2022. Ghana (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Senegal (X%). Liberia (X tons) and Cote d'Ivoire (X tons) followed a long way behind the leaders.

Nigeria experienced a relatively flat trend pattern with regard to volume of imports of essential oils. At the same time, Liberia (X%) and Senegal (X%) displayed positive paces of growth. Moreover, Liberia emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. Cote d'Ivoire experienced a relatively flat trend pattern. By contrast, Ghana (X%) illustrated a downward trend over the same period. Nigeria (X p.p.), Liberia (X p.p.) and Senegal (X p.p.) significantly strengthened its position in terms of the total imports, while Ghana saw its share reduced by X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported essential oils in ECOWAS, comprising X% of total imports. The second position in the ranking was taken by Ghana ($X), with a X% share of total imports. It was followed by Cote d'Ivoire, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria amounted to X%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (X% per year) and Cote d'Ivoire (X% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, picking up by X% against the previous year. In general, the import price saw moderate growth. The growth pace was the most rapid in 2014 an increase of X% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Cote d'Ivoire ($X per ton), while Liberia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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