ECOWAS: Glutamic Acid Market 2024

Glutamic Acid Market Size in ECOWAS

The ECOWAS glutamic acid market soared to $X in 2022, growing by X% against the previous year. Overall, consumption continues to indicate a prominent expansion. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Glutamic Acid Production in ECOWAS

In value terms, glutamic acid production amounted to $X in 2022 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Glutamic Acid Exports

Exports in ECOWAS

In 2022, overseas shipments of glutamic acid and its salts decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, exports continue to indicate a abrupt setback. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, glutamic acid exports dropped dramatically to $X in 2022. Over the period under review, exports recorded a noticeable reduction. The most prominent rate of growth was recorded in 2018 when exports increased by X% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Cote d'Ivoire was the main exporting country with an export of around X tons, which recorded X% of total exports. Ghana (X tons) ranks second in terms of the total exports with a X% share, followed by Niger (X%). Senegal (X tons), Nigeria (X tons) and Burkina Faso (X tons) held a little share of total exports.

Exports from Cote d'Ivoire increased at an average annual rate of X% from 2012 to 2022. At the same time, Niger (X%) and Burkina Faso (X%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Ghana (X%), Senegal (X%) and Nigeria (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Cote d'Ivoire, Niger and Ghana increased by X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2012 to 2022, the average annual rate of growth in terms of value in Cote d'Ivoire amounted to X%. In the other countries, the average annual rates were as follows: Ghana (X% per year) and Niger (X% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, surging by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while Burkina Faso ($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 a decline in the export price figures.

Glutamic Acid Imports

Imports in ECOWAS

In 2022, approx. X tons of glutamic acid and its salts were imported in ECOWAS; picking up by X% on 2021. Over the period under review, imports posted prominent growth. The growth pace was the most rapid in 2020 with an increase of X% against the previous year. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, glutamic acid imports surged to $X in 2022. In general, imports continue to indicate prominent growth. The most prominent rate of growth was recorded in 2020 when imports increased by X% against the previous year. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Nigeria prevails in imports structure, finishing at X tons, which was near X% of total imports in 2022. Senegal (X tons) took the second position in the ranking, followed by Cote d'Ivoire (X tons). All these countries together held approx. X% share of total imports. Ghana (X tons) followed a long way behind the leaders.

Imports into Nigeria increased at an average annual rate of X% from 2012 to 2022. At the same time, Ghana (X%), Cote d'Ivoire (X%) and Senegal (X%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. Nigeria (X p.p.) significantly strengthened its position in terms of the total imports, while Senegal 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 ($X) constitutes the largest market for imported glutamic acid and its salts in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Senegal ($X), with a X% share of total imports. It was followed by Cote d'Ivoire, with a X% share.

In Nigeria, glutamic acid imports increased at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Senegal (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, increasing by X% against the previous year. Overall, the import price, however, recorded a slight curtailment. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Senegal ($X per ton) and Cote d'Ivoire ($X per ton), while Ghana ($X per ton) and Nigeria ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform

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