ECOWAS: Market for Natural Rubber And Gums 2024

Market Size for Natural Rubber And Gums in ECOWAS

In 2022, after three years of growth, there was significant decline in the ECOWAS natural rubber and gum market, when its value decreased by X% to $X. The total consumption indicated a noticeable 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 2021, and then shrank in the following year.

Production of Natural Rubber And Gums in ECOWAS

In value terms, natural rubber and gum production reached $X in 2022 estimated in export price. Overall, production, however, recorded a noticeable downturn. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Cote d'Ivoire (X tons) constituted the country with the largest volume of natural rubber and gum production, comprising approx. X% of total volume. Moreover, natural rubber and gum production in Cote d'Ivoire exceeded the figures recorded by the second-largest producer, Nigeria (X tons), ninefold. The third position in this ranking was held by Ghana (X tons), with a X% share.

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

The average natural rubber and gum yield declined slightly to X tons per ha in 2022, therefore, remained relatively stable against 2021 figures. The yield figure increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. The level of yield peaked at X tons per ha in 2021, and then fell modestly in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The natural rubber and gum harvested area soared to X ha in 2022, picking up by X% on 2021. In general, the harvested area continues to indicate a prominent expansion. As a result, the harvested area reached the peak level and is likely to continue growth in the immediate term.

Exports of Natural Rubber And Gums

Exports in ECOWAS

In 2022, overseas shipments of natural rubber and gums increased by X% to X tons for the first time since 2015, thus ending a six-year declining trend. Over the period under review, exports posted a significant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, natural rubber and gum exports soared to $X in 2022. In general, exports posted a strong increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2022, Cote d'Ivoire (X tons) was the key exporter of natural rubber and gums in ECOWAS, achieving X% of total export.

Cote d'Ivoire was also the fastest-growing in terms of the natural rubber and gums exports, with a CAGR of X% from 2012 to 2022. While the share of Cote d'Ivoire (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) also remains the largest natural rubber and gum supplier in ECOWAS.

From 2012 to 2022, the average annual growth rate of value in Cote d'Ivoire totaled X%.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, dropping by X% against the previous year. Over the period under review, the export price continues to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2021 when the export price increased by X% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Cote d'Ivoire.

From 2012 to 2022, the rate of growth in terms of prices for Cote d'Ivoire amounted to X% per year.

Imports of Natural Rubber And Gums

Imports in ECOWAS

In 2022, purchases abroad of natural rubber and gums increased by X% to X tons, rising for the third consecutive year after five years of decline. Overall, imports recorded a remarkable increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, natural rubber and gum imports skyrocketed to $X in 2022. Over the period under review, imports posted buoyant growth. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Nigeria dominates imports structure, amounting to X tons, which was near X% of total imports in 2022. Niger (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to natural rubber and gum imports into Nigeria stood at X%. At the same time, Niger (X%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. From 2012 to 2022, the share of Nigeria and Niger increased by X and X percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported natural rubber and gums in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Niger ($X), with a X% share of total imports.

In Nigeria, natural rubber and gum imports expanded at an average annual rate of X% over the period from 2012-2022.

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, dropping by X% against the previous year. In general, the import price recorded a perceptible reduction. The growth pace was the most rapid in 2021 an increase of X% against the previous year. As a result, import price reached the peak level of $X per ton, and then shrank remarkably in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Nigeria ($X per ton), while Niger stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (X%).

Source: IndexBox Platform

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