ECOWAS: Nitrogenous Fertilizer Market 2023

Nitrogenous Fertilizer Market Size in ECOWAS

The ECOWAS nitrogenous fertilizer market stood at $X in 2022, surging by 14% against the previous year. In general, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Nitrogenous Fertilizer Production in ECOWAS

In value terms, nitrogenous fertilizer production expanded notably to $X in 2022 estimated in export price. The total production indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -7.4% against 2020 indices. The most prominent rate of growth was recorded in 2020 with an increase of 42% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Nitrogenous Fertilizer Exports

Exports in ECOWAS

In 2022, approx. X tons of nitrogenous fertilizers (mineral or chemical) were exported in ECOWAS; with a decrease of -19.3% on the previous year's figure. In general, exports, however, posted a significant expansion. The pace of growth was the most pronounced in 2021 when exports increased by 247% against the previous year. As a result, the exports attained the peak of X tons, and then fell dramatically in the following year.

In value terms, nitrogenous fertilizer exports soared to $X in 2022. Overall, exports, however, showed a significant expansion. The growth pace was the most rapid in 2021 when exports increased by 364%. The level of export peaked in 2022 and is expected to retain growth in the near future.

Exports by Country

The shipments of the one major exporters of nitrogenous fertilizers (mineral or chemical), namely Nigeria, represented more than two-thirds of total export.

Nigeria was also the fastest-growing in terms of the nitrogenous fertilizers (mineral or chemical) exports, with a CAGR of +28.8% from 2012 to 2022. While the share of Nigeria (+40 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) also remains the largest nitrogenous fertilizer supplier in ECOWAS.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria amounted to +39.1%.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, picking up by 43% against the previous year. Overall, the export price continues to indicate a buoyant expansion. The growth pace was the most rapid in 2020 an increase of 69% against the previous year. Over the period under review, the export prices attained the peak figure in 2022 and is likely to see steady growth in the near future.

As there is only one major export destination, the average price level is determined by prices for Nigeria.

From 2012 to 2022, the rate of growth in terms of prices for Nigeria amounted to +8.0% per year.

Nitrogenous Fertilizer Imports

Imports in ECOWAS

In 2022, the amount of nitrogenous fertilizers (mineral or chemical) imported in ECOWAS contracted to X tons, waning by -10.9% compared with 2021 figures. In general, imports saw a noticeable slump. The growth pace was the most rapid in 2016 with an increase of 45% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, nitrogenous fertilizer imports dropped sharply to $X in 2022. Over the period under review, imports recorded a abrupt slump. The growth pace was the most rapid in 2021 when imports increased by 42%. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Ghana (X tons) and Cote d'Ivoire (X tons) represented roughly 45% of total imports in 2022. Nigeria (X tons) took the next position in the ranking, followed by Senegal (X tons), Mali (X tons), Benin (X tons) and Burkina Faso (X tons). All these countries together held near 45% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Benin (with a CAGR of +5.1%), while purchases for the other leaders experienced a decline in the imports figures.

In value terms, the largest nitrogenous fertilizer importing markets in ECOWAS were Ghana ($X), Cote d'Ivoire ($X) and Nigeria ($X), together accounting for 59% of total imports. Senegal, Benin, Mali and Burkina Faso lagged somewhat behind, together comprising a further 32%.

Benin, with a CAGR of +2.4%, saw 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 a decline in the imports figures.

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, declining by -8.3% against the previous year. In general, the import price recorded a perceptible decline. The most prominent rate of growth was recorded in 2021 when the import price increased by 28%. Over the period under review, import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Nigeria ($X per ton), while Mali ($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 (+0.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Market Intelligence Platform

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