ECOWAS: Market for Palmitic Acid, Stearic Acid, Their Salts And Esters 2024

Market Size for Palmitic Acid, Stearic Acid, Their Salts And Esters in ECOWAS

After two years of decline, the ECOWAS market for palmitic acid, stearic acid, their salts and esters increased by X% to $X in 2023. Overall, consumption, however, showed a mild curtailment. The level of consumption peaked at $X in 2014; however, from 2015 to 2023, consumption remained at a lower figure.

Production of Palmitic Acid, Stearic Acid, Their Salts And Esters in ECOWAS

In value terms, production of palmitic acid, stearic acid, their salts and esters expanded slightly to $X in 2023 estimated in export price. In general, production, however, continues to indicate a slight slump. The pace of growth appeared the most rapid in 2018 when the production volume increased by X%. Over the period under review, production of attained the maximum level at $X in 2012; however, from 2013 to 2023, production remained at a lower figure.

Exports of Palmitic Acid, Stearic Acid, Their Salts And Esters

Exports in ECOWAS

In 2023, approx. X tons of palmitic acid, stearic acid, their salts and esters were exported in ECOWAS; dropping by X% on the previous year's figure. In general, exports continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2020 when exports increased by X%. The volume of export peaked at X tons in 2012; however, from 2013 to 2023, the exports remained at a lower figure.

In value terms, exports of palmitic acid, stearic acid, their salts and esters declined dramatically to $X in 2023. Over the period under review, exports saw a abrupt slump. The growth pace was the most rapid in 2020 when exports increased by X% against the previous year. Over the period under review, the exports of hit record highs at $X in 2015; however, from 2016 to 2023, the exports remained at a lower figure.

Exports by Country

Ghana prevails in esters structure, reaching X tons, which was approx. X% of total exports in 2023. Togo (X tons) followed a long way behind the leaders.

Exports from Ghana decreased at an average annual rate of X% from 2012 to 2023. Togo experienced a relatively flat trend pattern. While the share of Ghana (X p.p.) and Togo (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) remains the largest palmitic acid, stearic acid, their salts and esters supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was held by Togo ($X), with an X% share of total exports.

In Ghana, exports of palmitic acid, stearic acid, their salts and esters declined by an average annual rate of X% over the period from 2012-2023.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2023, jumping by X% against the previous year. Export price indicated perceptible 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, export price for palmitic acid, stearic acid, their salts and esters decreased by X% against 2021 indices. Over the period under review, the export prices attained the peak figure at $X per ton in 2016; however, from 2017 to 2023, the export prices stood at a somewhat lower figure.

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 Togo ($X per ton), while Ghana totaled $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Ghana (X%).

Imports of Palmitic Acid, Stearic Acid, Their Salts And Esters

Imports in ECOWAS

In 2023, overseas purchases of palmitic acid, stearic acid, their salts and esters increased by X% to X tons for the first time since 2020, thus ending a two-year declining trend. Over the period under review, imports, however, continue to indicate a mild slump. The growth pace was the most rapid in 2017 with an increase of X%. Over the period under review, imports of reached the peak figure at X tons in 2020; however, from 2021 to 2023, imports failed to regain momentum.

In value terms, imports of palmitic acid, stearic acid, their salts and esters soared to $X in 2023. Overall, imports, however, continue to indicate a slight slump. The pace of growth was the most pronounced in 2020 when imports increased by X% against the previous year. The level of import peaked at $X in 2015; however, from 2016 to 2023, imports stood at a somewhat lower figure.

Imports by Country

Nigeria was the key importer of palmitic acid, stearic acid, their salts and esters in ECOWAS, with the volume of imports accounting for X tons, which was near X% of total imports in 2023. Senegal (X tons) ranks second in terms of the total imports with a X% share, followed by Cote d'Ivoire (X%) and Togo (X%). The following importers - Mali (X tons) and Ghana (X tons) - each finished at a X% share of total imports.

From 2012 to 2023, average annual rates of growth with regard to palmitic acid, stearic acid, their salts and esters imports into Nigeria stood at X%. At the same time, Ghana (X%), Senegal (X%), Mali (X%), Togo (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2023. From 2012 to 2023, the share of Senegal, Cote d'Ivoire, Ghana, Togo and Mali increased by X, X, X, X and X percentage points, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported palmitic acid, stearic acid, their salts and esters in ECOWAS, comprising X% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a X% share of total imports. It was followed by Senegal, with a X% share.

In Nigeria, imports of palmitic acid, stearic acid, their salts and esters shrank by an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Cote d'Ivoire (X% per year) and Senegal (X% per year).

Import Prices by Country

In 2023, the import price in ECOWAS amounted to $X per ton, with an increase of X% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2014 an increase of X%. As a result, import price attained the peak level of $X per ton. From 2015 to 2023, the import prices remained at a lower figure.

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 Cote d'Ivoire ($X per ton), while Mali ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Mali (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform