ECOWAS: Potassic Fertilizer Market 2023

Potassic Fertilizer Market Size in ECOWAS

In 2021, the ECOWAS potassic fertilizer market decreased by -72% to $X for the first time since 2018, thus ending a two-year rising trend. Overall, consumption continues to indicate a abrupt decrease. As a result, consumption reached the peak level of $X, and then declined remarkably in the following year.

Potassic Fertilizer Production in ECOWAS

In value terms, potassic fertilizer production skyrocketed to $X in 2021 estimated in export price. In general, production, however, faced a deep slump. The level of production peaked at $X in 2014; however, from 2015 to 2021, production failed to regain momentum.

Potassic Fertilizer Exports

Exports in ECOWAS

In 2021, shipments abroad of potassic fertilizers increased by 27% to X tons for the first time since 2017, thus ending a three-year declining trend. Overall, exports, however, recorded a abrupt decline. The most prominent rate of growth was recorded in 2017 with an increase of 48%. As a result, the exports reached the peak of X tons. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, potassic fertilizer exports skyrocketed to $X in 2021. Over the period under review, exports, however, faced a abrupt slump. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

In 2021, Mali (X tons), Nigeria (X tons) and Togo (X tons) represented the main exporter of potassic fertilizers in ECOWAS, constituting 80% of total export. It was distantly followed by Cote d'Ivoire (X tons), creating a 15% share of total exports. Senegal (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Nigeria (with a CAGR of +115.9%), while the other leaders experienced more modest paces of growth.

In value terms, Mali ($X), Togo ($X) and Cote d'Ivoire ($X) constituted the countries with the highest levels of exports in 2021, together accounting for 77% of total exports. Nigeria and Senegal lagged somewhat behind, together accounting for a further 22%.

Nigeria, with a CAGR of +92.9%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, dropping by -4.4% against the previous year. Over the period under review, the export price recorded a abrupt decline. The pace of growth was the most pronounced in 2020 an increase of 8.4%. Over the period under review, the export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Senegal ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+1.4%), while the other leaders experienced a decline in the export price figures.

Potassic Fertilizer Imports

Imports in ECOWAS

After two years of growth, supplies from abroad of potassic fertilizers decreased by -68.4% to X tons in 2021. Overall, imports showed a slight contraction. The most prominent rate of growth was recorded in 2020 with an increase of 70%. As a result, imports attained the peak of X tons, and then dropped sharply in the following year.

In value terms, potassic fertilizer imports dropped sharply to $X in 2021. Over the period under review, imports recorded a abrupt downturn. The most prominent rate of growth was recorded in 2017 when imports increased by 50% against the previous year. Over the period under review, imports attained the maximum at $X in 2020, and then shrank notably in the following year.

Imports by Country

The purchases of the three major importers of potassic fertilizers, namely Mali, Cote d'Ivoire and Senegal, represented more than two-thirds of total import. Ghana (X tons) held a 9.1% share (based on physical terms) of total imports, which put it in second place, followed by Liberia (4.9%). The following importers - Togo (X tons) and Burkina Faso (X tons) - each finished at a 5.3% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Liberia (with a CAGR of +43.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest potassic fertilizer importing markets in ECOWAS were Senegal ($X), Mali ($X) and Cote d'Ivoire ($X), with a combined 79% share of total imports. These countries were followed by Ghana, Liberia, Togo and Burkina Faso, which together accounted for a further 17%.

Liberia, with a CAGR of +32.1%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, picking up by 2.1% against the previous year. Overall, the import price, however, continues to indicate a abrupt decline. The most prominent rate of growth was recorded in 2018 an increase of 17%. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Senegal ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (-4.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Market Intelligence Platform

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