ECOWAS: Vegetable Tanning Extracts Market 2024

Vegetable Tanning Extracts Market Size in ECOWAS

The ECOWAS vegetable tanning extracts market rose significantly to $X in 2022, increasing by X% against the previous year. Over the period under review, consumption, however, continues to indicate a pronounced contraction. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Vegetable Tanning Extracts Production in ECOWAS

In value terms, vegetable tanning extracts production rose to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a noticeable reduction. The most prominent rate of growth was recorded in 2020 when the production volume increased by 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 stood at a somewhat lower figure.

Vegetable Tanning Extracts Exports

Exports in ECOWAS

In 2022, vegetable tanning extracts exports in ECOWAS amounted to X tons, growing by X% on the previous year's figure. Overall, exports, however, saw a deep reduction. The growth pace was the most rapid in 2018 when exports increased by X% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2022, the growth of the exports failed to regain momentum.

In value terms, vegetable tanning extracts exports expanded sharply to $X in 2022. In general, exports, however, recorded a dramatic 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, the exports reached the maximum at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

Ghana was the largest exporter of tanning extracts of vegetable origin, tannins and their salts other derivatives in ECOWAS, with the volume of exports resulting at X tons, which was approx. X% of total exports in 2022. It was distantly followed by Nigeria (X kg), generating a X% share of total exports.

Ghana was also the fastest-growing in terms of the tanning extracts of vegetable origin, tannins and their salts other derivatives exports, with a CAGR of X% from 2012 to 2022. Nigeria (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Ghana increased by X percentage points.

In value terms, Ghana ($X) remains the largest vegetable tanning extracts supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was held by Nigeria ($X), with a X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Ghana amounted to X%.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, falling by X% against the previous year. Overall, the export price showed a abrupt descent. The pace of growth appeared the most rapid in 2021 when the export price increased by X%. Over the period under review, the export prices reached the maximum at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Nigeria stood at $X per ton.

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

Vegetable Tanning Extracts Imports

Imports in ECOWAS

In 2022, overseas purchases of tanning extracts of vegetable origin, tannins and their salts other derivatives increased by X% to X tons for the first time since 2018, thus ending a three-year declining trend. In general, imports, however, continue to indicate a deep contraction. The most prominent rate of growth was recorded in 2016 with an increase of X%. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports failed to regain momentum.

In value terms, vegetable tanning extracts imports soared to $X in 2022. Over the period under review, imports, however, continue to indicate a noticeable reduction. The most prominent rate of growth was recorded in 2016 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Nigeria (X tons) and Ghana (X tons) dominates imports structure, together achieving X% of total imports. It was distantly followed by Mali (X tons), mixing up a X% share of total imports. Sierra Leone (X tons) held a minor share of total imports.

From 2012 to 2022, the biggest increases were recorded for Mali (with a CAGR of X%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, the largest vegetable tanning extracts importing markets in ECOWAS were Nigeria ($X), Ghana ($X) and Mali ($X), together comprising X% of total imports.

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

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, with an increase of X% against the previous year. Import price indicated mild growth from 2012 to 2022: its price 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. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Nigeria ($X per ton), while Sierra Leone ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform