Western Africa: Fertilizer Market 2024

Fertilizer Market Size in Western Africa

The West African fertilizer market skyrocketed to $X in 2023, growing by X% against the previous year. The total consumption indicated buoyant growth from 2012 to 2023: its value 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, consumption increased by X% against 2019 indices. The level of consumption peaked in 2023 and is likely to see steady growth in years to come.

Fertilizer Production in Western Africa

In value terms, fertilizer production stood at $X in 2023 estimated in export price. The total production indicated resilient growth from 2012 to 2023: its value 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, production decreased by X% against 2021 indices. The most prominent rate of growth was recorded in 2021 with an increase of X%. As a result, production attained the peak level of $X. From 2022 to 2023, production growth remained at a somewhat lower figure.

Fertilizer Exports

Exports in Western Africa

In 2023, after two years of growth, there was decline in overseas shipments of fertilizers, when their volume decreased by X% to X tons. Overall, exports, however, saw significant growth. The growth pace was the most rapid in 2021 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2022, and then shrank in the following year.

In value terms, fertilizer exports fell notably to $X in 2023. In general, exports, however, posted prominent growth. The most prominent rate of growth was recorded in 2021 with an increase of X%. Over the period under review, the exports hit record highs at $X in 2022, and then shrank significantly in the following year.

Exports by Country

Nigeria prevails in exports structure, recording X tons, which was near X% of total exports in 2023. Cote d'Ivoire (X tons), Mali (X tons), Senegal (X tons) and Ghana (X tons) took a minor share of total exports.

Nigeria was also the fastest-growing in terms of the fertilizers exports, with a CAGR of X% from 2012 to 2023. At the same time, Cote d'Ivoire (X%), Ghana (X%) and Senegal (X%) displayed positive paces of growth. By contrast, Mali (X%) illustrated a downward trend over the same period. Nigeria (X p.p.) significantly strengthened its position in terms of the total exports, while Cote d'Ivoire, Ghana, Senegal and Mali saw its share reduced by X%, X%, X% and X% from 2012 to 2023, respectively.

In value terms, Nigeria ($X) remains the largest fertilizer supplier in Western Africa, comprising X% of total exports. The second position in the ranking was held by Ghana ($X), with a X% share of total exports. It was followed by Cote d'Ivoire, with a X% share.

In Nigeria, fertilizer exports increased at an average annual rate of X% over the period from 2012-2023. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (X% per year) and Cote d'Ivoire (X% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2023, declining by X% against the previous year. In general, the export price showed a perceptible contraction. The growth pace was the most rapid in 2020 when the export price increased by X%. Over the period under review, the export prices reached the peak figure at $X per ton in 2022, and then declined rapidly in the following year.

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 Ghana ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

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

Fertilizer Imports

Imports in Western Africa

In 2023, the amount of fertilizers imported in Western Africa surged to X tons, increasing by X% compared with the previous year. Total imports indicated buoyant growth from 2012 to 2023: its volume 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, imports increased by X% against 2021 indices. The pace of growth was the most pronounced in 2016 with an increase of X% against the previous year. The volume of import peaked in 2023 and is expected to retain growth in the immediate term.

In value terms, fertilizer imports expanded remarkably to $X in 2023. Total imports indicated a tangible expansion from 2012 to 2023: its value 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, imports increased by X% against 2021 indices. The pace of growth appeared the most rapid in 2022 with an increase of X%. Over the period under review, imports reached the maximum in 2023 and are likely to see gradual growth in the near future.

Imports by Country

The countries with the highest levels of fertilizer imports in 2023 were Nigeria (X tons), Benin (X tons), Ghana (X tons), Togo (X tons), Cote d'Ivoire (X tons) and Burkina Faso (X tons), together finishing at X% of total import. It was distantly followed by Mali (X tons), committing a X% share of total imports.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Benin (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest fertilizer importing markets in Western Africa were Nigeria ($X), Ghana ($X) and Benin ($X), with a combined X% share of total imports.

Benin, with a CAGR of X%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the import price in Western Africa amounted to $X per ton, reducing by X% against the previous year. Over the period under review, the import price showed a mild reduction. The most prominent rate of growth was recorded in 2022 when the import price increased by X%. As a result, import price reached the peak level of $X per ton, and then shrank rapidly in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Ghana ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Ghana (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform