Western Africa: Potassium Sulphate (Sop) Market 2024

Potassium Sulphate (Sop) Market Size in Western Africa

The West African potassium sulphate (SOP) market surged to $X in 2023, jumping by X% against the previous year. Over the period under review, consumption continues to indicate significant growth. The level of consumption peaked at $X in 2021; however, from 2022 to 2023, consumption stood at a somewhat lower figure.

Potassium Sulphate (Sop) Production in Western Africa

In value terms, potassium sulphate (SOP) production expanded to $X in 2023 estimated in export price. In general, production, however, saw a pronounced decrease. The pace of growth was the most pronounced in 2016 when the production volume increased by X% against the previous year. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2023, production stood at a somewhat lower figure.

Potassium Sulphate (Sop) Exports

Exports in Western Africa

In 2023, overseas shipments of potassium sulphate (SOP) decreased by X% to X tons, falling for the second year in a row after two years of growth. Overall, exports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons. From 2022 to 2023, the growth of the exports failed to regain momentum.

In value terms, potassium sulphate (SOP) exports declined modestly to $X in 2023. Over the period under review, exports continue to indicate a deep slump. The pace of growth was the most pronounced in 2020 with an increase of X%. Over the period under review, the exports reached the peak figure at $X in 2021; however, from 2022 to 2023, the exports remained at a lower figure.

Exports by Country

Senegal prevails in exports structure, resulting at X tons, which was approx. X% of total exports in 2023. The following exporters - Cote d'Ivoire (X tons) and Mauritania (X tons) - each accounted for an X% share of total exports.

Senegal was also the fastest-growing in terms of the potassium sulphate (SOP) exports, with a CAGR of X% from 2012 to 2023. Cote d'Ivoire (X%) and Mauritania (X%) illustrated a downward trend over the same period. Senegal (X p.p.) significantly strengthened its position in terms of the total exports, while Cote d'Ivoire and Mauritania saw its share reduced by X% and X% from 2012 to 2023, respectively.

In value terms, Senegal ($X) remains the largest potassium sulphate (SOP) supplier in Western Africa, comprising X% of total exports. The second position in the ranking was held by Cote d'Ivoire ($X), with a X% share of total exports.

In Senegal, potassium sulphate (SOP) exports increased at 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 Mauritania (X% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2023, flattening at the previous year. In general, the export price saw a deep downturn. The pace of growth appeared the most rapid in 2022 when the export price increased by X% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2023, the export prices failed to regain momentum.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (X%), while the other leaders experienced a decline in the export price figures.

Potassium Sulphate (Sop) Imports

Imports in Western Africa

In 2023, supplies from abroad of potassium sulphate (SOP) increased by X% to X tons for the first time since 2020, thus ending a two-year declining trend. Overall, imports posted significant growth. The pace of growth was the most pronounced in 2020 with an increase of X%. As a result, imports reached the peak of X tons. From 2021 to 2023, the growth of imports failed to regain momentum.

In value terms, potassium sulphate (SOP) imports declined sharply to $X in 2023. Over the period under review, imports posted a significant expansion. The growth pace was the most rapid in 2020 with an increase of X% against the previous year. Over the period under review, imports reached the peak figure at $X in 2022, and then shrank significantly in the following year.

Imports by Country

Nigeria represented the major importing country with an import of around X tons, which reached X% of total imports. Senegal (X tons) held a X% share (based on physical terms) of total imports, which put it in second place, followed by Cote d'Ivoire (X%). Ghana (X tons) followed a long way behind the leaders.

Nigeria was also the fastest-growing in terms of the potassium sulphate (SOP) imports, with a CAGR of X% from 2012 to 2023. At the same time, Senegal (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. By contrast, Ghana (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Nigeria and Senegal increased by X and X percentage points, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported potassium sulphate (SOP) in Western Africa, comprising X% of total imports. The second position in the ranking was taken by Senegal ($X), with a X% share of total imports. It was followed by Cote d'Ivoire, with a X% share.

In Nigeria, potassium sulphate (SOP) imports increased at an average annual rate of X% over the period from 2012-2023. The remaining importing countries recorded the following average annual rates of imports growth: Senegal (X% per year) and Cote d'Ivoire (X% per year).

Import Prices by Country

In 2023, the import price in Western Africa amounted to $X per ton, with a decrease of X% against the previous year. In general, the import price, however, enjoyed a prominent expansion. The pace of growth was the most pronounced in 2022 an increase of X% against the previous year. As a result, import price attained the peak level of $X per ton, and then dropped rapidly in the following year.

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 Nigeria ($X per ton), while Senegal ($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 more modest paces of growth.

Source: IndexBox Platform