ECOWAS: Nitrogenous Fertilizer Market 2024

Nitrogenous Fertilizer Market Size in ECOWAS

The ECOWAS nitrogenous fertilizer market was estimated at $X in 2023, surging by X% against the previous year. The total consumption indicated prominent growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption decreased by X% against 2021 indices. Over the period under review, the market reached the maximum level at $X in 2021; however, from 2022 to 2023, consumption remained at a lower figure.

Nitrogenous Fertilizer Production in ECOWAS

In value terms, nitrogenous fertilizer production expanded markedly to $X in 2023 estimated in export price. Over the period under review, production enjoyed a strong increase. The growth pace was the most rapid 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.

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Nitrogenous Fertilizer Exports

Exports in ECOWAS

In 2023, shipments abroad of nitrogenous fertilizers (mineral or chemical) increased by X% to X tons, rising for the third year in a row after two years of decline. Overall, exports showed a significant increase. The most prominent rate of growth was recorded in 2021 when exports increased by X%. The volume of export peaked in 2023 and is expected to retain growth in years to come.

In value terms, nitrogenous fertilizer exports shrank remarkably to $X in 2023. In general, exports continue to indicate a significant increase. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. The level of export peaked at $X in 2022, and then declined notably in the following year.

Exports by Country

Nigeria (X tons) represented roughly X% of total exports in 2023.

Nigeria was also the fastest-growing in terms of the nitrogenous fertilizers (mineral or chemical) exports, with a CAGR of X% from 2012 to 2023. While the share of Nigeria (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) also remains the largest nitrogenous fertilizer supplier in ECOWAS.

In Nigeria, nitrogenous fertilizer exports expanded at 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, declining by X% against the previous year. Overall, the export price recorded a perceptible reduction. The most prominent rate of growth was recorded in 2021 an increase of X%. As a result, the export price reached the peak level of $X per ton. From 2022 to 2023, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Nigeria.

From 2012 to 2023, the rate of growth in terms of prices for Nigeria amounted to X% per year.

Nitrogenous Fertilizer Imports

Imports in ECOWAS

For the third year in a row, ECOWAS recorded growth in overseas purchases of nitrogenous fertilizers (mineral or chemical), which increased by X% to X tons in 2023. Total imports indicated a noticeable expansion from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2015 indices. The most prominent rate of growth was recorded in 2014 when imports increased by X% against the previous year. The volume of import peaked in 2023 and is likely to see steady growth in the near future.

In value terms, nitrogenous fertilizer imports rose sharply to $X in 2023. Over the period under review, imports recorded a temperate increase. The pace of growth appeared the most rapid in 2022 with an increase of X%. The level of import peaked in 2023 and is expected to retain growth in years to come.

Imports by Country

Nigeria (X tons) and Ghana (X tons) were the largest importers of nitrogenous fertilizers (mineral or chemical) in 2023, amounting to approx. X% and X% of total imports, respectively. Benin (X tons) ranks next in terms of the total imports with an X% share, followed by Cote d'Ivoire (X%), Senegal (X%) and Burkina Faso (X%). Togo (X tons) followed a long way behind the leaders.

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 nitrogenous fertilizer importing markets in ECOWAS were Nigeria ($X), Ghana ($X) and Benin ($X), with a combined X% share of total imports.

In terms of the main importing countries, Benin, 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 more modest paces of growth.

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2023, shrinking by X% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2022 when the import price increased by X% against the previous year. The level of import peaked at $X per ton in 2013; however, from 2014 to 2023, import prices failed to regain momentum.

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 Togo ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform