Africa: Benzoic Acid Market 2024

Benzoic Acid Market Size in Africa

The African benzoic acid market expanded to $X in 2021, rising by 2.8% against the previous year. Over the period under review, consumption continues to indicate a relatively flat trend pattern. The level of consumption peaked in 2021 and is expected to retain growth in the immediate term.

Benzoic Acid Production in Africa

In value terms, benzoic acid production dropped to $X in 2021 estimated in export price. In general, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the production volume increased by 19% against the previous year. As a result, production reached the peak level of $X. From 2018 to 2021, production growth remained at a lower figure.

Benzoic Acid Exports

Exports in Africa

In 2021, after two years of growth, there was significant decline in shipments abroad of benzoic acid, its salts and esters, when their volume decreased by -39.7% to X tons. Overall, exports faced a abrupt setback. The pace of growth appeared the most rapid in 2020 when exports increased by 42% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, benzoic acid exports surged to $X in 2021. In general, exports saw a deep contraction. The pace of growth was the most pronounced in 2017 when exports increased by 33%. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Swaziland (X tons) was the key exporter of benzoic acid, its salts and esters, creating 70% of total exports. South Africa (X tons) took an 18% share (based on physical terms) of total exports, which put it in second place, followed by Cote d'Ivoire (6.4%). Kenya (X tons) held a relatively small share of total exports.

Exports from Swaziland decreased at an average annual rate of -22.1% from 2012 to 2021. At the same time, Cote d'Ivoire (+56.1%), Kenya (+25.8%) and South Africa (+6.3%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing exporter exported in Africa, with a CAGR of +56.1% from 2012-2021. South Africa (+17 p.p.), Cote d'Ivoire (+6.4 p.p.) and Kenya (+3.9 p.p.) significantly strengthened its position in terms of the total exports, while Swaziland saw its share reduced by -27.6% from 2012 to 2021, respectively.

In value terms, Swaziland ($X) remains the largest benzoic acid supplier in Africa, comprising 79% of total exports. The second position in the ranking was held by South Africa ($X), with an 11% share of total exports. It was followed by Cote d'Ivoire, with a 6% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Swaziland amounted to -10.8%. The remaining exporting countries recorded the following average annual rates of exports growth: South Africa (+5.2% per year) and Cote d'Ivoire (+46.0% per year).

Export Prices by Country

In 2021, the export price in Africa amounted to $X per ton, picking up by 95% against the previous year. Overall, the export price saw a resilient increase. The pace of growth was the most pronounced in 2017 an increase of 119%. As a result, the export price attained the peak level of $X per ton. From 2018 to 2021, the export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Swaziland ($X per ton), while South Africa ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Swaziland (+14.4%), while the other leaders experienced mixed trends in the export price figures.

Benzoic Acid Imports

Imports in Africa

For the fourth year in a row, Africa recorded growth in supplies from abroad of benzoic acid, its salts and esters, which increased by 0.4% to X tons in 2021. Overall, imports, however, continue to indicate a slight decline. The growth pace was the most rapid in 2014 with an increase of 66% against the previous year. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports remained at a lower figure.

In value terms, benzoic acid imports stood at $X in 2021. In general, imports, however, recorded a slight decrease. The pace of growth appeared the most rapid in 2018 with an increase of 32% against the previous year. The level of import peaked at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, South Africa (X tons), distantly followed by Nigeria (X tons), Egypt (X tons), Swaziland (X tons) and Algeria (X tons) were the key importers of benzoic acid, its salts and esters, together achieving 68% of total imports. Ghana (X tons), Tunisia (X tons), Kenya (X tons), Tanzania (X tons), Morocco (X tons) and Cote d'Ivoire (X tons) took a little share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Cote d'Ivoire (with a CAGR of +31.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, South Africa ($X), Egypt ($X) and Nigeria ($X) were the countries with the highest levels of imports in 2021, with a combined 48% share of total imports. Algeria, Swaziland, Tunisia, Ghana, Tanzania, Kenya, Morocco and Cote d'Ivoire lagged somewhat behind, together comprising a further 35%.

In terms of the main importing countries, Tanzania, with a CAGR of +22.3%, recorded the highest rates of growth with regard to 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

In 2021, the import price in Africa amounted to $X per ton, growing by 12% against the previous year. In general, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the import price increased by 22% against the previous year. As a result, import price reached the peak level of $X per ton. From 2020 to 2021, the import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Morocco (+5.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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