Africa: Phosphoric Acid Market 2024

Phosphoric Acid Market Size in Africa

The African phosphoric acid market shrank slightly to $X in 2022, flattening at the previous year. Over the period under review, consumption saw a pronounced downturn. The growth pace was the most rapid in 2018 with an increase of 4.9% against the previous year. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Phosphoric Acid Production in Africa

In value terms, phosphoric acid production dropped to $X in 2022 estimated in export price. Over the period under review, production, however, saw a slight downturn. The pace of growth was the most pronounced in 2017 with an increase of 15%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Phosphoric Acid Exports

Exports in Africa

In 2022, shipments abroad of phosphoric acid and polyphosphoric acids increased by 1.2% to X tons, rising for the second consecutive year after three years of decline. Over the period under review, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by 22% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, phosphoric acid exports skyrocketed to $X in 2022. Total exports indicated modest growth from 2012 to 2022: its value increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +66.5% against 2020 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2022, Morocco (X tons) was the largest exporter of phosphoric acid and polyphosphoric acids, constituting 67% of total exports. It was distantly followed by Senegal (X tons), Tunisia (X tons) and South Africa (X tons), together comprising a 32% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to phosphoric acid exports from Morocco stood at +1.0%. At the same time, Senegal (+3.8%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing exporter exported in Africa, with a CAGR of +3.8% from 2012-2022. By contrast, Tunisia (-3.0%) and South Africa (-6.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Senegal and Morocco increased by +4.8 and +4.3 percentage points, respectively.

In value terms, Morocco ($X) remains the largest phosphoric acid supplier in Africa, comprising 79% of total exports. The second position in the ranking was taken by Senegal ($X), with an 11% share of total exports. It was followed by South Africa, with a 5.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Morocco amounted to +3.2%. In the other countries, the average annual rates were as follows: Senegal (+0.1% per year) and South Africa (-0.8% per year).

Export Prices by Country

In 2022, the export price in Africa amounted to $X per ton, picking up by 56% against the previous year. Export price indicated slight growth from 2012 to 2022: its price increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, phosphoric acid export price increased by +56.5% against 2020 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Africa (+5.6%), while the other leaders experienced mixed trends in the export price figures.

Phosphoric Acid Imports

Imports in Africa

In 2022, imports of phosphoric acid and polyphosphoric acids in Africa declined modestly to X tons, with a decrease of -3.9% against 2021. In general, imports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of 51%. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, phosphoric acid imports surged to $X in 2022. The total import value increased at an average annual rate of +2.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

South Africa (X tons), Democratic Republic of the Congo (X tons) and Egypt (X tons) represented roughly 67% of total imports in 2022. Swaziland (X tons) took the next position in the ranking, followed by Algeria (X tons). All these countries together held near 11% share of total imports. The following importers - Cote d'Ivoire (X tons), Kenya (X tons), Morocco (X tons) and Nigeria (X tons) - together made up 12% of total imports.

From 2012 to 2022, the biggest increases were recorded for Democratic Republic of the Congo (with a CAGR of +50.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest phosphoric acid importing markets in Africa were South Africa ($X), Democratic Republic of the Congo ($X) and Egypt ($X), together accounting for 70% of total imports.

In terms of the main importing countries, Democratic Republic of the Congo, with a CAGR of +52.2%, saw 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

The import price in Africa stood at $X per ton in 2022, rising by 59% against the previous year. Import price indicated a slight increase from 2012 to 2022: its price increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, phosphoric acid import price increased by +56.2% against 2019 indices. As a result, import price reached 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 Morocco ($X per ton), while Algeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Morocco (+7.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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