ECOWAS: Baking Soda Market 2024

Baking Soda Market Size in ECOWAS

In 2021, after two years of decline, there was growth in the ECOWAS baking soda market, when its value increased by 3.1% to $X. In general, consumption, however, continues to indicate a prominent increase. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Baking Soda Production in ECOWAS

In value terms, baking soda production rose markedly to $X in 2021 estimated in export price. Overall, production showed a resilient expansion. The most prominent rate of growth was recorded in 2015 with an increase of 46% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Baking Soda Exports

Exports in ECOWAS

In 2021, the amount of baking soda exported in ECOWAS soared to X tons, picking up by 103% against 2020. In general, exports, however, continue to indicate a abrupt setback. The growth pace was the most rapid in 2019 with an increase of 131%. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, baking soda exports skyrocketed to $X in 2021. Over the period under review, exports, however, recorded a slight reduction. The most prominent rate of growth was recorded in 2019 with an increase of 332% against the previous year. 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, Senegal (X tons) represented the main exporter of baking soda, creating 83% of total exports. It was distantly followed by Mali (X tons), generating a 10% share of total exports. The following exporters - Cote d'Ivoire (X tons) and Nigeria (X tons) - together made up 5.2% of total exports.

From 2012 to 2021, average annual rates of growth with regard to baking soda exports from Senegal stood at +5.1%. At the same time, Cote d'Ivoire (+35.0%) and Mali (+11.4%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +35.0% from 2012-2021. By contrast, Nigeria (-30.9%) illustrated a downward trend over the same period. Senegal (+51 p.p.), Mali (+8.1 p.p.) and Cote d'Ivoire (+3.5 p.p.) significantly strengthened its position in terms of the total exports, while Nigeria saw its share reduced by -24.2% from 2012 to 2021, respectively.

In value terms, Senegal ($X) remains the largest baking soda supplier in ECOWAS, comprising 85% of total exports. The second position in the ranking was taken by Mali ($X), with an 8.7% share of total exports. It was followed by Nigeria, with a 3.5% share.

In Senegal, baking soda exports increased at an average annual rate of +6.0% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Mali (+16.0% per year) and Nigeria (-14.2% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, stabilizing at the previous year. Export price indicated a measured increase from 2012 to 2021: its price increased at an average annual rate of +4.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, baking soda export price increased by +95.6% against 2018 indices. The most prominent rate of growth was recorded in 2019 when the export price increased by 87%. Over the period under review, the export prices hit record highs in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+24.3%), while the other leaders experienced more modest paces of growth.

Baking Soda Imports

Imports in ECOWAS

In 2021, approx. X tons of baking soda were imported in ECOWAS; waning by -30.1% on the previous year's figure. Overall, imports, however, showed a strong increase. The growth pace was the most rapid in 2013 with an increase of 118% against the previous year. Over the period under review, imports reached the maximum at X tons in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, baking soda imports soared to $X in 2021. Over the period under review, imports, however, posted buoyant growth. The pace of growth appeared the most rapid in 2013 with an increase of 129%. Over the period under review, imports hit record highs in 2021 and are likely to continue growth in the immediate term.

Imports by Country

Nigeria represented the key importing country with an import of about X tons, which accounted for 57% of total imports. Senegal (X tons) took the second position in the ranking, distantly followed by Ghana (X tons). All these countries together took near 22% share of total imports. The following importers - Cote d'Ivoire (X tons), Cabo Verde (X tons), Guinea (X tons), Burkina Faso (X tons), Liberia (X tons), Niger (X tons) and Mali (X tons) - together made up 20% of total imports.

From 2012 to 2021, average annual rates of growth with regard to baking soda imports into Nigeria stood at +15.9%. At the same time, Cabo Verde (+39.5%), Senegal (+17.4%), Burkina Faso (+14.5%), Cote d'Ivoire (+9.3%), Liberia (+8.8%), Ghana (+7.0%), Guinea (+4.1%) and Mali (+1.6%) displayed positive paces of growth. Moreover, Cabo Verde emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +39.5% from 2012-2021. By contrast, Niger (-18.9%) illustrated a downward trend over the same period. Nigeria (+25 p.p.), Senegal (+7.4 p.p.) and Cabo Verde (+3 p.p.) significantly strengthened its position in terms of the total imports, while Mali and Niger saw its share reduced by -1.8% and -31.6% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported baking soda in ECOWAS, comprising 79% of total imports. The second position in the ranking was taken by Senegal ($X), with a 3.9% share of total imports. It was followed by Cote d'Ivoire, with a 3% share.

In Nigeria, baking soda imports increased at an average annual rate of +22.8% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Senegal (+11.0% per year) and Cote d'Ivoire (+9.2% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, increasing by 70% against the previous year. Over the period under review, the import price recorded a prominent increase. As a result, import price attained 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 2021, 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 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+5.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform