ECOWAS: Benzoic Acid Market 2024

Benzoic Acid Market Size in ECOWAS

In 2021, the ECOWAS benzoic acid market decreased by -5.8% to $X, falling for the second consecutive year after two years of growth. The total consumption indicated noticeable growth from 2012 to 2021: its value increased at an average annual rate of +3.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -35.2% against 2019 indices. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Benzoic Acid Production in ECOWAS

In value terms, benzoic acid production totaled $X in 2021 estimated in export price. The total output value increased at an average annual rate of +6.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 with an increase of 35%. Over the period under review, production attained the peak level at $X in 2019; afterwards, it flattened through to 2021.

Benzoic Acid Exports

Exports in ECOWAS

For the third consecutive year, ECOWAS recorded growth in shipments abroad of benzoic acid, its salts and esters, which increased by 106% to X tons in 2021. In general, exports showed significant growth. The pace of growth appeared the most rapid in 2020 when exports increased by 546% against the previous year. The volume of export peaked in 2021 and is likely to see steady growth in the near future.

In value terms, benzoic acid exports soared to $X in 2021. Overall, exports recorded a significant expansion. The most prominent rate of growth was recorded in 2020 when exports increased by 793%. Over the period under review, the exports hit record highs in 2021 and are likely to see gradual growth in the immediate term.

Exports by Country

Cote d'Ivoire dominates exports structure, recording X tons, which was near 98% of total exports in 2021. Senegal (X tons) followed a long way behind the leaders.

Cote d'Ivoire was also the fastest-growing in terms of the benzoic acid, its salts and esters exports, with a CAGR of +56.1% from 2012 to 2021. Senegal (-12.9%) illustrated a downward trend over the same period. Cote d'Ivoire (+84 p.p.) significantly strengthened its position in terms of the total exports, while Senegal saw its share reduced by -50.2% from 2012 to 2021, respectively.

In value terms, Cote d'Ivoire ($X) remains the largest benzoic acid supplier in ECOWAS, comprising 98% of total exports. The second position in the ranking was held by Senegal ($X), with a 1.6% share of total exports.

In Cote d'Ivoire, benzoic acid exports increased at an average annual rate of +46.0% over the period from 2012-2021.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, falling by -17% against the previous year. In general, the export price, however, showed a tangible expansion. The most prominent rate of growth was recorded in 2015 when the export price increased by 159% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2016 to 2021, the export prices remained at a somewhat lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while Senegal amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+5.7%).

Benzoic Acid Imports

Imports in ECOWAS

In 2021, supplies from abroad of benzoic acid, its salts and esters decreased by -13.6% to X tons, falling for the second year in a row after two years of growth. Over the period under review, imports, however, saw a noticeable expansion. The most prominent rate of growth was recorded in 2014 with an increase of 172%. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, benzoic acid imports declined to $X in 2021. Overall, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of 161%. 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, Nigeria (X tons) represented the key importer of benzoic acid, its salts and esters, mixing up 65% of total imports. It was distantly followed by Ghana (X tons) and Cote d'Ivoire (X tons), together making up a 30% share of total imports.

Nigeria experienced a relatively flat trend pattern with regard to volume of imports of benzoic acid, its salts and esters. At the same time, Cote d'Ivoire (+31.1%) and Ghana (+16.9%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +31.1% from 2012-2021. Ghana (+13 p.p.) and Cote d'Ivoire (+10 p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by -23% from 2012 to 2021, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported benzoic acid, its salts and esters in ECOWAS, comprising 58% of total imports. The second position in the ranking was taken by Ghana ($X), with a 24% share of total imports.

From 2012 to 2021, the average annual growth rate of value in Nigeria amounted to -3.3%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+16.0% per year) and Cote d'Ivoire (+19.7% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, growing by 2.9% against the previous year. In general, the import price, however, continues to indicate a mild decrease. The pace of growth was the most pronounced in 2016 when the import price increased by 20%. The level of import peaked at $X per ton in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Ghana ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (-0.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform