ECOWAS: Citric Acid Market 2024

Citric Acid Market Size in ECOWAS

After three years of growth, the ECOWAS citric acid market decreased by -25% to $X in 2021. The total consumption indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +7.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X, and then fell notably in the following year.

Citric Acid Production in ECOWAS

In value terms, citric acid production rose notably to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +5.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2013 when the production volume increased by 24% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Citric Acid Exports

Exports in ECOWAS

In 2021, overseas shipments of citric acid and its salts and esters increased by 1.5% to X tons, rising for the fifth year in a row after three years of decline. In general, exports, however, saw a abrupt setback. The most prominent rate of growth was recorded in 2017 when exports increased by 43%. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, citric acid exports surged to $X in 2021. Overall, exports, however, recorded a abrupt downturn. The growth pace was the most rapid in 2020 with an increase of 59%. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

Senegal (X tons) and Togo (X tons) were the largest exporters of citric acid and its salts and esters in 2021, amounting to near 38% and 30% of total exports, respectively. Cote d'Ivoire (X tons) held an 18% share (based on physical terms) of total exports, which put it in second place, followed by Ghana (12%).

From 2012 to 2021, the biggest increases were recorded for Togo (with a CAGR of +59.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Senegal ($X) emerged as the largest citric acid supplier in ECOWAS, comprising 52% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 22% share of total exports. It was followed by Togo, with a 15% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Senegal amounted to +17.5%. In the other countries, the average annual rates were as follows: Cote d'Ivoire (-27.6% per year) and Togo (+36.2% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, picking up by 24% against the previous year. In general, the export price, however, recorded a abrupt decrease. The level of export peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (-2.7%), while the other leaders experienced a decline in the export price figures.

Citric Acid Imports

Imports in ECOWAS

In 2021, supplies from abroad of citric acid and its salts and esters decreased by -53.9% to X tons for the first time since 2011, thus ending a nine-year rising trend. Over the period under review, imports, however, showed a strong increase. The most prominent rate of growth was recorded in 2020 when imports increased by 71%. As a result, imports reached the peak of X tons, and then declined remarkably in the following year.

In value terms, citric acid imports shrank notably to $X in 2021. Overall, imports, however, recorded a resilient expansion. The pace of growth appeared the most rapid in 2020 when imports increased by 94% against the previous year. As a result, imports attained the peak of $X, and then reduced dramatically in the following year.

Imports by Country

Nigeria represented the main importer of citric acid and its salts and esters in ECOWAS, with the volume of imports reaching X tons, which was approx. 63% of total imports in 2021. Ghana (X tons) ranks second in terms of the total imports with a 12% share, followed by Guinea (7.1%), Cote d'Ivoire (6%) and Senegal (4.9%). Togo (X tons) held a little share of total imports.

Imports into Nigeria increased at an average annual rate of +11.1% from 2012 to 2021. At the same time, Guinea (+17.1%), Ghana (+13.9%), Togo (+12.9%), Senegal (+11.0%) and Cote d'Ivoire (+8.7%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +17.1% from 2012-2021. While the share of Guinea (+2.5 p.p.) and Ghana (+1.9 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Cote d'Ivoire (-1.6 p.p.) and Nigeria (-3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported citric acid and its salts and esters in ECOWAS, comprising 71% of total imports. The second position in the ranking was held by Guinea ($X), with an 8.1% share of total imports. It was followed by Ghana, with a 6.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Nigeria totaled +10.7%. The remaining importing countries recorded the following average annual rates of imports growth: Guinea (+24.5% per year) and Ghana (+6.7% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, increasing by 20% against the previous year. In general, the import price, however, continues to indicate a slight decrease. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, 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 Guinea ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Guinea (+6.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform