ECOWAS: Color Printing Ink Market 2024

Color Printing Ink Market Size in ECOWAS

The ECOWAS color printing ink market was estimated at $X in 2022, flattening at the previous year. In general, consumption saw a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Color Printing Ink Production in ECOWAS

In value terms, color printing ink production rose slightly to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the production volume increased by 21%. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Color Printing Ink Exports

Exports in ECOWAS

In 2022, approx. X tons of color printing ink were exported in ECOWAS; growing by 27% against 2021 figures. In general, exports, however, continue to indicate a pronounced reduction. The most prominent rate of growth was recorded in 2015 when exports increased by 80% against the previous year. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, color printing ink exports skyrocketed to $X in 2022. Overall, exports posted a measured increase. The growth pace was the most rapid in 2013 when exports increased by 104% against the previous year. Over the period under review, the exports attained the maximum at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Cote d'Ivoire (X tons) and Nigeria (X tons) represented the main exporters of color printing ink in ECOWAS, together creating 71% of total exports. Senegal (X tons) took the next position in the ranking, distantly followed by Togo (X tons). All these countries together held approx. 23% share of total exports. Mali (X kg) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Mali (with a CAGR of +72.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X) remains the largest color printing ink supplier in ECOWAS, comprising 52% of total exports. The second position in the ranking was held by Senegal ($X), with an 18% share of total exports. It was followed by Nigeria, with a 15% share.

In Cote d'Ivoire, color printing ink exports increased at an average annual rate of +9.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Senegal (+9.6% per year) and Nigeria (-3.3% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, stabilizing at the previous year. Export price indicated a strong increase from 2012 to 2022: its price increased at an average annual rate of +7.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, color printing ink export price decreased by +0.1% against 2018 indices. The pace of growth appeared the most rapid in 2018 an increase of 78% against the previous year. The level of export peaked in 2022 and is likely to see gradual growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Mali ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+7.1%), while the other leaders experienced a decline in the export price figures.

Color Printing Ink Imports

Imports in ECOWAS

In 2022, purchases abroad of color printing ink decreased by -9.7% to X tons, falling for the second consecutive year after three years of growth. In general, imports, however, saw a strong expansion. The most prominent rate of growth was recorded in 2020 with an increase of 46% against the previous year. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, color printing ink imports declined notably to $X in 2022. Overall, imports, however, saw a perceptible expansion. The pace of growth appeared the most rapid in 2020 when imports increased by 81% against the previous year. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Nigeria was the main importer of color printing ink in ECOWAS, with the volume of imports recording X tons, which was near 54% of total imports in 2022. It was distantly followed by Ghana (X tons), Cote d'Ivoire (X tons) and Senegal (X tons), together making up a 37% share of total imports. Togo (X tons) and Guinea (X tons) followed a long way behind the leaders.

Imports into Nigeria increased at an average annual rate of +6.4% from 2012 to 2022. At the same time, Guinea (+32.5%), Cote d'Ivoire (+17.3%), Ghana (+8.4%), Togo (+4.4%) and Senegal (+3.6%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +32.5% from 2012-2022. Cote d'Ivoire (+8.2 p.p.) significantly strengthened its position in terms of the total imports, while Senegal and Nigeria saw its share reduced by -2.7% and -6.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported color printing ink in ECOWAS, comprising 52% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 19% share of total imports. It was followed by Ghana, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria amounted to +3.6%. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+10.8% per year) and Ghana (+5.5% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, reducing by -6.3% against the previous year. In general, the import price continues to indicate a noticeable shrinkage. The most prominent rate of growth was recorded in 2020 when the import price increased by 24% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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 Cote d'Ivoire ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (-0.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform