ECOWAS: Diammonium Phosphate Market 2024

Diammonium Phosphate Market Size in ECOWAS

The ECOWAS diammonium phosphate market contracted slightly to $X in 2022, dropping by -4.5% against the previous year. The market value increased at an average annual rate of +2.1% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. Over the period under review, the market attained the peak level at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Diammonium Phosphate Production in ECOWAS

In value terms, diammonium phosphate production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.4% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 with an increase of 25%. Over the period under review, production reached the peak level at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Diammonium Phosphate Exports

Exports in ECOWAS

In 2022, diammonium phosphate exports in ECOWAS contracted dramatically to X tons, shrinking by -21.9% on the year before. Over the period under review, exports, however, showed resilient growth. The pace of growth appeared the most rapid in 2013 with an increase of 171%. The volume of export peaked at X tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, diammonium phosphate exports reduced markedly to $X in 2022. In general, exports, however, continue to indicate a significant increase. The pace of growth appeared the most rapid in 2013 with an increase of 172%. The level of export peaked at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

Mali was the largest exporting country with an export of about X tons, which amounted to 54% of total exports. Senegal (X tons) held the second position in the ranking, followed by Cote d'Ivoire (X tons) and Togo (X tons). All these countries together held approx. 46% share of total exports.

Mali was also the fastest-growing in terms of the diammonium phosphate exports, with a CAGR of +47.4% from 2012 to 2022. At the same time, Cote d'Ivoire (+30.3%), Senegal (+5.1%) and Togo (+4.4%) displayed positive paces of growth. From 2012 to 2022, the share of Mali and Cote d'Ivoire increased by +49 and +10 percentage points, respectively.

In value terms, Mali ($X) remains the largest diammonium phosphate supplier in ECOWAS, comprising 70% of total exports. The second position in the ranking was taken by Senegal ($X), with a 16% share of total exports. It was followed by Togo, with a 7.5% share.

In Mali, diammonium phosphate exports expanded at an average annual rate of +70.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Senegal (+13.8% per year) and Togo (-0.6% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, increasing by 1.6% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.4%. The pace of growth appeared the most rapid in 2020 when the export price increased by 33%. As a result, the export price attained the peak level of $X per ton. From 2021 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mali (+15.7%), while the other leaders experienced mixed trends in the export price figures.

Diammonium Phosphate Imports

Imports in ECOWAS

For the third consecutive year, ECOWAS recorded decline in supplies from abroad of diammonium phosphate, which decreased by -6.7% to X tons in 2022. Overall, imports, however, showed a moderate expansion. The growth pace was the most rapid in 2019 when imports increased by 66%. As a result, imports attained the peak of X tons. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, diammonium phosphate imports shrank dramatically to $X in 2022. In general, imports saw a relatively flat trend pattern. The growth pace was the most rapid in 2013 when imports increased by 50% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Cote d'Ivoire was the largest importing country with an import of around X tons, which reached 52% of total imports. Senegal (X tons) took the second position in the ranking, followed by Mali (X tons), Burkina Faso (X tons) and Ghana (X tons). All these countries together held approx. 43% share of total imports. Nigeria (X tons) held a minor share of total imports.

Imports into Cote d'Ivoire increased at an average annual rate of +6.1% from 2012 to 2022. At the same time, Mali (+33.9%), Senegal (+18.2%), Ghana (+16.3%) and Burkina Faso (+12.1%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +33.9% from 2012-2022. By contrast, Nigeria (-15.7%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Cote d'Ivoire, Senegal, Mali, Burkina Faso and Ghana increased by +17, +11, +11, +6.4 and +4.5 percentage points, respectively.

In value terms, Cote d'Ivoire ($X) constitutes the largest market for imported diammonium phosphate in ECOWAS, comprising 50% of total imports. The second position in the ranking was held by Senegal ($X), with a 19% share of total imports. It was followed by Mali, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Cote d'Ivoire stood at +1.7%. In the other countries, the average annual rates were as follows: Senegal (+18.4% per year) and Mali (+38.4% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, falling by -14.4% against the previous year. Over the period under review, the import price showed a pronounced decline. The most prominent rate of growth was recorded in 2021 when the import price increased by 47% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mali (+3.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform