ECOWAS: Essential Oils Market 2024

Essential Oils Market Size in ECOWAS

The ECOWAS essential oils market contracted to $X in 2022, with a decrease of -6.7% against the previous year. The total consumption indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -40.6% against 2016 indices. The level of consumption peaked at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Essential Oils Production in ECOWAS

In value terms, essential oils production totaled $X in 2022 estimated in export price. In general, production posted pronounced growth. The most prominent rate of growth was recorded in 2014 with an increase of 55%. The level of production peaked at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Essential Oils Exports

Exports in ECOWAS

In 2022, essential oils exports in ECOWAS surged to X tons, picking up by 29% on the year before. In general, exports showed a strong increase. The pace of growth appeared the most rapid in 2020 when exports increased by 48% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, essential oils exports shrank sharply to $X in 2022. Over the period under review, exports posted modest growth. The most prominent rate of growth was recorded in 2021 when exports increased by 136% against the previous year. As a result, the exports reached the peak of $X, and then declined dramatically in the following year.

Exports by Country

Nigeria represented the major exporting country with an export of around X tons, which resulted at 52% of total exports. Ghana (X tons) held the second position in the ranking, followed by Cote d'Ivoire (X tons). All these countries together took near 43% share of total exports. Gambia (X tons) and Senegal (X tons) followed a long way behind the leaders.

Nigeria was also the fastest-growing in terms of the essential oils exports, with a CAGR of +26.8% from 2012 to 2022. At the same time, Ghana (+20.1%) and Cote d'Ivoire (+13.0%) displayed positive paces of growth. Senegal experienced a relatively flat trend pattern. By contrast, Gambia (-8.0%) illustrated a downward trend over the same period. Nigeria (+35 p.p.) and Ghana (+11 p.p.) significantly strengthened its position in terms of the total exports, while Senegal and Gambia saw its share reduced by -5.1% and -17.7% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X) remains the largest essential oils supplier in ECOWAS, comprising 90% of total exports. The second position in the ranking was taken by Ghana ($X), with a 4.5% share of total exports. It was followed by Nigeria, with a 1.9% share.

From 2012 to 2022, the average annual growth rate of value in Cote d'Ivoire amounted to +1.4%. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (+6.4% per year) and Nigeria (+6.7% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, declining by -60.7% against the previous year. In general, the export price continues to indicate a abrupt decrease. The pace of growth appeared the most rapid in 2021 when the export price increased by 170%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+15.3%), while the other leaders experienced mixed trends in the export price figures.

Essential Oils Imports

Imports in ECOWAS

In 2022, supplies from abroad of essential oils decreased by -24.1% to X tons, falling for the third consecutive year after two years of growth. In general, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2019 when imports increased by 423%. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of imports failed to regain momentum.

In value terms, essential oils imports reduced notably to $X in 2022. Over the period under review, imports saw a pronounced reduction. The most prominent rate of growth was recorded in 2019 with an increase of 233% against the previous year. As a result, imports reached the peak of $X. From 2020 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Nigeria prevails in imports structure, finishing at X tons, which was approx. 81% of total imports in 2022. It was distantly followed by Senegal (X tons), constituting a 7.8% share of total imports. The following importers - Ghana (X tons), Cote d'Ivoire (X tons) and Mali (X tons) - together made up 7.6% of total imports.

From 2012 to 2022, average annual rates of growth with regard to essential oils imports into Nigeria stood at +1.7%. At the same time, Senegal (+11.2%) and Cote d'Ivoire (+5.7%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +11.2% from 2012-2022. By contrast, Mali (-1.1%) and Ghana (-13.3%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Nigeria and Senegal increased by +12 and +5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported essential oils in ECOWAS, comprising 53% of total imports. The second position in the ranking was taken by Ghana ($X), with an 11% share of total imports. It was followed by Cote d'Ivoire, with an 11% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria amounted to -1.6%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (-11.9% per year) and Cote d'Ivoire (+11.4% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, dropping by -6.2% against the previous year. In general, the import price continues to indicate a perceptible curtailment. The growth pace was the most rapid in 2015 when the import price increased by 38%. As a result, import price attained the peak level of $X per ton. From 2016 to 2022, the import prices remained at a somewhat 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 ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+5.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform