ECOWAS: Organ Extracts Market 2024

Organ Extracts Market Size in ECOWAS

After four years of growth, the ECOWAS organ extracts market decreased by -7.9% to $X in 2021. The total consumption indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +3.8% 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 increased by +20.8% against 2015 indices. The level of consumption peaked at $X in 2020, and then fell in the following year.

Organ Extracts Production in ECOWAS

In value terms, organ extracts production dropped to $X in 2021 estimated in export price. The total production indicated a temperate increase from 2012 to 2021: its value increased at an average annual rate of +2.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +71.9% against 2014 indices. The pace of growth appeared the most rapid in 2020 with an increase of 14% against the previous year. As a result, production attained the peak level of $X, and then declined in the following year.

Organ Extracts Exports

Exports in ECOWAS

For the third year in a row, ECOWAS recorded decline in overseas shipments of extracts of glands or other organs or of their secretions, which decreased by -30.3% to X tons in 2021. In general, exports saw a precipitous shrinkage. The most prominent rate of growth was recorded in 2018 with an increase of 912% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, organ extracts exports rose modestly to $X in 2021. Over the period under review, exports faced a precipitous curtailment. The pace of growth was the most pronounced in 2018 when exports increased by 748%. 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

Nigeria dominates exports structure, accounting for X tons, which was approx. 82% of total exports in 2021. Cote d'Ivoire (X kg) held the second position in the ranking, followed by Ghana (X kg). All these countries together held near 15% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to organ extracts exports from Nigeria stood at -28.0%. Cote d'Ivoire (-3.3%) and Ghana (-17.9%) illustrated a downward trend over the same period. While the share of Cote d'Ivoire (+8.6 p.p.) and Ghana (+3.3 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Nigeria (-14.8 p.p.) displayed negative dynamics.

In value terms, Nigeria ($X), Cote d'Ivoire ($X) and Ghana ($X) constituted the countries with the highest levels of exports in 2021, with a combined 93% share of total exports.

Among the main exporting countries, Cote d'Ivoire, with a CAGR of +5.9%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, jumping by 51% against the previous year. Overall, the export price recorded a buoyant expansion. The most prominent rate of growth was recorded in 2016 when the export price increased by 141% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2017 to 2021, the export prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+9.5%), while the other leaders experienced mixed trends in the export price figures.

Organ Extracts Imports

Imports in ECOWAS

In 2021, approx. X tons of extracts of glands or other organs or of their secretions were imported in ECOWAS; which is down by -46.5% against the previous year. In general, imports showed a noticeable decrease. The pace of growth appeared the most rapid in 2014 when imports increased by 1,300% against the previous year. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, organ extracts imports contracted to $X in 2021. Overall, imports saw a mild curtailment. The most prominent rate of growth was recorded in 2014 with an increase of 105% against the previous year. The level of import peaked at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Nigeria was the key importing country with an import of around X tons, which reached 74% of total imports. Sierra Leone (X tons) held a 14% share (based on physical terms) of total imports, which put it in second place, followed by Ghana (6.3%). Mali (X kg) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to organ extracts imports into Nigeria stood at -6.4%. At the same time, Mali (+25.6%), Sierra Leone (+19.6%) and Ghana (+2.2%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +25.6% from 2012-2021. Sierra Leone (+12 p.p.), Ghana (+3 p.p.) and Mali (+2.2 p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by -12.6% from 2012 to 2021, respectively.

In value terms, Nigeria ($X), Ghana ($X) and Mali ($X) were the countries with the highest levels of imports in 2021, with a combined 89% share of total imports.

Among the main importing countries, Mali, with a CAGR of +43.5%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, surging by 76% against the previous year. Overall, the import price recorded measured growth. The growth pace was the most rapid in 2013 when the import price increased by 476%. As a result, import price reached the peak level of $X per ton. From 2014 to 2021, the import prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mali (+14.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform