ECOWAS: Medical Gel Preparations Market 2024

Medical Gel Preparations Market Size in ECOWAS

In 2022, the ECOWAS medical gel preparations market decreased by -17.9% to $X, falling for the fourth year in a row after three years of growth. Over the period under review, consumption showed a mild decline. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Medical Gel Preparations Production in ECOWAS

In value terms, medical gel preparations production dropped to $X in 2022 estimated in export price. In general, production recorded a deep contraction. The most prominent rate of growth was recorded in 2016 when the production volume increased by 17% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Medical Gel Preparations Exports

Exports in ECOWAS

In 2022, approx. X tons of gel preparations for human or veterinary medicine were exported in ECOWAS; rising by 44% compared with 2021. Over the period under review, exports continue to indicate buoyant growth. The pace of growth appeared the most rapid in 2020 when exports increased by 161% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in the near future.

In value terms, medical gel preparations exports skyrocketed to $X in 2022. In general, exports enjoyed a significant expansion. The growth pace was the most rapid in 2016 when exports increased by 377% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are likely to see steady growth in years to come.

Exports by Country

Burkina Faso represented the major exporter of gel preparations for human or veterinary medicine in ECOWAS, with the volume of exports amounting to X tons, which was near 49% of total exports in 2022. Senegal (X tons) held a 24% share (based on physical terms) of total exports, which put it in second place, followed by Togo (19%) and Ghana (6.6%).

Burkina Faso was also the fastest-growing in terms of the gel preparations for human or veterinary medicine exports, with a CAGR of +73.2% from 2012 to 2022. At the same time, Togo (+37.4%) and Senegal (+23.9%) displayed positive paces of growth. By contrast, Ghana (-12.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Burkina Faso, Togo and Senegal increased by +49, +17 and +15 percentage points, respectively.

In value terms, Burkina Faso ($X) remains the largest medical gel preparations supplier in ECOWAS, comprising 68% of total exports. The second position in the ranking was taken by Togo ($X), with a 9.6% share of total exports. It was followed by Ghana, with a 9.5% share.

In Burkina Faso, medical gel preparations exports increased at an average annual rate of +78.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Togo (+30.1% per year) and Ghana (+6.1% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, shrinking by -19.9% against the previous year. In general, the export price, however, saw strong growth. The pace of growth appeared the most rapid in 2014 when the export price increased by 102%. The level of export peaked at $X per ton in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

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 Ghana ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+21.7%), while the other leaders experienced mixed trends in the export price figures.

Medical Gel Preparations Imports

Imports in ECOWAS

In 2022, supplies from abroad of gel preparations for human or veterinary medicine decreased by -27.4% to X tons, falling for the fourth year in a row after three years of growth. In general, imports showed a pronounced curtailment. The growth pace was the most rapid in 2017 with an increase of 305% against the previous year. Over the period under review, imports attained the maximum at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, medical gel preparations imports dropped sharply to $X in 2022. Overall, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 160%. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Ghana (X tons), distantly followed by Nigeria (X tons), Burkina Faso (X tons) and Cote d'Ivoire (X tons) were the major importers of gel preparations for human or veterinary medicine, together mixing up 80% of total imports. Togo (X tons), Senegal (X tons) and Guinea (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Guinea (with a CAGR of +68.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X), Cote d'Ivoire ($X) and Ghana ($X) appeared to be the countries with the highest levels of imports in 2022, together accounting for 67% of total imports. Senegal, Burkina Faso, Guinea and Togo lagged somewhat behind, together comprising a further 16%.

Among the main importing countries, Guinea, with a CAGR of +40.7%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, remaining stable against the previous year. Over the period under review, the import price saw a noticeable increase. The pace of growth was the most pronounced in 2021 when the import price increased by 147% against the previous year. Over the period under review, import prices attained the maximum in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cote d'Ivoire ($X per ton), while Burkina Faso ($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 (+7.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform