ECOWAS: Glutamic Acid Market 2024

Glutamic Acid Market Size in ECOWAS

The ECOWAS glutamic acid market soared to $X in 2022, with an increase of 36% against the previous year. Over the period under review, consumption saw a buoyant expansion. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Glutamic Acid Production in ECOWAS

In value terms, glutamic acid production reached $X in 2022 estimated in export price. The total production indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -18.7% against 2018 indices. The pace of growth appeared the most rapid in 2018 with an increase of 36%. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

Glutamic Acid Exports

Exports in ECOWAS

In 2022, overseas shipments of glutamic acid and its salts were finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports, however, recorded a abrupt decrease. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, glutamic acid exports skyrocketed to $X in 2022. Overall, exports, however, recorded a abrupt decrease. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Senegal represented the key exporter of glutamic acid and its salts in ECOWAS, with the volume of exports resulting at X tons, which was approx. 49% of total exports in 2022. It was distantly followed by Cote d'Ivoire (X tons), Togo (X tons) and Ghana (X tons), together constituting a 43% share of total exports. Niger (X tons) and Nigeria (X tons) held a relatively small share of total exports.

From 2012 to 2022, the biggest increases were recorded for Niger (with a CAGR of +64.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X) emerged as the largest glutamic acid supplier in ECOWAS, comprising 60% of total exports. The second position in the ranking was held by Senegal ($X), with a 26% share of total exports. It was followed by Ghana, with a 4.2% share.

From 2012 to 2022, the average annual growth rate of value in Cote d'Ivoire totaled +1.5%. In the other countries, the average annual rates were as follows: Senegal (-4.1% per year) and Ghana (+6.0% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, growing by 38% against the previous year. Overall, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 an increase of 47% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the export prices remained at a somewhat 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 ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (+4.7%), while the other leaders experienced mixed trends in the export price figures.

Glutamic Acid Imports

Imports in ECOWAS

In 2022, imports of glutamic acid and its salts in ECOWAS surged to X tons, jumping by 24% against 2021. In general, imports continue to indicate a buoyant increase. The growth pace was the most rapid in 2020 when imports increased by 65% against the previous year. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, glutamic acid imports soared to $X in 2022. Over the period under review, imports continue to indicate buoyant growth. The growth pace was the most rapid in 2020 when imports increased by 76%. The level of import peaked in 2022 and is likely to continue growth in the immediate term.

Imports by Country

Nigeria prevails in imports structure, finishing at X tons, which was near 78% of total imports in 2022. Senegal (X tons) ranks second in terms of the total imports with an 8.8% share, followed by Cote d'Ivoire (6.3%). Ghana (X tons) followed a long way behind the leaders.

Imports into Nigeria increased at an average annual rate of +8.5% from 2012 to 2022. At the same time, Ghana (+13.1%), Cote d'Ivoire (+8.0%) and Senegal (+5.9%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +13.1% from 2012-2022. While the share of Nigeria (+1.8 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Senegal (-2.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported glutamic acid and its salts in ECOWAS, comprising 83% of total imports. The second position in the ranking was taken by Senegal ($X), with a 7.6% share of total imports. It was followed by Cote d'Ivoire, with a 4.8% share.

In Nigeria, glutamic acid imports increased at an average annual rate of +7.4% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Senegal (+2.6% per year) and Cote d'Ivoire (+3.7% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, picking up by 17% against the previous year. In general, the import price, however, recorded a mild decrease. Over the period under review, import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Nigeria ($X per ton) and Senegal ($X per ton), while Cote d'Ivoire ($X per ton) and Ghana ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (-1.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform