ECOWAS: Herbicide Market 2024

Herbicide Market Size in ECOWAS

The ECOWAS herbicide market declined to $X in 2021, which is down by -12.4% against the previous year. The total consumption indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +4.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +36.7% against 2019 indices. The level of consumption peaked at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Herbicide Production in ECOWAS

In value terms, herbicide production contracted markedly to $X in 2021 estimated in export price. In general, production, however, recorded a modest expansion. The growth pace was the most rapid in 2016 with an increase of 137% against the previous year. Over the period under review, production reached the peak level at $X in 2017; however, from 2018 to 2021, production failed to regain momentum.

Herbicide Exports

Exports in ECOWAS

In 2021, after four years of growth, there was significant decline in overseas shipments of herbicides, when their volume decreased by -5.5% to X tons. Overall, exports, however, enjoyed a strong increase. The most prominent rate of growth was recorded in 2013 when exports increased by 135% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports failed to regain momentum.

In value terms, herbicide exports declined markedly to $X in 2021. In general, exports showed a noticeable decline. The pace of growth appeared the most rapid in 2018 when exports increased by 101% against the previous year. Over the period under review, the exports attained the maximum at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

Nigeria prevails in exports structure, reaching X tons, which was near 93% of total exports in 2021. The following exporters - Burkina Faso (X tons) and Ghana (X tons) - together made up 4.6% of total exports.

Nigeria was also the fastest-growing in terms of the herbicides exports, with a CAGR of +24.0% from 2012 to 2021. Burkina Faso (-8.1%) and Ghana (-17.6%) illustrated a downward trend over the same period. While the share of Nigeria (+65 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Burkina Faso (-10.9 p.p.) and Ghana (-16.9 p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) remains the largest herbicide supplier in ECOWAS, comprising 82% of total exports. The second position in the ranking was held by Burkina Faso ($X), with a 6.1% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Nigeria totaled +14.7%. The remaining exporting countries recorded the following average annual rates of exports growth: Burkina Faso (-11.6% per year) and Ghana (-16.4% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, falling by -32.4% against the previous year. In general, the export price faced a abrupt decline. The most prominent rate of growth was recorded in 2015 when the export price increased by 86% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+1.5%), while the other leaders experienced a decline in the export price figures.

Herbicide Imports

Imports in ECOWAS

Herbicide imports contracted markedly to X tons in 2021, dropping by -21.9% compared with 2020. Over the period under review, imports, however, showed a prominent expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 56% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2020, and then declined notably in the following year.

In value terms, herbicide imports reduced to $X in 2021. Overall, imports, however, saw a resilient expansion. The growth pace was the most rapid in 2014 with an increase of 71%. The level of import peaked at $X in 2020, and then shrank in the following year.

Imports by Country

Nigeria was the key importer of herbicides in ECOWAS, with the volume of imports recording X tons, which was near 55% of total imports in 2021. Ghana (X tons) took a 22% share (based on physical terms) of total imports, which put it in second place, followed by Cote d'Ivoire (13%) and Guinea (4.9%). The following importers - Burkina Faso (X tons) and Mali (X tons) - each accounted for a 3.2% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to herbicide imports into Nigeria stood at +7.8%. At the same time, Cote d'Ivoire (+16.1%), Guinea (+12.7%), Mali (+7.7%) and Burkina Faso (+7.3%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +16.1% from 2012-2021. Ghana experienced a relatively flat trend pattern. Cote d'Ivoire (+6.9 p.p.), Nigeria (+6.3 p.p.) and Guinea (+2 p.p.) significantly strengthened its position in terms of the total imports, while Ghana saw its share reduced by -15.5% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported herbicides in ECOWAS, comprising 51% of total imports. The second position in the ranking was taken by Ghana ($X), with a 23% share of total imports. It was followed by Cote d'Ivoire, with a 15% share.

In Nigeria, herbicide imports increased at an average annual rate of +6.9% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Ghana (+1.7% per year) and Cote d'Ivoire (+14.8% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, rising by 20% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. Over the period under review, import prices attained the maximum at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Cote d'Ivoire ($X per ton) and Mali ($X per ton), while Nigeria ($X per ton) and Guinea ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+1.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform