ECOWAS: Pharmaceutical Rubber Articles Market 2024

Pharmaceutical Rubber Articles Market Size in ECOWAS

In 2021, the ECOWAS pharmaceutical rubber articles market was finally on the rise to reach $X after two years of decline. The market value increased at an average annual rate of +3.6% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Pharmaceutical Rubber Articles Production in ECOWAS

In value terms, pharmaceutical rubber articles production rose to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2015 with an increase of 19% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Pharmaceutical Rubber Articles Exports

Exports in ECOWAS

In 2021, overseas shipments of hygienic or pharmaceutical articles of rubber decreased by -53.3% to X units, falling for the third year in a row after two years of growth. In general, exports saw a deep contraction. The most prominent rate of growth was recorded in 2018 with an increase of 68%. As a result, the exports reached the peak of X units. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, pharmaceutical rubber articles exports dropped markedly to $X in 2021. Overall, exports recorded a abrupt setback. The most prominent rate of growth was recorded in 2013 when exports increased by 88%. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Mali (X units), Togo (X units) and Cote d'Ivoire (X units) represented roughly 63% of total exports in 2021. Ghana (X units) took a 13% share (based on physical terms) of total exports, which put it in second place, followed by Nigeria (11%) and Sierra Leone (5.5%). Senegal (X units) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Mali (with a CAGR of +29.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest pharmaceutical rubber articles supplying countries in ECOWAS were Senegal ($X), Ghana ($X) and Mali ($X), together accounting for 70% of total exports.

Mali, with a CAGR of +31.6%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2021, with an increase of 6.1% against the previous year. In general, the export price, however, continues to indicate a noticeable shrinkage. The growth pace was the most rapid in 2017 an increase of 75% against the previous year. Over the period under review, the export prices reached the peak figure at $X per unit in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Senegal ($X per unit), while Togo ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+15.2%), while the other leaders experienced more modest paces of growth.

Pharmaceutical Rubber Articles Imports

Imports in ECOWAS

Pharmaceutical rubber articles imports reduced sharply to X units in 2021, shrinking by -26% compared with the previous year. In general, imports, however, enjoyed a notable increase. The pace of growth appeared the most rapid in 2013 when imports increased by 225% against the previous year. As a result, imports reached the peak of X units. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, pharmaceutical rubber articles imports dropped sharply to $X in 2021. Overall, imports showed a perceptible descent. The pace of growth appeared the most rapid in 2013 with an increase of 360%. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Nigeria (X units) was the key importer of hygienic or pharmaceutical articles of rubber, generating 57% of total imports. Burkina Faso (X units) took a 23% share (based on physical terms) of total imports, which put it in second place, followed by Ghana (10%). The following importers - Senegal (X units), Cote d'Ivoire (X units) and Niger (X units) - together made up 7.1% of total imports.

From 2012 to 2021, average annual rates of growth with regard to pharmaceutical rubber articles imports into Nigeria stood at +2.5%. At the same time, Niger (+21.1%), Burkina Faso (+10.7%) and Ghana (+4.0%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +21.1% from 2012-2021. By contrast, Senegal (-3.3%) and Cote d'Ivoire (-8.7%) illustrated a downward trend over the same period. While the share of Burkina Faso (+11 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Senegal (-2.2 p.p.), Nigeria (-2.8 p.p.) and Cote d'Ivoire (-5.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X), Burkina Faso ($X) and Ghana ($X) constituted the countries with the highest levels of imports in 2021, together comprising 69% of total imports. These countries were followed by Cote d'Ivoire, Senegal and Niger, which together accounted for a further 23%.

Niger, with a CAGR of +20.8%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2021, with a decrease of -4.3% against the previous year. Overall, the import price continues to indicate a abrupt contraction. The growth pace was the most rapid in 2013 when the import price increased by 41%. The level of import peaked at $X per unit in 2015; however, from 2016 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cote d'Ivoire ($X per unit), while Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+4.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform