ECOWAS: Insecticide Market 2024

Insecticide Market Size in ECOWAS

After two years of growth, the ECOWAS insecticide market decreased by -2.3% to $X in 2021. The total consumption indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +6.7% 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 +78.9% against 2012 indices. The level of consumption peaked at $X in 2020, and then shrank in the following year.

Insecticide Production in ECOWAS

In value terms, insecticide production soared to $X in 2021 estimated in export price. Over the period under review, production enjoyed significant growth. The pace of growth was the most pronounced in 2014 when the production volume increased by 390% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Insecticide Exports

Exports in ECOWAS

Insecticide exports skyrocketed to X tons in 2021, picking up by 197% against the year before. Overall, exports continue to indicate a prominent expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, insecticide exports dropped rapidly to $X in 2021. Over the period under review, exports posted a tangible expansion. The growth pace was the most rapid in 2017 with an increase of 98%. The level of export peaked at $X in 2020, and then declined sharply in the following year.

Exports by Country

Nigeria dominates exports structure, recording X tons, which was near 85% of total exports in 2021. It was distantly followed by Cote d'Ivoire (X tons), committing a 5.9% share of total exports. Senegal (X tons), Niger (X tons) and Benin (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to insecticide exports from Nigeria stood at +17.2%. At the same time, Benin (+80.0%) and Niger (+2.1%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +80.0% from 2012-2021. By contrast, Cote d'Ivoire (-5.2%) and Senegal (-8.6%) illustrated a downward trend over the same period. While the share of Nigeria (+41 p.p.) and Benin (+1.5 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Niger (-2 p.p.), Senegal (-12.3 p.p.) and Cote d'Ivoire (-14.5 p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) emerged as the largest insecticide supplier in ECOWAS, comprising 62% of total exports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 23% share of total exports. It was followed by Niger, with a 6.9% share.

In Nigeria, insecticide exports expanded at an average annual rate of +8.6% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Cote d'Ivoire (-1.0% per year) and Niger (+9.8% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, falling by -75.8% against the previous year. Over the period under review, the export price saw a abrupt downturn. The pace of growth appeared the most rapid in 2017 an increase of 106% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2020, and then declined remarkably in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Niger (+7.6%), while the other leaders experienced mixed trends in the export price figures.

Insecticide Imports

Imports in ECOWAS

In 2021, imports of insecticides in ECOWAS shrank to X tons, which is down by -10.6% against the year before. In general, imports, however, enjoyed a prominent increase. The pace of growth appeared the most rapid in 2017 when imports increased by 46%. Over the period under review, imports reached the maximum at X tons in 2020, and then reduced in the following year.

In value terms, insecticide imports shrank to $X in 2021. Total imports indicated a noticeable increase from 2012 to 2021: its value increased at an average annual rate of +4.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +6.8% against 2017 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 41% against the previous year. The level of import peaked at $X in 2020, and then reduced in the following year.

Imports by Country

The countries with the highest levels of insecticide imports in 2021 were Nigeria (X tons), Ghana (X tons) and Cote d'Ivoire (X tons), together recording 80% of total import. It was distantly followed by Togo (X tons), mixing up a 5.2% share of total imports. The following importers - Senegal (X tons), Burkina Faso (X tons) and Guinea (X tons) - each reached an 8.7% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of +17.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X), Nigeria ($X) and Cote d'Ivoire ($X) constituted the countries with the highest levels of imports in 2021, together accounting for 83% of total imports. These countries were followed by Burkina Faso, Senegal, Guinea and Togo, which together accounted for a further 9.6%.

Togo, with a CAGR of +15.6%, 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

In 2021, the import price in ECOWAS amounted to $X per ton, growing by 4.7% against the previous year. Overall, the import price, however, continues to indicate a pronounced decrease. The most prominent rate of growth was recorded in 2019 when the import price increased by 8.2%. Over the period under review, import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Burkina Faso ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Togo (+2.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform