ECOWAS: Ketone And Quinone Market 2024

Ketone And Quinone Market Size in ECOWAS

For the fourth year in a row, the ECOWAS ketone and quinone market recorded growth in sales value, which increased by 6.7% to $X in 2021. In general, consumption continues to indicate a buoyant increase. The level of consumption peaked in 2021 and is likely to continue growth in the immediate term.

Ketone And Quinone Production in ECOWAS

In value terms, ketone and quinone production contracted to $X in 2021 estimated in export price. The total production indicated a noticeable increase from 2012 to 2021: its value increased at an average annual rate of +2.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +35.6% against 2018 indices. The most prominent rate of growth was recorded in 2020 when the production volume increased by 26%. As a result, production attained the peak level of $X, and then reduced in the following year.

Ketone And Quinone Exports

Exports in ECOWAS

In 2021, exports of ketones and quinones in ECOWAS expanded modestly to X tons, surging by 4.3% against the year before. Over the period under review, exports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2015 when exports increased by 95% against the previous year. The volume of export peaked at X tons in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, ketone and quinone exports expanded rapidly to $X in 2021. Overall, exports showed a remarkable increase. The most prominent rate of growth was recorded in 2019 when exports increased by 94% against the previous year. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in years to come.

Exports by Country

Cote d'Ivoire prevails in exports structure, recording X tons, which was near 82% of total exports in 2021. Senegal (X tons) ranks second in terms of the total exports with a 5.3% share, followed by Nigeria (4.7%). Ghana (X kg) and Burkina Faso (X kg) took a minor share of total exports.

Cote d'Ivoire was also the fastest-growing in terms of the ketones and quinones exports, with a CAGR of +53.8% from 2012 to 2021. At the same time, Burkina Faso (+17.5%), Senegal (+16.5%) and Nigeria (+7.1%) displayed positive paces of growth. By contrast, Ghana (-3.7%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Cote d'Ivoire, Senegal, Burkina Faso and Nigeria increased by +80, +4, +2.2 and +2.1 percentage points, respectively.

In value terms, Cote d'Ivoire ($X) remains the largest ketone and quinone supplier in ECOWAS, comprising 71% of total exports. The second position in the ranking was taken by Burkina Faso ($X), with a 12% share of total exports. It was followed by Senegal, with a 6.6% share.

In Cote d'Ivoire, ketone and quinone exports increased at an average annual rate of +56.2% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Burkina Faso (+58.2% per year) and Senegal (+8.1% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, increasing by 6.9% against the previous year. Export price indicated a prominent increase from 2012 to 2021: its price increased at an average annual rate of +5.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, ketone and quinone export price increased by +17.3% against 2018 indices. The pace of growth was the most pronounced in 2013 when the export price increased by 78% against the previous year. The level of export peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Burkina Faso ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Burkina Faso (+34.6%), while the other leaders experienced more modest paces of growth.

Ketone And Quinone Imports

Imports in ECOWAS

In 2021, ketone and quinone imports in ECOWAS surged to X tons, growing by 31% compared with the previous year's figure. Over the period under review, imports showed a resilient expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 67% against the previous year. The volume of import peaked in 2021 and is likely to see steady growth in the near future.

In value terms, ketone and quinone imports surged to $X in 2021. Overall, imports continue to indicate strong growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Nigeria (X tons) represented the main importer of ketones and quinones, mixing up 78% of total imports. Cote d'Ivoire (X tons) took a 15% share (based on physical terms) of total imports, which put it in second place, followed by Ghana (6%).

Nigeria was also the fastest-growing in terms of the ketones and quinones imports, with a CAGR of +17.8% from 2012 to 2021. At the same time, Ghana (+15.6%) and Cote d'Ivoire (+5.6%) displayed positive paces of growth. While the share of Nigeria (+22 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Cote d'Ivoire (-13.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported ketones and quinones in ECOWAS, comprising 78% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 15% share of total imports.

In Nigeria, ketone and quinone imports expanded at an average annual rate of +18.6% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+4.0% per year) and Ghana (+16.0% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, with an increase of 34% against the previous year. In general, the import price showed a relatively flat trend pattern. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, the country with the highest price was Nigeria ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+0.7%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform