ECOWAS: Market for Medicaments Containing Corticosteroid Hormones 2024

Market Size for Medicaments Containing Corticosteroid Hormones in ECOWAS

After four years of growth, the ECOWAS medicaments containing corticosteroid hormones market decreased by -25.1% to $X in 2021. Overall, consumption, however, saw strong growth. As a result, consumption reached the peak level of $X, and then declined notably in the following year.

Production of Medicaments Containing Corticosteroid Hormones in ECOWAS

In value terms, medicaments containing corticosteroid hormones production fell modestly to $X in 2021 estimated in export price. The total production indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +6.5% 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 +76.1% against 2012 indices. The growth pace was the most rapid in 2018 when the production volume increased by 45%. The level of production peaked at $X in 2020, and then shrank slightly in the following year.

Exports of Medicaments Containing Corticosteroid Hormones

Exports in ECOWAS

In 2021, overseas shipments of medicaments containing corticosteroid hormones decreased by -55.8% to X tons, falling for the second year in a row after three years of growth. Over the period under review, exports showed a mild setback. The pace of growth was the most pronounced in 2013 when exports increased by 139%. The volume of export peaked at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, medicaments containing corticosteroid hormones exports contracted dramatically to $X in 2021. Overall, exports showed a mild slump. The growth pace was the most rapid in 2013 with an increase of 196% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Togo represented the main exporting country with an export of around X tons, which resulted at 56% of total exports. It was distantly followed by Senegal (X kg), Ghana (X kg), Burkina Faso (X kg) and Mali (X kg), together creating a 36% share of total exports. The following exporters - Cote d'Ivoire (X kg) and Benin (X kg) - together made up 5.2% of total exports.

Togo experienced a relatively flat trend pattern with regard to volume of exports of medicaments containing corticosteroid hormones. At the same time, Mali (+17.4%), Benin (+16.5%) and Cote d'Ivoire (+6.7%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +17.4% from 2012-2021. Senegal experienced a relatively flat trend pattern. By contrast, Ghana (-4.5%) and Burkina Faso (-9.1%) illustrated a downward trend over the same period. Mali (+5 p.p.), Togo (+4.1 p.p.), Senegal (+1.8 p.p.) and Benin (+1.7 p.p.) significantly strengthened its position in terms of the total exports, while Ghana and Burkina Faso saw its share reduced by -3.9% and -8.5% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Togo ($X), Ghana ($X) and Burkina Faso ($X) appeared to be the countries with the highest levels of exports in 2021, together comprising 75% of total exports. Mali, Senegal, Cote d'Ivoire and Benin lagged somewhat behind, together accounting for a further 22%.

Mali, with a CAGR of +34.3%, recorded the highest growth rate of 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

In 2021, the export price in ECOWAS amounted to $X per ton, surging by 24% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when the export price increased by 97% against the previous year. The level of export peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Ghana ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mali (+14.4%), while the other leaders experienced more modest paces of growth.

Imports of Medicaments Containing Corticosteroid Hormones

Imports in ECOWAS

In 2021, purchases abroad of medicaments containing corticosteroid hormones decreased by -33.4% to X tons for the first time since 2016, thus ending a four-year rising trend. In general, imports, however, showed strong growth. The most prominent rate of growth was recorded in 2020 when imports increased by 146%. As a result, imports attained the peak of X tons, and then reduced remarkably in the following year.

In value terms, medicaments containing corticosteroid hormones imports contracted remarkably to $X in 2021. Overall, imports, however, posted strong growth. The pace of growth was the most pronounced in 2020 with an increase of 85%. As a result, imports attained the peak of $X, and then dropped notably in the following year.

Imports by Country

Nigeria dominates imports structure, finishing at X tons, which was near 71% of total imports in 2021. Cote d'Ivoire (X tons) held the second position in the ranking, followed by Mali (X tons) and Ghana (X tons). All these countries together held near 22% share of total imports. Guinea (X tons) held a relatively small share of total imports.

From 2012 to 2021, average annual rates of growth with regard to medicaments containing corticosteroid hormones imports into Nigeria stood at +23.1%. At the same time, Guinea (+23.7%), Mali (+21.2%), Cote d'Ivoire (+9.0%) and Ghana (+7.4%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +23.7% from 2012-2021. From 2012 to 2021, the share of Nigeria and Mali increased by +33 and +2.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported medicaments containing corticosteroid hormones in ECOWAS, comprising 49% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 15% share of total imports. It was followed by Mali, with a 14% share.

In Nigeria, medicaments containing corticosteroid hormones imports expanded at an average annual rate of +11.9% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+10.4% per year) and Mali (+23.0% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, with an increase of 27% against the previous year. In general, the import price, however, saw a pronounced setback. The level of import peaked at $X per ton in 2016; however, from 2017 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Guinea ($X per ton), while Nigeria ($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 (+3.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform