ECOWAS: Market for Medicaments Of Penicillins, Streptomycins Or Derivatives Thereof 2024

Market Size for Medicaments Of Penicillins, Streptomycins Or Derivatives Thereof in ECOWAS

The ECOWAS penicillins or streptomycins medicaments market skyrocketed to $X in 2022, growing by 20% against the previous year. Over the period under review, consumption showed a buoyant increase. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Production of Medicaments Of Penicillins, Streptomycins Or Derivatives Thereof in ECOWAS

In value terms, penicillins or streptomycins medicaments production declined to $X in 2022 estimated in export price. Over the period under review, production faced a abrupt downturn. The pace of growth appeared the most rapid in 2013 with an increase of 32% against the previous year. The level of production peaked at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Exports of Medicaments Of Penicillins, Streptomycins Or Derivatives Thereof

Exports in ECOWAS

In 2022, after two years of decline, there was significant growth in overseas shipments of medicaments of penicillins, streptomycins or derivatives thereof, when their volume increased by 64% to X tons. Overall, exports, however, recorded a pronounced setback. The growth pace was the most rapid in 2019 with an increase of 271% against the previous year. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports remained at a lower figure.

In value terms, penicillins or streptomycins medicaments exports skyrocketed to $X in 2022. Over the period under review, exports, however, saw a slight decrease. The pace of growth was the most pronounced in 2019 when exports increased by 251% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Senegal represented the key exporter of medicaments of penicillins, streptomycins or derivatives thereof in ECOWAS, with the volume of exports recording X tons, which was near 42% of total exports in 2022. It was distantly followed by Ghana (X tons), Togo (X tons), Cote d'Ivoire (X tons) and Burkina Faso (X tons), together committing a 54% share of total exports. Benin (X kg) held a little share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Burkina Faso (with a CAGR of +27.8%), while the other leaders experienced more modest paces of growth.

In value terms, the largest penicillins or streptomycins medicaments supplying countries in ECOWAS were Ghana ($X), Senegal ($X) and Togo ($X), together comprising 78% of total exports. Burkina Faso, Cote d'Ivoire and Benin lagged somewhat behind, together accounting for a further 19%.

Among the main exporting countries, Burkina Faso, with a CAGR of +23.6%, recorded the highest growth rate of the value of exports, 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 ton in 2022, shrinking by -7.6% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.3%. The most prominent rate of growth was recorded in 2014 when the export price increased by 43% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2021, and then declined in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Benin (+11.8%), while the other leaders experienced more modest paces of growth.

Imports of Medicaments Of Penicillins, Streptomycins Or Derivatives Thereof

Imports in ECOWAS

In 2022, penicillins or streptomycins medicaments imports in ECOWAS skyrocketed to X tons, with an increase of 32% on the year before. In general, imports enjoyed resilient growth. The most prominent rate of growth was recorded in 2020 when imports increased by 59% against the previous year. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, penicillins or streptomycins medicaments imports rose notably to $X in 2022. Over the period under review, imports posted a resilient expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 56%. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Nigeria dominates imports structure, reaching X tons, which was near 58% of total imports in 2022. Benin (X tons) took a 7.4% share (based on physical terms) of total imports, which put it in second place, followed by Ghana (7.4%), Togo (6%) and Guinea (5.3%). The following importers - Cote d'Ivoire (X tons) and Mali (X tons) - each accounted for a 7.7% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to penicillins or streptomycins medicaments imports into Nigeria stood at +16.3%. At the same time, Togo (+37.4%), Mali (+20.4%), Benin (+7.2%), Ghana (+5.9%), Guinea (+5.1%) and Cote d'Ivoire (+4.8%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +37.4% from 2012-2022. Nigeria (+15 p.p.), Togo (+5.1 p.p.) and Mali (+1.8 p.p.) significantly strengthened its position in terms of the total imports, while Cote d'Ivoire, Benin, Guinea and Ghana saw its share reduced by -4.3%, -4.9%, -5.5% and -6.6% from 2012 to 2022, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported medicaments of penicillins, streptomycins or derivatives thereof in ECOWAS, comprising 41% of total imports. The second position in the ranking was taken by Benin ($X), with a 13% share of total imports. It was followed by Ghana, with an 11% share.

In Nigeria, penicillins or streptomycins medicaments imports increased at an average annual rate of +11.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Benin (+5.9% per year) and Ghana (+7.4% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, with a decrease of -17% against the previous year. In general, the import price recorded a perceptible reduction. The pace of growth appeared the most rapid in 2021 an increase of 40% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guinea (+5.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform