ECOWAS: Odoriferous Substance Mixture Market 2024

Odoriferous Substance Mixture Market Size in ECOWAS

In 2022, the ECOWAS odoriferous substance mixture market decreased by -7.7% to $X, falling for the second consecutive year after three years of growth. The total consumption indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -18.5% against 2020 indices. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Odoriferous Substance Mixture Production in ECOWAS

In value terms, odoriferous substance mixture production expanded modestly to $X in 2022 estimated in export price. The total production indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.7% against 2020 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by 43% against the previous year. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Odoriferous Substance Mixture Exports

Exports in ECOWAS

After two years of growth, overseas shipments of mixtures of odoriferous substances and their preparations decreased by -2.8% to X tons in 2022. Overall, exports, however, enjoyed a prominent expansion. The pace of growth was the most pronounced in 2020 with an increase of 37% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021, and then dropped modestly in the following year.

In value terms, odoriferous substance mixture exports expanded markedly to $X in 2022. Total exports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +7.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +107.6% against 2012 indices. The growth pace was the most rapid in 2018 with an increase of 37%. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in years to come.

Exports by Country

Senegal prevails in exports structure, reaching X tons, which was approx. 90% of total exports in 2022. It was distantly followed by Ghana (X tons), generating a 4.7% share of total exports. The following exporters - Nigeria (X tons) and Cote d'Ivoire (X tons) - each amounted to a 3.5% share of total exports.

Exports from Senegal increased at an average annual rate of +9.1% from 2012 to 2022. At the same time, Ghana (+51.0%) and Nigeria (+5.3%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +51.0% from 2012-2022. By contrast, Cote d'Ivoire (-1.9%) illustrated a downward trend over the same period. Ghana (+4.5 p.p.) significantly strengthened its position in terms of the total exports, while Cote d'Ivoire saw its share reduced by -2.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) remains the largest odoriferous substance mixture supplier in ECOWAS, comprising 77% of total exports. The second position in the ranking was taken by Ghana ($X), with a 13% share of total exports. It was followed by Cote d'Ivoire, with a 2.3% share.

In Senegal, odoriferous substance mixture exports increased at an average annual rate of +6.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Ghana (+56.8% per year) and Cote d'Ivoire (+1.9% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, surging by 8.8% against the previous year. In general, the export price, however, continues to indicate a mild descent. The most prominent rate of growth was recorded in 2018 when the export price increased by 10%. Over the period under review, the export prices attained the maximum at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

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 Ghana (+3.9%), while the other leaders experienced more modest paces of growth.

Odoriferous Substance Mixture Imports

Imports in ECOWAS

In 2022, overseas purchases of mixtures of odoriferous substances and their preparations decreased by -7.1% to X tons, falling for the second consecutive year after three years of growth. Total imports indicated measured growth from 2012 to 2022: its volume increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -10.3% against 2020 indices. The most prominent rate of growth was recorded in 2020 when imports increased by 26% 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, odoriferous substance mixture imports reduced to $X in 2022. Total imports indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -23.1% against 2020 indices. The most prominent rate of growth was recorded in 2020 with an increase of 44% against the previous year. 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 was the key importing country with an import of about X tons, which reached 44% of total imports. Ghana (X tons) ranks second in terms of the total imports with a 22% share, followed by Cote d'Ivoire (14%) and Senegal (7.2%). The following importers - Burkina Faso (X tons), Mali (X tons) and Guinea (X tons) - each reached a 6.7% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Ghana (with a CAGR of +13.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) constitutes the largest market for imported mixtures of odoriferous substances and their preparations in ECOWAS, comprising 50% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 19% share of total imports. It was followed by Ghana, with a 15% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria was relatively modest. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+11.3% per year) and Ghana (+9.6% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, which is down by -3% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the import price increased by 21%. The level of import peaked at $X per ton in 2016; however, from 2017 to 2022, 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 ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+1.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform