ECOWAS: Npk Fertilizer Market 2024

Npk Fertilizer Market Size in ECOWAS

The ECOWAS NPK fertilizer market surged to $X in 2022, with an increase of 46% against the previous year. The total consumption indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +3.5% 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 -3.1% against 2020 indices. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Npk Fertilizer Production in ECOWAS

In value terms, NPK fertilizer production skyrocketed to $X in 2022 estimated in export price. The total production indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2015 when the production volume increased by 84% against the previous year. Over the period under review, production reached the maximum level at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Npk Fertilizer Exports

Exports in ECOWAS

After two years of decline, overseas shipments of mixed nitrogen, phosphorus and potassium (NPK) fertilizers increased by 30% to X tons in 2022. Total exports indicated a measured expansion from 2012 to 2022: its volume increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -26.1% against 2019 indices. The most prominent rate of growth was recorded in 2013 when exports increased by 33%. The volume of export peaked at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, NPK fertilizer exports skyrocketed to $X in 2022. Overall, exports, however, recorded a slight curtailment. The most prominent rate of growth was recorded in 2013 when exports increased by 31%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Senegal (X tons) and Mali (X tons) were the largest exporters of mixed nitrogen, phosphorus and potassium (NPK) fertilizers in 2022, accounting for near 39% and 38% of total exports, respectively. It was distantly followed by Cote d'Ivoire (X tons), constituting a 16% share of total exports. Ghana (X tons) and Togo (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Ghana (with a CAGR of +15.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest NPK fertilizer supplying countries in ECOWAS were Senegal ($X), Mali ($X) and Cote d'Ivoire ($X), with a combined 98% share of total exports.

Among the main exporting countries, Senegal, with a CAGR of +19.7%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, which is down by -8.1% against the previous year. In general, the export price continues to indicate a noticeable decrease. The pace of growth appeared the most rapid in 2021 when the export price increased by 12%. The level of export peaked at $X per ton in 2012; however, from 2013 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 Senegal ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+7.2%), while the other leaders experienced a decline in the export price figures.

Npk Fertilizer Imports

Imports in ECOWAS

In 2022, approx. X tons of mixed nitrogen, phosphorus and potassium (NPK) fertilizers were imported in ECOWAS; rising by 19% against the previous year. Over the period under review, imports enjoyed moderate growth. The most prominent rate of growth was recorded in 2016 with an increase of 118% against the previous year. Over the period under review, imports reached the maximum at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, NPK fertilizer imports soared to $X in 2022. Total imports indicated a modest expansion from 2012 to 2022: its value increased at an average annual rate of +1.7% 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 -5.3% against 2020 indices. The most prominent rate of growth was recorded in 2016 with an increase of 93% against the previous year. As a result, imports attained the peak of $X. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Ghana (X tons) and Benin (X tons) represented the largest importers of mixed nitrogen, phosphorus and potassium (NPK) fertilizers in 2022, recording approx. 27% and 26% of total imports, respectively. Cote d'Ivoire (X tons) ranks next in terms of the total imports with a 9.7% share, followed by Mali (8.5%), Togo (8.2%), Nigeria (7.8%) and Burkina Faso (7.7%).

From 2012 to 2022, the biggest increases were recorded for Togo (with a CAGR of +143.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest NPK fertilizer importing markets in ECOWAS were Benin ($X), Ghana ($X) and Cote d'Ivoire ($X), with a combined 61% share of total imports. Burkina Faso, Togo, Mali and Nigeria lagged somewhat behind, together accounting for a further 34%.

In terms of the main importing countries, Togo, with a CAGR of +135.8%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, picking up by 13% against the previous year. In general, the import price, however, showed a slight decline. The most prominent rate of growth was recorded in 2019 when the import price increased by 24% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mali (+4.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform