ECOWAS: Nucleic Acid Market 2024

Nucleic Acid Market Size in ECOWAS

The ECOWAS nucleic acid market stood at $X in 2022, growing by 5.7% against the previous year. In general, consumption recorded a strong increase. Over the period under review, the market attained the maximum level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Nucleic Acid Production in ECOWAS

In value terms, nucleic acid production rose markedly to $X in 2022 estimated in export price. Over the period under review, production enjoyed a strong expansion. The most prominent rate of growth was recorded in 2016 when the production volume increased by 67% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Nucleic Acid Exports

Exports in ECOWAS

In 2022, exports of nucleic acids and their salts in ECOWAS fell to X tons, shrinking by -5.7% on the year before. Over the period under review, exports, however, posted a notable increase. The pace of growth appeared the most rapid in 2015 with an increase of 445% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, nucleic acid exports reduced to $X in 2022. Total exports indicated pronounced 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. The pace of growth was the most pronounced in 2020 when exports increased by 52% against the previous year. The level of export peaked at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Guinea (X tons) and Cote d'Ivoire (X tons) prevails in exports structure, together making up 84% of total exports. Burkina Faso (X kg) ranks next in terms of the total exports with a 9.4% share, followed by Senegal (4.5%). Niger (X kg) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Burkina Faso (with a CAGR of +81.0%), while the other leaders experienced more modest paces of growth.

In value terms, Guinea ($X), Cote d'Ivoire ($X) and Senegal ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined 95% share of total exports.

Among the main exporting countries, Guinea, with a CAGR of +77.9%, 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

In 2022, the export price in ECOWAS amounted to $X per ton, falling by -8.2% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 an increase of 466%. Over the period under review, the export prices reached the peak figure 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 Niger ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+23.2%), while the other leaders experienced more modest paces of growth.

Nucleic Acid Imports

Imports in ECOWAS

Nucleic acid imports expanded remarkably to X tons in 2022, growing by 5.8% compared with 2021. In general, imports showed buoyant growth. The most prominent rate of growth was recorded in 2019 when imports increased by 52%. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, nucleic acid imports rose notably to $X in 2022. Overall, imports continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2019 with an increase of 76% against the previous year. Over the period under review, imports attained the maximum at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

Nigeria was the largest importer of nucleic acids and their salts in ECOWAS, with the volume of imports finishing at X tons, which was near 82% of total imports in 2022. It was distantly followed by Cote d'Ivoire (X tons), committing a 15% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to nucleic acid imports into Nigeria stood at +11.2%. At the same time, Cote d'Ivoire (+14.3%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +14.3% from 2012-2022. Nigeria (+6 p.p.) and Cote d'Ivoire (+4.4 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported nucleic acids and their salts in ECOWAS, comprising 78% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with an 18% share of total imports.

In Nigeria, nucleic acid imports expanded at an average annual rate of +12.2% over the period from 2012-2022.

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, flattening at the previous year. In general, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the import price increased by 26% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2016; however, from 2017 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Cote d'Ivoire ($X per ton), while Nigeria totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+0.9%).

Source: IndexBox Platform