ECOWAS: Market for Other Synthetic Organic Colouring Matters 2024

Market Size for Other Synthetic Organic Colouring Matters in ECOWAS

In 2022, the ECOWAS synthetic organic colouring matters market decreased by -1.2% to $X, falling for the second consecutive year after two years of growth. The total consumption indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +2.1% 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 -3.9% against 2020 indices. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Production of Other Synthetic Organic Colouring Matters in ECOWAS

In value terms, synthetic organic colouring matters production expanded modestly to $X in 2022 estimated in export price. The total production indicated a modest increase from 2012 to 2022: its value increased at an average annual rate of +1.2% 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 -3.3% against 2020 indices. The pace of growth appeared the most rapid in 2019 when the production volume increased by 32% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Exports of Other Synthetic Organic Colouring Matters

Exports in ECOWAS

Synthetic organic colouring matters exports reduced remarkably to X tons in 2022, with a decrease of -18.3% on the previous year. Over the period under review, exports continue to indicate a abrupt decline. The most prominent rate of growth was recorded in 2014 with an increase of 41% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports failed to regain momentum.

In value terms, synthetic organic colouring matters exports contracted to $X in 2022. Overall, exports recorded a abrupt decline. The pace of growth appeared the most rapid in 2014 when exports increased by 48%. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Nigeria was the key exporter of other synthetic organic colouring matters in ECOWAS, with the volume of exports amounting to X tons, which was near 63% of total exports in 2022. It was distantly followed by Cote d'Ivoire (X tons), creating a 31% share of total exports. Mali (X tons) took a minor share of total exports.

From 2012 to 2022, average annual rates of growth with regard to synthetic organic colouring matters exports from Nigeria stood at -8.9%. At the same time, Mali (+2.6%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +2.6% from 2012-2022. By contrast, Cote d'Ivoire (-13.3%) illustrated a downward trend over the same period. While the share of Nigeria (+9 p.p.) and Mali (+1.6 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Cote d'Ivoire (-12.2 p.p.) displayed negative dynamics.

In value terms, Nigeria ($X), Cote d'Ivoire ($X) and Mali ($X) appeared to be the countries with the highest levels of exports in 2022, together accounting for 90% of total exports.

Among the main exporting countries, Mali, with a CAGR of -1.5%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, increasing by 5.5% against the previous year. In general, the export price, however, recorded a pronounced slump. The most prominent rate of growth was recorded in 2015 when the export price increased by 13%. 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 Cote d'Ivoire ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (-0.8%), while the other leaders experienced a decline in the export price figures.

Imports of Other Synthetic Organic Colouring Matters

Imports in ECOWAS

In 2022, purchases abroad of other synthetic organic colouring matters decreased by -26.2% to X tons for the first time since 2016, thus ending a five-year rising trend. Over the period under review, imports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of 25%. Over the period under review, imports attained the peak figure at X tons in 2021, and then plummeted in the following year.

In value terms, synthetic organic colouring matters imports reduced sharply to $X in 2022. Total imports indicated a modest expansion from 2012 to 2022: its value increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when imports increased by 23% against the previous year. Over the period under review, imports attained the maximum at $X in 2021, and then declined markedly in the following year.

Imports by Country

Nigeria was the largest importer of other synthetic organic colouring matters in ECOWAS, with the volume of imports amounting to X tons, which was near 39% of total imports in 2022. It was distantly followed by Cote d'Ivoire (X tons), Ghana (X tons), Togo (X tons), Senegal (X tons) and Guinea (X tons), together achieving a 51% share of total imports. Mali (X tons) followed a long way behind the leaders.

Imports into Nigeria decreased at an average annual rate of -1.4% from 2012 to 2022. At the same time, Guinea (+9.9%), Cote d'Ivoire (+6.7%) and Senegal (+6.1%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +9.9% from 2012-2022. By contrast, Togo (-1.3%), Ghana (-3.5%) and Mali (-6.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Cote d'Ivoire, Senegal and Guinea increased by +7.4, +3.5 and +3.4 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X), Cote d'Ivoire ($X) and Ghana ($X) constituted the countries with the highest levels of imports in 2022, together comprising 76% of total imports. Senegal, Guinea, Togo and Mali lagged somewhat behind, together comprising a further 20%.

In terms of the main importing countries, Guinea, with a CAGR of +11.9%, recorded the highest growth rate of 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, increasing by 12% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.4%. The most prominent rate of growth was recorded in 2014 an increase of 26% against the previous year. The level of import peaked in 2022 and is likely to see gradual growth in the near future.

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 Cote d'Ivoire (+3.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform