ECOWAS: Oxygen-Function Amino-Compound Market 2024

Oxygen-Function Amino-Compound Market Size in ECOWAS

In 2021, after five years of growth, there was significant decline in the ECOWAS oxygen-function amino-compound market, when its value decreased by -11.7% to $X. Over the period under review, consumption, however, enjoyed strong growth. As a result, consumption attained the peak level of $X, and then dropped in the following year.

Oxygen-Function Amino-Compound Production in ECOWAS

In value terms, oxygen-function amino-compound production shrank to $X in 2021 estimated in export price. Overall, production, however, saw a strong increase. The most prominent rate of growth was recorded in 2020 with an increase of 42% against the previous year. As a result, production attained the peak level of $X, and then reduced in the following year.

Oxygen-Function Amino-Compound Exports

Exports in ECOWAS

In 2021, shipments abroad of oxygen-function amino-compounds decreased by -41.7% to X tons, falling for the second year in a row after five years of growth. Overall, exports continue to indicate a noticeable descent. The most prominent rate of growth was recorded in 2016 with an increase of 164%. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, oxygen-function amino-compound exports fell notably to $X in 2021. In general, exports saw a mild shrinkage. The pace of growth appeared the most rapid in 2016 when exports increased by 89%. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Senegal dominates exports structure, finishing at X tons, which was approx. 85% of total exports in 2021. Cote d'Ivoire (X tons) took the second position in the ranking, followed by Ghana (X tons). All these countries together took approx. 11% share of total exports. Nigeria (X kg) took a minor share of total exports.

Senegal experienced a relatively flat trend pattern with regard to volume of exports of oxygen-function amino-compounds. At the same time, Nigeria (+10.2%) and Ghana (+1.4%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +10.2% from 2012-2021. By contrast, Cote d'Ivoire (-12.9%) illustrated a downward trend over the same period. While the share of Senegal (+24 p.p.), Nigeria (+1.9 p.p.) and Ghana (+1.6 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Cote d'Ivoire (-10.3 p.p.) displayed negative dynamics.

In value terms, Senegal ($X) remains the largest oxygen-function amino-compound supplier in ECOWAS, comprising 51% of total exports. The second position in the ranking was held by Nigeria ($X), with a 23% share of total exports. It was followed by Cote d'Ivoire, with a 9.9% share.

From 2012 to 2021, the average annual growth rate of value in Senegal totaled -1.0%. The remaining exporting countries recorded the following average annual rates of exports growth: Nigeria (+37.9% per year) and Cote d'Ivoire (-11.2% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, reducing by -8.2% against the previous year. Overall, the export price, however, recorded a mild increase. The pace of growth appeared the most rapid in 2020 when the export price increased by 199%. As a result, the export price reached the peak level of $X per ton, and then declined in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+25.1%), while the other leaders experienced more modest paces of growth.

Oxygen-Function Amino-Compound Imports

Imports in ECOWAS

Oxygen-function amino-compound imports expanded sharply to X tons in 2021, picking up by 9.9% compared with the previous year. In general, imports saw strong growth. The pace of growth was the most pronounced in 2013 with an increase of 106%. The volume of import peaked at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, oxygen-function amino-compound imports soared to $X in 2021. Over the period under review, imports showed a prominent expansion. The pace of growth was the most pronounced in 2013 with an increase of 121%. The level of import peaked in 2021 and is expected to retain growth in the immediate term.

Imports by Country

In 2021, Nigeria (X tons) was the largest importer of oxygen-function amino-compounds, generating 57% of total imports. It was distantly followed by Ghana (X tons), Cote d'Ivoire (X tons), Benin (X tons) and Senegal (X tons), together generating a 41% share of total imports.

Imports into Nigeria increased at an average annual rate of +13.5% from 2012 to 2021. At the same time, Benin (+56.1%), Ghana (+19.2%) and Cote d'Ivoire (+14.4%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +56.1% from 2012-2021. By contrast, Senegal (-12.6%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Nigeria, Ghana, Benin and Cote d'Ivoire increased by +21, +8.7, +7.5 and +4.5 percentage points, respectively.

In value terms, the largest oxygen-function amino-compound importing markets in ECOWAS were Nigeria ($X), Ghana ($X) and Cote d'Ivoire ($X), with a combined 91% share of total imports.

In terms of the main importing countries, Ghana, with a CAGR of +24.6%, 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

The import price in ECOWAS stood at $X per ton in 2021, surging by 9.1% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.2%. The most prominent rate of growth was recorded in 2015 when the import price increased by 42% against the previous year. As a result, import price attained the peak level of $X per ton. From 2016 to 2021, the import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Ghana ($X per ton), while Benin ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+4.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform