ECOWAS: Sodium Phosphates Market 2024

Sodium Phosphates Market Size in ECOWAS

The ECOWAS sodium phosphates market soared to $X in 2021, increasing by 30% against the previous year. In general, consumption enjoyed tangible growth. As a result, consumption attained the peak level of $X. From 2017 to 2021, the growth of the market failed to regain momentum.

Sodium Phosphates Production in ECOWAS

In value terms, sodium phosphates production expanded to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.1% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2015 with an increase of 29% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Sodium Phosphates Exports

Exports in ECOWAS

In 2021, overseas shipments of phosphates of mono- or di-sodium decreased by -5.4% to X tons, falling for the fourth year in a row after three years of growth. In general, exports recorded a deep reduction. The most prominent rate of growth was recorded in 2016 when exports increased by 250%. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, sodium phosphates exports declined to $X in 2021. Overall, exports showed a drastic downturn. The most prominent rate of growth was recorded in 2017 with an increase of 306%. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

The shipments of the one major exporters of phosphates of mono- or di-sodium, namely Sierra Leone, represented more than two-thirds of total export.

Sierra Leone was also the fastest-growing in terms of the phosphates of mono- or di-sodium exports, with a CAGR of -5.4% from 2012 to 2021. Sierra Leone (+12 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Sierra Leone ($X) also remains the largest sodium phosphates supplier in ECOWAS.

In Sierra Leone, sodium phosphates exports declined by an average annual rate of -8.4% over the period from 2012-2021.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, waning by -4% against the previous year. Overall, the export price recorded a abrupt downturn. The growth pace was the most rapid in 2017 an increase of 98%. The level of export peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Sierra Leone.

From 2012 to 2021, the rate of growth in terms of prices for Sierra Leone amounted to -3.1% per year.

Sodium Phosphates Imports

Imports in ECOWAS

In 2021, the amount of phosphates of mono- or di-sodium imported in ECOWAS soared to X tons, picking up by 33% against the previous year's figure. In general, imports enjoyed a strong expansion. The most prominent rate of growth was recorded in 2020 with an increase of 98% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

In value terms, sodium phosphates imports soared to $X in 2021. Over the period under review, imports continue to indicate a measured expansion. The growth pace was the most rapid in 2016 with an increase of 92% against the previous year. As a result, imports reached the peak of $X. From 2017 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Nigeria was the major importer of phosphates of mono- or di-sodium in ECOWAS, with the volume of imports recording X tons, which was near 74% of total imports in 2021. Ghana (X tons) took the second position in the ranking, distantly followed by Senegal (X tons). All these countries together took near 25% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to sodium phosphates imports into Nigeria stood at +2.6%. At the same time, Senegal (+37.1%) and Ghana (+20.2%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +37.1% from 2012-2021. Ghana (+14 p.p.) and Senegal (+4.4 p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by -16.9% from 2012 to 2021, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported phosphates of mono- or di-sodium in ECOWAS, comprising 71% of total imports. The second position in the ranking was taken by Ghana ($X), with a 22% share of total imports.

In Nigeria, sodium phosphates imports remained relatively stable over the period from 2012-2021. In the other countries, the average annual rates were as follows: Ghana (+16.7% per year) and Senegal (+27.3% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, therefore, remained relatively stable against the previous year. In general, the import price, however, showed a pronounced curtailment. The most prominent rate of growth was recorded in 2013 when the import price increased by 28% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2021, the import prices failed to regain momentum.

Average prices varied noticeably amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Senegal ($X per ton), while Nigeria ($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 (-2.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform