ECOWAS: Potassic Fertilizer Market 2024

Potassic Fertilizer Market Size in ECOWAS

In 2022, the ECOWAS potassic fertilizer market was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. Overall, consumption, however, saw a abrupt downturn. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Potassic Fertilizer Production in ECOWAS

In value terms, potassic fertilizer production contracted to $X in 2022 estimated in export price. In general, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Potassic Fertilizer Exports

Exports in ECOWAS

In 2022, overseas shipments of potassic fertilizers increased by X% to X tons, rising for the second year in a row after three years of decline. In general, exports, however, showed a pronounced contraction. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, potassic fertilizer exports skyrocketed to $X in 2022. Over the period under review, exports, however, continue to indicate a abrupt downturn. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Nigeria (X tons) represented the key exporter of potassic fertilizers, mixing up X% of total exports. Cote d'Ivoire (X tons) held the second position in the ranking, distantly followed by Togo (X tons). All these countries together took near X% share of total exports. The following exporters - Ghana (X tons) and Senegal (X tons) - each accounted for a X% share of total exports.

Nigeria was also the fastest-growing in terms of the potassic fertilizers exports, with a CAGR of X% from 2012 to 2022. At the same time, Ghana (X%), Senegal (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. By contrast, Togo (X%) illustrated a downward trend over the same period. Nigeria (X p.p.), Cote d'Ivoire (X p.p.), Togo (X p.p.), Ghana (X p.p.) and Senegal (X 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, Nigeria ($X) emerged as the largest potassic fertilizer supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a X% share of total exports. It was followed by Togo, with a X% share.

In Nigeria, potassic fertilizer exports expanded at an average annual rate of X% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Cote d'Ivoire (X% per year) and Togo (X% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, rising by X% against the previous year. In general, the export price, however, saw a abrupt decline. The growth pace was the most rapid in 2018 when the export price increased by X% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while Ghana ($X per ton) was amongst the lowest.

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

Potassic Fertilizer Imports

Imports in ECOWAS

Potassic fertilizer imports skyrocketed to X tons in 2022, increasing by X% compared with the previous year's figure. In general, imports enjoyed a resilient expansion. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, potassic fertilizer imports surged to $X in 2022. Over the period under review, imports posted a buoyant expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Cote d'Ivoire represented the major importing country with an import of about X tons, which finished at X% of total imports. Mali (X tons) ranks second in terms of the total imports with a X% share, followed by Senegal (X%), Ghana (X%) and Nigeria (X%).

Imports into Cote d'Ivoire increased at an average annual rate of X% from 2012 to 2022. At the same time, Ghana (X%) and Senegal (X%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. Mali experienced a relatively flat trend pattern. By contrast, Nigeria (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Cote d'Ivoire, Ghana and Senegal increased by X, X and X percentage points, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported potassic fertilizers in ECOWAS, comprising X% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a X% share of total imports. It was followed by Senegal, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria amounted to X%. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (X% per year) and Senegal (X% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, increasing by X% against the previous year. In general, the import price enjoyed a tangible expansion. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 Nigeria ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform