ECOWAS: Potassium Sulphate (Sop) Market 2024

Potassium Sulphate (Sop) Market Size in ECOWAS

The ECOWAS potassium sulphate (SOP) market soared to $X in 2022, with an increase of 18% against the previous year. The total consumption indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +6.5% 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 -6.8% against 2020 indices. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Potassium Sulphate (Sop) Production in ECOWAS

In value terms, potassium sulphate (SOP) production declined rapidly to $X in 2022 estimated in export price. Overall, production, however, posted a strong expansion. The most prominent rate of growth was recorded in 2021 when the production volume increased by 787%. As a result, production attained the peak level of $X, and then shrank notably in the following year.

Potassium Sulphate (Sop) Exports

Exports in ECOWAS

In 2022, shipments abroad of potassium sulphate (SOP) decreased by -47.1% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports, however, recorded a significant increase. The growth pace was the most rapid in 2020 with an increase of 1,179%. Over the period under review, the exports attained the maximum at X tons in 2021, and then fell dramatically in the following year.

In value terms, potassium sulphate (SOP) exports contracted dramatically to $X in 2022. In general, exports, however, enjoyed a significant increase. The growth pace was the most rapid in 2020 with an increase of 653% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then contracted sharply in the following year.

Exports by Country

In 2022, Nigeria (X tons) was the main exporter of potassium sulphate (SOP), comprising 85% of total exports. It was distantly followed by Senegal (X tons), constituting a 13% share of total exports.

Exports from Nigeria decreased at an average annual rate of -50.0% from 2012 to 2022. At the same time, Senegal (+44.9%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +44.9% from 2012-2022. From 2012 to 2022, the share of Nigeria increased by +85 percentage points.

In value terms, Nigeria ($X) and Senegal ($X) constituted the countries with the highest levels of exports in 2022.

In terms of the main exporting countries, Senegal, with a CAGR of +39.7%, saw the highest rates of growth with regard to the value of exports, over the period under review.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, rising by 9% against the previous year. In general, the export price, however, showed a abrupt decrease. The growth pace was the most rapid in 2015 when the export price increased by 18% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2016; however, from 2017 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 Senegal ($X per ton), while Nigeria stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (-3.6%).

Potassium Sulphate (Sop) Imports

Imports in ECOWAS

In 2022, imports of potassium sulphate (SOP) in ECOWAS surged to X tons, with an increase of 26% on the previous year's figure. Overall, imports saw a remarkable increase. The pace of growth appeared the most rapid in 2017 when imports increased by 78% against the previous year. Over the period under review, imports reached the maximum at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, potassium sulphate (SOP) imports rose rapidly to $X in 2022. In general, imports showed a prominent increase. The most prominent rate of growth was recorded in 2020 with an increase of 66%. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Senegal (X tons) was the largest importer of potassium sulphate (SOP), committing 61% of total imports. Cote d'Ivoire (X tons) took a 15% share (based on physical terms) of total imports, which put it in second place, followed by Ghana (9.2%) and Mali (4.7%). Nigeria (X tons), Togo (X tons) and Gambia (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to potassium sulphate (SOP) imports into Senegal stood at +22.3%. At the same time, Ghana (+28.0%), Nigeria (+17.2%), Mali (+17.0%) and Gambia (+11.3%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +28.0% from 2012-2022. By contrast, Cote d'Ivoire (-4.7%) and Togo (-17.6%) illustrated a downward trend over the same period. While the share of Senegal (+45 p.p.), Ghana (+7.7 p.p.), Mali (+2.7 p.p.) and Nigeria (+2.2 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Togo (-27.5 p.p.) and Cote d'Ivoire (-32.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) constitutes the largest market for imported potassium sulphate (SOP) in ECOWAS, comprising 63% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 13% share of total imports. It was followed by Ghana, with a 9.5% share.

In Senegal, potassium sulphate (SOP) imports increased at an average annual rate of +24.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Cote d'Ivoire (-6.0% per year) and Ghana (+28.9% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, waning by -13% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 27% against the previous year. As a result, import price reached the peak level of $X per ton, and then shrank in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (+7.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform