ECOWAS: Printing Ink Market 2024

Printing Ink Market Size in ECOWAS

In 2022, the ECOWAS printing ink market decreased by -0.5% to $X, falling for the second year in a row after four years of growth. The total consumption indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +4.5% 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 -6.0% against 2020 indices. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Printing Ink Production in ECOWAS

In value terms, printing ink production expanded to $X in 2022 estimated in export price. The total production indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +5.6% 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 -2.2% against 2020 indices. The pace of growth was the most pronounced in 2017 when the production volume increased by 39%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Printing Ink Exports

Exports in ECOWAS

In 2022, after five years of decline, there was significant growth in shipments abroad of printing ink, when their volume increased by 23% to X tons. In general, exports, however, showed a noticeable shrinkage. The most prominent rate of growth was recorded in 2015 with an increase of 53% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, printing ink exports skyrocketed to $X in 2022. Over the period under review, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when exports increased by 70% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

Cote d'Ivoire (X tons) and Nigeria (X tons) were the major exporters of printing ink in 2022, reaching approx. 39% and 33% of total exports, respectively. Senegal (X tons) held the next position in the ranking, followed by Togo (X tons). All these countries together took approx. 21% share of total exports. Mali (X kg) and Ghana (X kg) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Mali (with a CAGR of +42.7%), while the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X) remains the largest printing ink supplier in ECOWAS, comprising 51% of total exports. The second position in the ranking was taken by Senegal ($X), with a 15% share of total exports. It was followed by Nigeria, with a 15% share.

In Cote d'Ivoire, printing ink exports remained relatively stable over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Senegal (+5.9% per year) and Nigeria (-3.0% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, with an increase of 6.7% against the previous year. Overall, the export price showed a temperate increase. The pace of growth appeared the most rapid in 2020 when the export price increased by 115% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2021 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+5.8%), while the other leaders experienced mixed trends in the export price figures.

Printing Ink Imports

Imports in ECOWAS

In 2022, purchases abroad of printing ink decreased by -8.8% to X tons, falling for the second year in a row after three years of growth. Over the period under review, imports, however, enjoyed temperate growth. The growth pace was the most rapid in 2020 when imports increased by 42% against the previous year. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, printing ink imports contracted sharply to $X in 2022. Overall, imports, however, showed measured growth. The most prominent rate of growth was recorded in 2020 when imports increased by 66%. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Nigeria (X tons) was the major importer of printing ink, mixing up 54% of total imports. Ghana (X tons) ranks second in terms of the total imports with a 17% share, followed by Cote d'Ivoire (14%) and Senegal (5.8%). Togo (X tons) and Guinea (X tons) took a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to printing ink imports into Nigeria stood at +2.9%. At the same time, Guinea (+30.4%), Cote d'Ivoire (+15.1%), Ghana (+7.1%), Togo (+4.4%) and Senegal (+3.4%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +30.4% from 2012-2022. Cote d'Ivoire (+8.6 p.p.) and Ghana (+3.2 p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by -11.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported printing ink in ECOWAS, comprising 51% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 19% share of total imports. It was followed by Ghana, with a 14% share.

In Nigeria, printing ink imports remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+9.9% per year) and Ghana (+4.4% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, which is down by -8.1% against the previous year. In general, the import price continues to indicate a noticeable decline. The most prominent rate of growth was recorded in 2020 an increase of 17%. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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 Togo (-0.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform