ECOWAS: Vitamin Market 2024

Vitamin Market Size in ECOWAS

After nine years of growth, the ECOWAS vitamin market decreased by -6.9% to $X in 2021. Overall, consumption, however, showed a prominent increase. The level of consumption peaked at $X in 2020, and then shrank in the following year.

Vitamin Production in ECOWAS

In value terms, vitamin production fell slightly to $X in 2021 estimated in export price. In general, production, however, recorded a resilient expansion. The most prominent rate of growth was recorded in 2014 with an increase of 65%. Over the period under review, production reached the maximum level at $X in 2020, and then fell slightly in the following year.

Vitamin Exports

Exports in ECOWAS

After two years of decline, shipments abroad of provitamins and vitamins increased by 39% to X tons in 2021. In general, exports, however, saw a abrupt downturn. The growth pace was the most rapid in 2016 with an increase of 290% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, vitamin exports shrank modestly to $X in 2021. Over the period under review, exports, however, continue to indicate a abrupt decrease. The pace of growth appeared the most rapid in 2017 with an increase of 105%. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Senegal (X tons) and Togo (X tons) dominates exports structure, together mixing up 87% of total exports. It was distantly followed by Ghana (X tons), achieving a 6.9% share of total exports. Mali (X kg) held a relatively small share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Togo (with a CAGR of +10.2%), while the other leaders experienced mixed trends in the exports figures.

In value terms, the largest vitamin supplying countries in ECOWAS were Senegal ($X), Togo ($X) and Ghana ($X), with a combined 82% share of total exports.

Among the main exporting countries, Ghana, with a CAGR of +4.5%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, with a decrease of -30.9% against the previous year. Overall, the export price, however, continues to indicate pronounced growth. The most prominent rate of growth was recorded in 2017 when the export price increased by 168% against the previous year. The level of export peaked at $X per ton in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mali (+8.1%), while the other leaders experienced mixed trends in the export price figures.

Vitamin Imports

Imports in ECOWAS

Vitamin imports dropped sharply to X tons in 2021, with a decrease of -17.6% compared with the previous year. In general, imports, however, posted a strong expansion. The growth pace was the most rapid in 2020 with an increase of 71%. As a result, imports attained the peak of X tons, and then shrank sharply in the following year.

In value terms, vitamin imports contracted significantly to $X in 2021. Over the period under review, imports, however, saw prominent growth. The growth pace was the most rapid in 2020 when imports increased by 94% against the previous year. As a result, imports reached the peak of $X, and then contracted rapidly in the following year.

Imports by Country

Nigeria prevails in imports structure, finishing at X tons, which was approx. 74% of total imports in 2021. It was distantly followed by Ghana (X tons) and Senegal (X tons), together generating an 18% share of total imports. The following importers - Cote d'Ivoire (X tons) and Togo (X tons) - together made up 4.8% of total imports.

Imports into Nigeria increased at an average annual rate of +8.4% from 2012 to 2021. At the same time, Ghana (+19.1%), Cote d'Ivoire (+12.8%) and Senegal (+3.0%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +19.1% from 2012-2021. By contrast, Togo (-5.0%) illustrated a downward trend over the same period. While the share of Ghana (+5.6 p.p.) and Nigeria (+2.2 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Togo (-4.4 p.p.) and Senegal (-4.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported provitamins and vitamins in ECOWAS, comprising 71% of total imports. The second position in the ranking was held by Ghana ($X), with a 12% share of total imports. It was followed by Senegal, with a 6.3% share.

From 2012 to 2021, the average annual growth rate of value in Nigeria stood at +6.9%. In the other countries, the average annual rates were as follows: Ghana (+14.5% per year) and Senegal (+9.0% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, falling by -7.7% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 an increase of 28% against the previous year. The level of import peaked at $X per ton in 2016; however, from 2017 to 2021, 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 ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+5.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform