ECOWAS: Pyrethrum And Peppermint Market 2024

Pyrethrum And Peppermint Market Size in ECOWAS

The ECOWAS pyrethrum and peppermint market surged to $X in 2021, increasing by 191% against the previous year. Over the period under review, consumption saw a buoyant expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Pyrethrum And Peppermint Production in ECOWAS

In value terms, pyrethrum and peppermint production soared to $X in 2021 estimated in export price. Overall, production showed significant growth. The pace of growth appeared the most rapid in 2019 when the production volume increased by 267%. As a result, production attained the peak level of $X. From 2020 to 2021, production growth failed to regain momentum.

Pyrethrum And Peppermint Exports

Exports in ECOWAS

In 2021, overseas shipments of pyrethrum and peppermint decreased by -5.9% to X tons, falling for the second year in a row after two years of growth. In general, exports, however, recorded a significant increase. The most prominent rate of growth was recorded in 2019 when exports increased by 466%. As a result, the exports reached the peak of X tons. From 2020 to 2021, the growth of the exports failed to regain momentum.

In value terms, pyrethrum and peppermint exports skyrocketed to $X in 2021. Over the period under review, exports, however, enjoyed strong growth. The most prominent rate of growth was recorded in 2018 when exports increased by 78% against the previous year. The level of export peaked in 2021 and is likely to continue growth in the near future.

Exports by Country

Nigeria dominates exports structure, recording X tons, which was approx. 89% of total exports in 2021. It was distantly followed by Ghana (X tons), achieving an 8.7% share of total exports.

Nigeria was also the fastest-growing in terms of the pyrethrum and peppermint exports, with a CAGR of +104.4% from 2012 to 2021. Ghana experienced a relatively flat trend pattern. While the share of Nigeria (+88 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Ghana (-64 p.p.) displayed negative dynamics.

In value terms, Ghana ($X) and Nigeria ($X) constituted the countries with the highest levels of exports in 2021.

In terms of the main exporting countries, Nigeria, with a CAGR of +35.8%, saw the highest growth rate of the value of exports, over the period under review.

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, increasing by 61% against the previous year. In general, the export price, however, continues to indicate a deep downturn. Over the period under review, the export prices reached the maximum at $X per ton in 2017; however, from 2018 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Ghana ($X per ton), while Nigeria totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+4.1%).

Pyrethrum And Peppermint Imports

Imports in ECOWAS

In 2021, approx. X tons of pyrethrum and peppermint were imported in ECOWAS; with an increase of 14% on the year before. Overall, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of 55% against the previous year. The volume of import peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, pyrethrum and peppermint imports contracted to $X in 2021. Total imports indicated mild growth from 2012 to 2021: its value increased at an average annual rate of +1.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +52.9% against 2019 indices. The pace of growth was the most pronounced in 2020 with an increase of 67%. The level of import peaked at $X in 2017; however, from 2018 to 2021, imports remained at a lower figure.

Imports by Country

Benin (X tons) and Nigeria (X tons) represented roughly 74% of total imports in 2021. It was distantly followed by Ghana (X tons), constituting a 16% share of total imports. Cote d'Ivoire (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Benin (with a CAGR of +43.0%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, the largest pyrethrum and peppermint importing markets in ECOWAS were Ghana ($X), Nigeria ($X) and Benin ($X), together accounting for 84% of total imports.

In terms of the main importing countries, Benin, with a CAGR of +40.8%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, declining by -19.8% against the previous year. Overall, the import price, however, showed mild growth. The most prominent rate of growth was recorded in 2014 an increase of 181%. Over the period under review, import prices reached the peak figure at $X per ton in 2017; however, from 2018 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Cote d'Ivoire ($X per ton), while Benin ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+11.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform