ECOWAS: Salt Market 2024

Salt Market Size in ECOWAS

The ECOWAS salt market skyrocketed to $X in 2022, jumping by 24% against the previous year. The total consumption indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +57.6% against 2017 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Salt Production in ECOWAS

In value terms, salt production amounted to $X in 2022 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 17%. As a result, production attained the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

Salt Exports

Exports in ECOWAS

In 2022, shipments abroad of salt and pure sodium chloride decreased by -38.1% to X tons, falling for the third year in a row after six years of growth. Over the period under review, exports saw a abrupt shrinkage. The pace of growth appeared the most rapid in 2016 with an increase of 24% against the previous year. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, salt exports declined notably to $X in 2022. In general, exports continue to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2016 with an increase of 32% against the previous year. As a result, the exports attained the peak of $X. From 2017 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

In 2022, Ghana (X tons) and Senegal (X tons) was the main exporter of salt and pure sodium chloride in ECOWAS, committing 99% of total export.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Ghana (with a CAGR of +2.6%).

In value terms, the largest salt supplying countries in ECOWAS were Senegal ($X) and Ghana ($X).

Ghana, with a CAGR of -0.6%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, standing approx. at the previous year. Overall, the export price showed a perceptible decline. The most prominent rate of growth was recorded in 2016 an increase of 7.1% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Senegal ($X per ton), while Ghana totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (-2.9%).

Salt Imports

Imports in ECOWAS

Salt imports stood at X tons in 2022, leveling off at 2021 figures. The total import volume increased at an average annual rate of +3.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2020 when imports increased by 18%. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, salt imports skyrocketed to $X in 2022. The total import value increased at an average annual rate of +4.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Nigeria represented the largest importer of salt and pure sodium chloride in ECOWAS, with the volume of imports resulting at X tons, which was approx. 36% of total imports in 2022. Cote d'Ivoire (X tons) ranks second in terms of the total imports with a 21% share, followed by Burkina Faso (11%), Niger (10%), Mali (7.4%) and Benin (7%). Sierra Leone (X tons) took a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Burkina Faso (with a CAGR of +5.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) constitutes the largest market for imported salt and pure sodium chloride in ECOWAS, comprising 70% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 9.2% share of total imports. It was followed by Mali, with a 4.7% share.

In Nigeria, salt imports increased at an average annual rate of +6.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+1.6% per year) and Mali (-0.4% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, growing by 30% against the previous year. Over the last decade, it increased at an average annual rate of +1.4%. 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 ($X per ton), while Sierra Leone ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mali (+3.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform