ECOWAS: Market for Synthetic Organic Tanning Substances 2024

Market Size for Synthetic Organic Tanning Substances in ECOWAS

The ECOWAS synthetic organic tanning substances market fell markedly to $X in 2021, with a decrease of -52.6% against the previous year. In general, consumption continues to indicate a abrupt slump. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Production of Synthetic Organic Tanning Substances in ECOWAS

In value terms, synthetic organic tanning substances production stood at $X in 2021 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 with an increase of 11%. The level of production peaked at $X in 2017; however, from 2018 to 2021, production remained at a lower figure.

Exports of Synthetic Organic Tanning Substances

Exports in ECOWAS

In 2021, overseas shipments of synthetic organic tanning substances increased by 361% to X tons for the first time since 2018, thus ending a two-year declining trend. In general, exports, however, faced a sharp reduction. The most prominent rate of growth was recorded in 2018 when exports increased by 12,928%. As a result, the exports reached the peak of X tons. From 2019 to 2021, the growth of the exports failed to regain momentum.

In value terms, synthetic organic tanning substances exports declined notably to $X in 2021. Overall, exports, however, recorded a abrupt setback. The growth pace was the most rapid in 2018 when exports increased by 1,257%. The level of export peaked at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

Exports by Country

Cote d'Ivoire represented the key exporting country with an export of around X tons, which accounted for 89% of total exports. It was distantly followed by Nigeria (X kg), achieving an 11% share of total exports.

Cote d'Ivoire was also the fastest-growing in terms of the synthetic organic tanning substances exports, with a CAGR of +7.9% from 2012 to 2021. Nigeria (-10.2%) illustrated a downward trend over the same period. Cote d'Ivoire (+85 p.p.) and Nigeria (+8.8 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X) emerged as the largest synthetic organic tanning substances supplier in ECOWAS, comprising 92% of total exports. The second position in the ranking was taken by Nigeria ($X), with an 8.2% share of total exports.

In Cote d'Ivoire, synthetic organic tanning substances exports increased at an average annual rate of +6.5% over the period from 2012-2021.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, which is down by -90.5% against the previous year. Overall, the export price, however, recorded resilient growth. The most prominent rate of growth was recorded in 2020 when the export price increased by 1,466%. As a result, the export price reached the peak level of $X per ton, and then reduced markedly in the following year.

Average prices varied somewhat amongst the major exporting countries. In 2021, the country with the highest price was Cote d'Ivoire ($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 Cote d'Ivoire (-1.3%).

Imports of Synthetic Organic Tanning Substances

Imports in ECOWAS

In 2021, purchases abroad of synthetic organic tanning substances decreased by -34% to X tons for the first time since 2018, thus ending a two-year rising trend. Overall, imports continue to indicate a abrupt setback. The most prominent rate of growth was recorded in 2014 with an increase of 79% against the previous year. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, synthetic organic tanning substances imports reduced remarkably to $X in 2021. Over the period under review, imports saw a abrupt shrinkage. The pace of growth appeared the most rapid in 2020 when imports increased by 59% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

Nigeria dominates imports structure, finishing at X tons, which was approx. 97% of total imports in 2021. Senegal (X tons) took a little share of total imports.

Imports into Nigeria decreased at an average annual rate of -10.9% from 2012 to 2021. At the same time, Senegal (+6.3%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +6.3% from 2012-2021. From 2012 to 2021, the share of Nigeria decreased by -1.9 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported synthetic organic tanning substances in ECOWAS, comprising 96% of total imports. The second position in the ranking was taken by Senegal ($X), with a 2.4% share of total imports.

From 2012 to 2021, the average annual growth rate of value in Nigeria amounted to -13.9%.

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, declining by -41.9% against the previous year. Overall, the import price saw a perceptible slump. The most prominent rate of growth was recorded in 2018 an increase of 44%. The level of import peaked at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, the country with the highest price was Senegal ($X per ton), while Nigeria stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+1.0%).

Source: IndexBox Platform