ECOWAS: Vegetable Tanning Extracts Market 2024

Vegetable Tanning Extracts Market Size in ECOWAS

The ECOWAS vegetable tanning extracts market rose rapidly to $X in 2022, increasing by 6.4% against the previous year. Over the period under review, consumption, however, showed a pronounced reduction. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Vegetable Tanning Extracts Production in ECOWAS

In value terms, vegetable tanning extracts production reached $X in 2022 estimated in export price. Overall, production, however, recorded a pronounced slump. The most prominent rate of growth was recorded in 2020 when the production volume increased by 15%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Vegetable Tanning Extracts Exports

Exports in ECOWAS

After three years of decline, shipments abroad of tanning extracts of vegetable origin, tannins and their salts other derivatives increased by 6.7% to X tons in 2022. In general, exports, however, faced a precipitous decline. The pace of growth appeared the most rapid in 2014 with an increase of 191%. Over the period under review, the exports reached the peak figure at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, vegetable tanning extracts exports surged to $X in 2022. Overall, exports, however, continue to indicate a precipitous setback. The pace of growth appeared the most rapid in 2014 with an increase of 277%. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

Ghana dominates exports structure, amounting to X tons, which was near 90% of total exports in 2022. It was distantly followed by Nigeria (X kg), comprising a 6.6% share of total exports. Benin (X kg) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to vegetable tanning extracts exports from Ghana stood at +12.9%. At the same time, Benin (+18.9%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +18.9% from 2012-2022. By contrast, Nigeria (-38.5%) illustrated a downward trend over the same period. Ghana (+88 p.p.) and Benin (+2.6 p.p.) significantly strengthened its position in terms of the total exports, while Nigeria saw its share reduced by -45.6% from 2012 to 2022, respectively.

In value terms, Ghana ($X) remains the largest vegetable tanning extracts supplier in ECOWAS, comprising 91% of total exports. The second position in the ranking was taken by Benin ($X), with a 5.1% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Ghana totaled +22.5%. In the other countries, the average annual rates were as follows: Benin (+18.2% per year) and Nigeria (-37.5% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, surging by 8.3% against the previous year. In general, the export price recorded a temperate expansion. The pace of growth was the most pronounced in 2021 when the export price increased by 237% against the previous year. The level of export peaked at $X per ton in 2019; however, from 2020 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 Benin ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+8.5%), while the other leaders experienced mixed trends in the export price figures.

Vegetable Tanning Extracts Imports

Imports in ECOWAS

After three years of decline, overseas purchases of tanning extracts of vegetable origin, tannins and their salts other derivatives increased by 58% to X tons in 2022. Overall, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 186% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, vegetable tanning extracts imports soared to $X in 2022. Over the period under review, imports showed a modest increase. The pace of growth was the most pronounced in 2016 with an increase of 132%. Over the period under review, imports attained the maximum at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Nigeria (X tons) and Ghana (X tons) were the main importers of tanning extracts of vegetable origin, tannins and their salts other derivatives in 2022, recording near 45% and 31% of total imports, respectively. Cote d'Ivoire (X tons) held the next position in the ranking, distantly followed by Mali (X tons). All these countries together took near 20% share of total imports. Burkina Faso (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of +21.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) constitutes the largest market for imported tanning extracts of vegetable origin, tannins and their salts other derivatives in ECOWAS, comprising 56% of total imports. The second position in the ranking was taken by Ghana ($X), with a 20% share of total imports. It was followed by Cote d'Ivoire, with a 9.5% share.

In Nigeria, vegetable tanning extracts imports shrank by an average annual rate of -1.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Ghana (+19.7% per year) and Cote d'Ivoire (+18.0% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, therefore, remained relatively stable against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 an increase of 38% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2020; afterwards, it flattened through to 2022.

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 ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+7.9%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform