ECOWAS: Urea Market 2025

Urea Market Size in ECOWAS

The ECOWAS urea market soared to $X in 2022, picking up by 26% against the previous year. In general, consumption recorded resilient growth. Over the period under review, the market reached the peak level in 2022 and is expected to retain growth in the immediate term.

Urea Production in ECOWAS

In value terms, urea production surged to $X in 2022 estimated in export price. Overall, production continues to indicate a significant expansion. The most prominent rate of growth was recorded in 2021 with an increase of 146% against the previous year. Over the period under review, production attained the peak level in 2022 and is likely to continue growth in the immediate term.

Urea Exports

Exports in ECOWAS

In 2022, overseas shipments of urea increased by 42% to X tons, rising for the second consecutive year after two years of decline. Overall, exports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2015 when exports increased by 355%. Over the period under review, the exports attained the peak figure in 2022 and are likely to continue growth in the immediate term.

In value terms, urea exports surged to $X in 2022. In general, exports continue to indicate a significant expansion. The growth pace was the most rapid in 2021 when exports increased by 391%. The level of export peaked in 2022 and is expected to retain growth in years to come.

Exports by Country

Nigeria prevails in exports structure, recording X tons, which was near 96% of total exports in 2022. Togo (X tons) took a relatively small share of total exports.

Nigeria was also the fastest-growing in terms of the urea exports, with a CAGR of +37.2% from 2012 to 2022. At the same time, Togo (+36.0%) displayed positive paces of growth. Nigeria (+9.3 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, Nigeria ($X) remains the largest urea supplier in ECOWAS, comprising 99% of total exports. The second position in the ranking was taken by Togo ($X), with a 0.6% share of total exports.

In Nigeria, urea exports expanded at an average annual rate of +44.6% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, jumping by 16% against the previous year. Over the period under review, the export price posted a strong expansion. The most prominent rate of growth was recorded in 2020 an increase of 70%. The level of export peaked in 2022 and is likely to see gradual growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Togo amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+5.4%).

Urea Imports

Imports in ECOWAS

In 2022, purchases abroad of urea was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. In general, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 54%. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports failed to regain momentum.

In value terms, urea imports soared to $X in 2022. Over the period under review, imports, however, saw a mild descent. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

Senegal represented the key importer of urea in ECOWAS, with the volume of imports finishing at X tons, which was near 49% of total imports in 2022. It was distantly followed by Cote d'Ivoire (X tons), Togo (X tons), Ghana (X tons) and Mali (X tons), together creating a 43% share of total imports. Burkina Faso (X tons) and Benin (X tons) took a relatively small share of total imports.

Imports into Senegal increased at an average annual rate of +9.7% from 2012 to 2022. At the same time, Togo (+34.9%) and Ghana (+23.9%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +34.9% from 2012-2022. By contrast, Cote d'Ivoire (-2.2%), Burkina Faso (-11.5%), Benin (-12.0%) and Mali (-14.1%) illustrated a downward trend over the same period. While the share of Senegal (+31 p.p.), Togo (+8.1 p.p.) and Ghana (+7.5 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Cote d'Ivoire (-3.3 p.p.), Benin (-4 p.p.), Burkina Faso (-6.8 p.p.) and Mali (-19.4 p.p.) displayed negative dynamics.

In value terms, Senegal ($X) constitutes the largest market for imported urea in ECOWAS, comprising 46% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 20% share of total imports. It was followed by Togo, with an 18% share.

From 2012 to 2022, the average annual growth rate of value in Senegal amounted to +8.1%. In the other countries, the average annual rates were as follows: Cote d'Ivoire (-3.1% per year) and Togo (+43.8% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, rising by 9.1% against the previous year. Over the period under review, the import price, however, continues to indicate a slight reduction. The most prominent rate of growth was recorded in 2021 when the import price increased by 22%. Over the period under review, import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (+6.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform