Western Africa: Aromatic Alcohols Market 2024

Aromatic Alcohols Market Size in Western Africa

The West African aromatic alcohols market shrank to $X in 2021, which is down by -5.2% against the previous year. The total consumption indicated a noticeable increase from 2012 to 2021: its value increased at an average annual rate of +4.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -6.7% against 2018 indices. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Aromatic Alcohols Production in Western Africa

In value terms, aromatic alcohols production reduced slightly to $X in 2021 estimated in export price. The total production indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +4.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -10.7% against 2018 indices. The pace of growth appeared the most rapid in 2016 when the production volume increased by 44%. The level of production peaked at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Aromatic Alcohols Exports

Exports in Western Africa

In 2021, aromatic alcohols exports in Western Africa reduced remarkably to X tons, declining by -43.9% against the previous year. Over the period under review, exports, however, recorded notable growth. The most prominent rate of growth was recorded in 2017 when exports increased by 307% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, aromatic alcohols exports shrank rapidly to $X in 2021. Overall, exports, however, enjoyed mild growth. The most prominent rate of growth was recorded in 2017 with an increase of 196% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Togo prevails in exports structure, recording X tons, which was near 91% of total exports in 2021. It was distantly followed by Ghana (X tons), constituting an 8% share of total exports.

Togo was also the fastest-growing in terms of the aromatic alcohols and their derivatives exports, with a CAGR of +4.4% from 2012 to 2021. Ghana (-8.7%) illustrated a downward trend over the same period. Togo (+14 p.p.) significantly strengthened its position in terms of the total exports, while Ghana saw its share reduced by -14.6% from 2012 to 2021, respectively.

In value terms, Togo ($X) remains the largest aromatic alcohols supplier in Western Africa, comprising 91% of total exports. The second position in the ranking was taken by Ghana ($X), with a 5.5% share of total exports.

In Togo, aromatic alcohols exports expanded at an average annual rate of +2.0% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, reducing by -2.7% against the previous year. Overall, the export price saw a mild setback. The most prominent rate of growth was recorded in 2019 an increase of 21%. Over the period under review, the export prices reached the peak figure at $X per ton in 2015; however, from 2016 to 2021, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Togo ($X per ton), while Ghana totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+1.1%).

Aromatic Alcohols Imports

Imports in Western Africa

In 2021, approx. X tons of aromatic alcohols and their derivatives were imported in Western Africa; jumping by 94% on the previous year. Over the period under review, imports saw buoyant growth. The most prominent rate of growth was recorded in 2019 when imports increased by 287%. The volume of import peaked in 2021 and is likely to continue growth in years to come.

In value terms, aromatic alcohols imports skyrocketed to $X in 2021. Overall, imports saw strong growth. The pace of growth appeared the most rapid in 2019 when imports increased by 256%. Over the period under review, imports attained the peak figure in 2021 and are likely to see steady growth in the immediate term.

Imports by Country

Nigeria represented the key importer of aromatic alcohols and their derivatives in Western Africa, with the volume of imports resulting at X tons, which was approx. 74% of total imports in 2021. It was distantly followed by Mali (X tons), mixing up a 19% share of total imports. Ghana (X tons) held a little share of total imports.

Imports into Nigeria increased at an average annual rate of +9.7% from 2012 to 2021. At the same time, Mali (+19.5%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +19.5% from 2012-2021. By contrast, Ghana (-14.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Nigeria and Mali increased by +17 and +12 percentage points, respectively.

In value terms, Mali ($X), Nigeria ($X) and Ghana ($X) were the countries with the highest levels of imports in 2021, together comprising 93% of total imports.

In terms of the main importing countries, Mali, with a CAGR of +15.9%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, reducing by -9.6% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the import price increased by 142%. As a result, import price attained the peak level of $X per ton. From 2019 to 2021, the import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Mali ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (-0.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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