Western Africa: Ethanol Market 2024

Ethanol Market Size in Western Africa

The West African ethanol market amounted to $X in 2022, increasing by 3.5% against the previous year. The total consumption indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -7.7% against 2020 indices. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Ethanol Production in Western Africa

In value terms, ethanol production rose significantly to $X in 2022 estimated in export price. In general, production continues to indicate a resilient expansion. The pace of growth was the most pronounced in 2020 when the production volume increased by 52% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Ethanol Exports

Exports in Western Africa

For the fifth year in a row, Western Africa recorded decline in shipments abroad of ethyl alcohol, which decreased by -3.8% to X litres in 2022. Overall, exports continue to indicate a noticeable descent. The most prominent rate of growth was recorded in 2017 with an increase of 46%. As a result, the exports reached the peak of X litres. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, ethanol exports expanded to $X in 2022. In general, exports saw a abrupt downturn. The most prominent rate of growth was recorded in 2017 when exports increased by 39%. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Ghana (X litres), distantly followed by Togo (X litres), Senegal (X litres), Nigeria (X litres), Burkina Faso (X litres) and Mali (X litres) were the main exporters of ethyl alcohol, together making up 99% of total exports.

From 2012 to 2022, the biggest increases were recorded for Togo (with a CAGR of +36.6%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Ghana ($X), Senegal ($X) and Togo ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined 80% share of total exports.

Togo, with a CAGR of +46.0%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in Western Africa stood at $X per litre in 2022, rising by 7.6% against the previous year. Overall, the export price, however, saw a abrupt curtailment. The pace of growth was the most pronounced in 2013 when the export price increased by 30% against the previous year. As a result, the export price attained the peak level of $X per litre. From 2014 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Senegal ($X per litre), while Burkina Faso ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (+6.8%), while the other leaders experienced mixed trends in the export price figures.

Ethanol Imports

Imports in Western Africa

In 2022, purchases abroad of ethyl alcohol decreased by -6.2% to X litres for the first time since 2018, thus ending a three-year rising trend. Total imports indicated a perceptible increase from 2012 to 2022: its volume increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 with an increase of 43%. The volume of import peaked at X litres in 2021, and then reduced in the following year.

In value terms, ethanol imports amounted to $X in 2022. Total imports indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -9.3% against 2020 indices. The most prominent rate of growth was recorded in 2017 with an increase of 38% against the previous year. The level of import peaked at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

Nigeria represented the major importing country with an import of about X litres, which accounted for 56% of total imports. It was distantly followed by Ghana (X litres) and Cote d'Ivoire (X litres), together achieving a 34% share of total imports. The following importers - Togo (X litres), Sierra Leone (X litres) and Liberia (X litres) - together made up 7.7% of total imports.

Nigeria experienced a relatively flat trend pattern with regard to volume of imports of ethyl alcohol. At the same time, Cote d'Ivoire (+14.6%), Ghana (+10.3%), Liberia (+5.0%), Togo (+2.7%) and Sierra Leone (+2.5%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +14.6% from 2012-2022. While the share of Ghana (+12 p.p.) and Cote d'Ivoire (+7.3 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Nigeria (-18.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported ethyl alcohol in Western Africa, comprising 71% of total imports. The second position in the ranking was taken by Ghana ($X), with a 14% share of total imports. It was followed by Cote d'Ivoire, with an 8.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria amounted to +2.2%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+4.5% per year) and Cote d'Ivoire (+10.9% per year).

Import Prices by Country

The import price in Western Africa stood at $X per litre in 2022, rising by 8% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 an increase of 30%. Over the period under review, import prices reached the peak figure at $X per litre in 2020; however, from 2021 to 2022, import prices remained at a 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 Nigeria ($X per litre), while Togo ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (+3.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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