Western Africa: Glutamic Acid Market 2024

Glutamic Acid Market Size in Western Africa

The West African glutamic acid market soared to $X in 2022, jumping by 36% against the previous year. Overall, consumption showed a resilient expansion. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Glutamic Acid Production in Western Africa

In value terms, glutamic acid production totaled $X in 2022 estimated in export price. The total production indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -18.7% against 2018 indices. The growth pace was the most rapid in 2018 when the production volume increased by 36%. As a result, production reached the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

Glutamic Acid Exports

Exports in Western Africa

In 2022, overseas shipments of glutamic acid and its salts were finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Overall, exports, however, showed a abrupt decrease. Over the period under review, the exports attained the peak figure at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, glutamic acid exports skyrocketed to $X in 2022. In general, exports, however, recorded a abrupt shrinkage. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Senegal represented the largest exporter of glutamic acid and its salts in Western Africa, with the volume of exports resulting at X tons, which was near 49% of total exports in 2022. Cote d'Ivoire (X tons) held a 30% share (based on physical terms) of total exports, which put it in second place, followed by Togo (6.5%) and Ghana (6.5%). The following exporters - Niger (X tons) and Nigeria (X tons) - together made up 7.2% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Niger (with a CAGR of +64.5%), while the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X) emerged as the largest glutamic acid supplier in Western Africa, comprising 60% of total exports. The second position in the ranking was held by Senegal ($X), with a 26% share of total exports. It was followed by Ghana, with a 4.2% share.

In Cote d'Ivoire, glutamic acid exports expanded at an average annual rate of +1.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Senegal (-4.1% per year) and Ghana (+6.0% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, increasing by 38% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 an increase of 47%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while Senegal ($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 (+4.7%), while the other leaders experienced mixed trends in the export price figures.

Glutamic Acid Imports

Imports in Western Africa

In 2022, the amount of glutamic acid and its salts imported in Western Africa skyrocketed to X tons, jumping by 24% against 2021. Overall, imports showed strong growth. The pace of growth was the most pronounced in 2020 when imports increased by 65% against the previous year. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, glutamic acid imports soared to $X in 2022. Over the period under review, imports showed a remarkable increase. The pace of growth appeared the most rapid in 2020 when imports increased by 76%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in years to come.

Imports by Country

Nigeria dominates imports structure, recording X tons, which was approx. 78% of total imports in 2022. Senegal (X tons) ranks second in terms of the total imports with an 8.8% share, followed by Cote d'Ivoire (6.3%). Ghana (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to glutamic acid imports into Nigeria stood at +8.5%. At the same time, Ghana (+13.1%), Cote d'Ivoire (+8.0%) and Senegal (+5.9%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +13.1% from 2012-2022. While the share of Nigeria (+1.8 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Senegal (-2.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported glutamic acid and its salts in Western Africa, comprising 83% of total imports. The second position in the ranking was taken by Senegal ($X), with a 7.6% share of total imports. It was followed by Cote d'Ivoire, with a 4.8% share.

In Nigeria, glutamic acid imports increased at an average annual rate of +7.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Senegal (+2.6% per year) and Cote d'Ivoire (+3.7% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2022, increasing by 17% against the previous year. Over the period under review, the import price, however, recorded a mild shrinkage. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Nigeria ($X per ton) and Senegal ($X per ton), while Cote d'Ivoire ($X per ton) and Ghana ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (-1.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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