Western Africa: Herbicide Market 2024

Herbicide Market Size in Western Africa

The West African herbicide market declined to $X in 2021, reducing by -12.5% against the previous year. The total consumption indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +4.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +36.6% against 2019 indices. Over the period under review, the market reached the maximum level at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Herbicide Production in Western Africa

In value terms, herbicide production fell significantly to $X in 2021 estimated in export price. In general, production, however, recorded slight growth. The growth pace was the most rapid in 2016 with an increase of 137%. The level of production peaked at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Herbicide Exports

Exports in Western Africa

In 2021, shipments abroad of herbicides decreased by -5.5% to X tons for the first time since 2016, thus ending a four-year rising trend. Overall, exports, however, recorded buoyant growth. The most prominent rate of growth was recorded in 2013 with an increase of 134% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, herbicide exports contracted notably to $X in 2021. Over the period under review, exports showed a perceptible curtailment. The growth pace was the most rapid in 2018 with an increase of 101%. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Nigeria prevails in exports structure, resulting at X tons, which was approx. 93% of total exports in 2021. Burkina Faso (X tons) and Ghana (X tons) held a little share of total exports.

Nigeria was also the fastest-growing in terms of the herbicides exports, with a CAGR of +24.0% from 2012 to 2021. Burkina Faso (-8.1%) and Ghana (-17.6%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Nigeria increased by +65 percentage points.

In value terms, Nigeria ($X) remains the largest herbicide supplier in Western Africa, comprising 82% of total exports. The second position in the ranking was taken by Burkina Faso ($X), with a 6.1% share of total exports.

In Nigeria, herbicide exports increased at an average annual rate of +14.7% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Burkina Faso (-11.6% per year) and Ghana (-16.4% per year).

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, falling by -32.4% against the previous year. Over the period under review, the export price showed a abrupt decline. The most prominent rate of growth was recorded in 2015 an increase of 88% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2021, 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 Ghana ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+1.5%), while the other leaders experienced a decline in the export price figures.

Herbicide Imports

Imports in Western Africa

In 2021, approx. X tons of herbicides were imported in Western Africa; reducing by -21.9% on 2020. Overall, imports, however, continue to indicate a resilient expansion. The pace of growth was the most pronounced in 2018 when imports increased by 56% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2020, and then fell markedly in the following year.

In value terms, herbicide imports declined to $X in 2021. Over the period under review, imports, however, posted buoyant growth. The growth pace was the most rapid in 2014 when imports increased by 70%. The level of import peaked at $X in 2020, and then shrank in the following year.

Imports by Country

Nigeria was the key importer of herbicides in Western Africa, with the volume of imports resulting at X tons, which was near 55% of total imports in 2021. Ghana (X tons) held a 22% share (based on physical terms) of total imports, which put it in second place, followed by Cote d'Ivoire (13%) and Guinea (4.9%). The following importers - Burkina Faso (X tons) and Mali (X tons) - each resulted at a 3.2% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to herbicide imports into Nigeria stood at +7.8%. At the same time, Cote d'Ivoire (+16.1%), Guinea (+12.7%), Mali (+7.7%) and Burkina Faso (+7.3%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +16.1% from 2012-2021. Ghana experienced a relatively flat trend pattern. From 2012 to 2021, the share of Cote d'Ivoire, Nigeria and Guinea increased by +6.9, +6.3 and +2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported herbicides in Western Africa, comprising 51% of total imports. The second position in the ranking was taken by Ghana ($X), with a 23% share of total imports. It was followed by Cote d'Ivoire, with a 15% share.

From 2012 to 2021, the average annual growth rate of value in Nigeria amounted to +6.9%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+1.7% per year) and Cote d'Ivoire (+14.8% per year).

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, growing by 20% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Cote d'Ivoire ($X per ton) and Mali ($X per ton), while Nigeria ($X per ton) and Guinea ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+1.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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