Western Africa: Ink Market 2024

Ink Market Size in Western Africa

In 2021, the West African ink market increased by 46% to $X, rising for the third consecutive year after two years of decline. Over the period under review, consumption saw perceptible growth. Over the period under review, the market reached the peak level in 2021 and is expected to retain growth in years to come.

Ink Production in Western Africa

In value terms, ink production shrank to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 with an increase of 32% against the previous year. As a result, production reached the peak level of $X, and then dropped in the following year.

Ink Exports

Exports in Western Africa

After two years of growth, overseas shipments of inks (excluding printing ink) decreased by -35% to X tons in 2021. In general, exports showed a abrupt curtailment. The most prominent rate of growth was recorded in 2019 with an increase of 133%. The volume of export peaked at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, ink exports totaled $X in 2021. Over the period under review, exports recorded a pronounced decrease. The most prominent rate of growth was recorded in 2017 with an increase of 78%. 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

Cote d'Ivoire dominates exports structure, amounting to X tons, which was approx. 92% of total exports in 2021. Senegal (X tons) followed a long way behind the leaders.

Exports from Cote d'Ivoire decreased at an average annual rate of -7.4% from 2012 to 2021. At the same time, Senegal (+26.6%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +26.6% from 2012-2021. While the share of Cote d'Ivoire (+14 p.p.) and Senegal (+2.5 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X) remains the largest ink supplier in Western Africa, comprising 64% of total exports. The second position in the ranking was taken by Senegal ($X), with a 30% share of total exports.

In Cote d'Ivoire, ink exports contracted by an average annual rate of -5.4% over the period from 2012-2021.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, jumping by 69% against the previous year. Export price indicated a buoyant expansion from 2012 to 2021: its price increased at an average annual rate of +7.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Senegal ($X per ton), while Cote d'Ivoire totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+20.2%).

Ink Imports

Imports in Western Africa

In 2021, overseas purchases of inks (excluding printing ink) increased by 87% to X tons, rising for the third consecutive year after two years of decline. Over the period under review, imports showed measured growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, ink imports skyrocketed to $X in 2021. In general, imports saw measured growth. The pace of growth was the most pronounced in 2020 when imports increased by 59% against the previous year. The level of import peaked in 2021 and is likely to see steady growth in the near future.

Imports by Country

Nigeria prevails in imports structure, accounting for X tons, which was approx. 78% of total imports in 2021. Ghana (X tons) ranks second in terms of the total imports with a 6.5% share, followed by Senegal (5.3%). Cote d'Ivoire (X tons) and Togo (X tons) followed a long way behind the leaders.

Nigeria was also the fastest-growing in terms of the inks (excluding printing ink) imports, with a CAGR of +12.0% from 2012 to 2021. At the same time, Cote d'Ivoire (+2.2%) displayed positive paces of growth. By contrast, Senegal (-1.3%), Togo (-2.9%) and Ghana (-11.9%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Nigeria increased by +39 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported inks (excluding printing ink) in Western Africa, comprising 56% of total imports. The second position in the ranking was taken by Senegal ($X), with an 11% share of total imports. It was followed by Cote d'Ivoire, with an 8.1% share.

In Nigeria, ink imports increased at an average annual rate of +14.4% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Senegal (+4.9% per year) and Cote d'Ivoire (+0.5% per year).

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, with a decrease of -16.9% against the previous year. Over the last nine years, it increased at an average annual rate of +1.0%. The most prominent rate of growth was recorded in 2015 when the import price increased by 42%. As a result, import price attained the peak level of $X per ton. From 2016 to 2021, the import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Cote d'Ivoire ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Togo (+7.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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