Western Africa: Ketone And Quinone Market 2024

Ketone And Quinone Market Size in Western Africa

The West African ketone and quinone market rose remarkably to $X in 2021, surging by 6.7% against the previous year. Over the period under review, consumption posted a prominent expansion. The level of consumption peaked in 2021 and is expected to retain growth in the near future.

Ketone And Quinone Production in Western Africa

In value terms, ketone and quinone production declined to $X in 2021 estimated in export price. The total production indicated a notable expansion from 2012 to 2021: its value increased at an average annual rate of +2.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +35.6% against 2018 indices. The growth pace was the most rapid in 2020 with an increase of 26%. As a result, production attained the peak level of $X, and then fell in the following year.

Ketone And Quinone Exports

Exports in Western Africa

In 2021, approx. X tons of ketones and quinones were exported in Western Africa; with an increase of 4.3% on 2020 figures. In general, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 95%. The volume of export peaked at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, ketone and quinone exports totaled $X in 2021. Over the period under review, exports saw prominent growth. The growth pace was the most rapid in 2019 with an increase of 94% against the previous year. The level of export peaked in 2021 and is likely to see steady growth in years to come.

Exports by Country

Cote d'Ivoire prevails in exports structure, finishing at X tons, which was approx. 82% of total exports in 2021. Senegal (X tons) ranks second in terms of the total exports with a 5.3% share, followed by Nigeria (4.7%). The following exporters - Ghana (X kg) and Burkina Faso (X kg) - together made up 6.5% of total exports.

Cote d'Ivoire was also the fastest-growing in terms of the ketones and quinones exports, with a CAGR of +53.8% from 2012 to 2021. At the same time, Burkina Faso (+17.5%), Senegal (+16.5%) and Nigeria (+7.1%) displayed positive paces of growth. By contrast, Ghana (-3.7%) illustrated a downward trend over the same period. While the share of Cote d'Ivoire (+80 p.p.), Senegal (+4 p.p.), Burkina Faso (+2.2 p.p.) and Nigeria (+2.1 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Ghana (-1.5 p.p.) displayed negative dynamics.

In value terms, Cote d'Ivoire ($X) remains the largest ketone and quinone supplier in Western Africa, comprising 71% of total exports. The second position in the ranking was held by Burkina Faso ($X), with a 12% share of total exports. It was followed by Senegal, with a 6.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Cote d'Ivoire stood at +56.2%. In the other countries, the average annual rates were as follows: Burkina Faso (+58.2% per year) and Senegal (+8.1% per year).

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, increasing by 6.9% against the previous year. Export price indicated buoyant growth from 2012 to 2021: its price increased at an average annual rate of +5.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, ketone and quinone export price increased by +17.3% against 2018 indices. The pace of growth was the most pronounced in 2013 an increase of 78%. The level of export peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was Burkina Faso ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Burkina Faso (+34.6%), while the other leaders experienced more modest paces of growth.

Ketone And Quinone Imports

Imports in Western Africa

For the fifth consecutive year, Western Africa recorded growth in supplies from abroad of ketones and quinones, which increased by 32% to X tons in 2021. Over the period under review, imports saw a resilient increase. The most prominent rate of growth was recorded in 2020 with an increase of 67% against the previous year. The volume of import peaked in 2021 and is expected to retain growth in years to come.

In value terms, ketone and quinone imports surged to $X in 2021. In general, imports showed a strong increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Nigeria was the major importing country with an import of about X tons, which recorded 78% of total imports. Cote d'Ivoire (X tons) took the second position in the ranking, distantly followed by Ghana (X tons). All these countries together took near 21% share of total imports.

Nigeria was also the fastest-growing in terms of the ketones and quinones imports, with a CAGR of +17.8% from 2012 to 2021. At the same time, Ghana (+15.6%) and Cote d'Ivoire (+5.6%) displayed positive paces of growth. Nigeria (+22 p.p.) significantly strengthened its position in terms of the total imports, while Cote d'Ivoire saw its share reduced by -13.7% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported ketones and quinones in Western Africa, comprising 78% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 15% share of total imports.

From 2012 to 2021, the average annual growth rate of value in Nigeria amounted to +18.6%. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+4.0% per year) and Ghana (+16.0% per year).

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, increasing by 34% against the previous year. In general, the import price showed a relatively flat trend pattern. Over the period under review, import prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, the country with the highest price was Nigeria ($X per ton), while Ghana ($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 (+0.7%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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