Western Africa: Market for Medicaments Containing Corticosteroid Hormones 2024

Market Size for Medicaments Containing Corticosteroid Hormones in Western Africa

After four years of growth, the West African medicaments containing corticosteroid hormones market decreased by -23.3% to $X in 2021. In general, consumption, however, saw a buoyant increase. As a result, consumption attained the peak level of $X, and then reduced sharply in the following year.

Production of Medicaments Containing Corticosteroid Hormones in Western Africa

In value terms, medicaments containing corticosteroid hormones production rose significantly to $X in 2021 estimated in export price. The total production indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +5.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -5.6% against 2019 indices. The most prominent rate of growth was recorded in 2018 with an increase of 33%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Exports of Medicaments Containing Corticosteroid Hormones

Exports in Western Africa

In 2021, shipments abroad of medicaments containing corticosteroid hormones decreased by -55.8% to X tons, falling for the second year in a row after three years of growth. In general, exports saw a perceptible curtailment. The growth pace was the most rapid in 2013 when exports increased by 125% against the previous year. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, medicaments containing corticosteroid hormones exports reduced sharply to $X in 2021. Overall, exports continue to indicate a perceptible slump. The pace of growth appeared the most rapid in 2013 when exports increased by 151%. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Togo was the key exporting country with an export of about X tons, which amounted to 56% of total exports. Senegal (X kg) ranks second in terms of the total exports with a 12% share, followed by Ghana (11%), Burkina Faso (7.5%) and Mali (6.4%). Cote d'Ivoire (X kg) and Benin (X kg) took a little share of total exports.

Togo experienced a relatively flat trend pattern with regard to volume of exports of medicaments containing corticosteroid hormones. At the same time, Mali (+17.4%), Benin (+16.5%) and Cote d'Ivoire (+6.7%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +17.4% from 2012-2021. Senegal experienced a relatively flat trend pattern. By contrast, Ghana (-4.5%) and Burkina Faso (-9.1%) illustrated a downward trend over the same period. While the share of Togo (+13 p.p.), Mali (+5.2 p.p.), Senegal (+3.5 p.p.), Benin (+1.8 p.p.) and Cote d'Ivoire (+1.7 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Burkina Faso (-5.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest medicaments containing corticosteroid hormones supplying countries in Western Africa were Togo ($X), Ghana ($X) and Burkina Faso ($X), with a combined 75% share of total exports. These countries were followed by Mali, Senegal, Cote d'Ivoire and Benin, which together accounted for a further 22%.

Among the main exporting countries, Mali, with a CAGR of +34.3%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, jumping by 25% against the previous year. Overall, the export price, however, recorded a slight curtailment. The most prominent rate of growth was recorded in 2015 when the export price increased by 97% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Ghana ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mali (+14.4%), while the other leaders experienced more modest paces of growth.

Imports of Medicaments Containing Corticosteroid Hormones

Imports in Western Africa

After four years of growth, purchases abroad of medicaments containing corticosteroid hormones decreased by -32.4% to X tons in 2021. Over the period under review, imports, however, continue to indicate a strong expansion. The pace of growth appeared the most rapid in 2020 when imports increased by 149% against the previous year. As a result, imports reached the peak of X tons, and then fell markedly in the following year.

In value terms, medicaments containing corticosteroid hormones imports dropped to $X in 2021. Overall, imports, however, showed a prominent increase. The most prominent rate of growth was recorded in 2020 with an increase of 93% against the previous year. As a result, imports attained the peak of $X, and then declined in the following year.

Imports by Country

Nigeria dominates imports structure, amounting to X tons, which was near 68% of total imports in 2021. It was distantly followed by Cote d'Ivoire (X tons), Mali (X tons) and Ghana (X tons), together constituting a 21% share of total imports. The following importers - Mauritania (X tons) and Guinea (X tons) - together made up 6.8% of total imports.

Imports into Nigeria increased at an average annual rate of +23.1% from 2012 to 2021. At the same time, Mauritania (+46.0%), Guinea (+23.7%), Mali (+21.2%), Cote d'Ivoire (+9.0%) and Ghana (+7.4%) displayed positive paces of growth. Moreover, Mauritania emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +46.0% from 2012-2021. From 2012 to 2021, the share of Nigeria, Mauritania and Mali increased by +32, +3.7 and +2.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported medicaments containing corticosteroid hormones in Western Africa, comprising 44% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 14% share of total imports. It was followed by Mali, with a 12% share.

In Nigeria, medicaments containing corticosteroid hormones imports expanded at an average annual rate of +11.9% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+10.4% per year) and Mali (+23.0% per year).

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, growing by 30% against the previous year. Over the period under review, the import price, however, showed a perceptible downturn. The level of import peaked at $X per ton in 2016; however, from 2017 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Mauritania ($X per ton), while Nigeria ($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 (+3.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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