Western Africa: Odoriferous Substance Mixture Market 2024

Odoriferous Substance Mixture Market Size in Western Africa

In 2022, the West African odoriferous substance mixture market decreased by -7.6% to $X, falling for the second consecutive year after three years of growth. The total consumption indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -18.4% against 2020 indices. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Odoriferous Substance Mixture Production in Western Africa

In value terms, odoriferous substance mixture production amounted to $X in 2022 estimated in export price. The total production indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +4.9% 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 -3.7% against 2020 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by 43% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Odoriferous Substance Mixture Exports

Exports in Western Africa

After two years of growth, overseas shipments of mixtures of odoriferous substances and their preparations decreased by -2.8% to X tons in 2022. In general, exports, however, saw a resilient expansion. The pace of growth was the most pronounced in 2020 with an increase of 37% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021, and then fell slightly in the following year.

In value terms, odoriferous substance mixture exports expanded rapidly to $X in 2022. Total exports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +7.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +107.8% against 2012 indices. The pace of growth was the most pronounced in 2018 with an increase of 38%. Over the period under review, the exports reached the peak figure in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

Senegal dominates exports structure, accounting for X tons, which was near 90% of total exports in 2022. It was distantly followed by Ghana (X tons), making up a 4.7% share of total exports. The following exporters - Nigeria (X tons) and Cote d'Ivoire (X tons) - each accounted for a 3.5% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to odoriferous substance mixture exports from Senegal stood at +9.1%. At the same time, Ghana (+51.0%) and Nigeria (+5.3%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +51.0% from 2012-2022. By contrast, Cote d'Ivoire (-1.9%) illustrated a downward trend over the same period. While the share of Ghana (+4.5 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Cote d'Ivoire (-2.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) remains the largest odoriferous substance mixture supplier in Western Africa, comprising 77% of total exports. The second position in the ranking was taken by Ghana ($X), with a 13% share of total exports. It was followed by Cote d'Ivoire, with a 2.3% share.

From 2012 to 2022, the average annual growth rate of value in Senegal stood at +6.7%. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (+56.8% per year) and Cote d'Ivoire (+1.9% per year).

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, with an increase of 8.8% against the previous year. Over the period under review, the export price, however, recorded a mild slump. The growth pace was the most rapid in 2018 an increase of 11%. The level of export peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+3.9%), while the other leaders experienced more modest paces of growth.

Odoriferous Substance Mixture Imports

Imports in Western Africa

In 2022, supplies from abroad of mixtures of odoriferous substances and their preparations decreased by -7% to X tons, falling for the second year in a row after three years of growth. Total imports indicated a perceptible increase from 2012 to 2022: its volume increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -10.2% against 2020 indices. The pace of growth was the most pronounced in 2020 when imports increased by 26% against the previous year. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, odoriferous substance mixture imports dropped to $X in 2022. Total imports indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -23.0% against 2020 indices. The growth pace was the most rapid in 2020 with an increase of 44%. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Nigeria (X tons) represented the key importer of mixtures of odoriferous substances and their preparations, creating 44% of total imports. Ghana (X tons) held the second position in the ranking, distantly followed by Cote d'Ivoire (X tons) and Senegal (X tons). All these countries together took approx. 43% share of total imports. The following importers - Burkina Faso (X tons), Mali (X tons) and Guinea (X tons) - each reached a 6.7% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Ghana (with a CAGR of +13.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) constitutes the largest market for imported mixtures of odoriferous substances and their preparations in Western Africa, comprising 50% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 19% share of total imports. It was followed by Ghana, with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+11.3% per year) and Ghana (+9.6% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2022, shrinking by -3% against the previous year. Overall, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 an increase of 21% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2016; however, from 2017 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cote d'Ivoire ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+1.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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