Western Africa: Nitrates Market 2024

Nitrates Market Size in Western Africa

The West African nitrates market soared to $X in 2021, surging by 16% against the previous year. Over the period under review, consumption recorded buoyant growth. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Nitrates Production in Western Africa

In value terms, nitrates production expanded sharply to $X in 2021 estimated in export price. Over the period under review, production showed resilient growth. The growth pace was the most rapid in 2019 when the production volume increased by 77%. As a result, production attained the peak level of $X. From 2020 to 2021, production growth remained at a lower figure.

Nitrates Exports

Exports in Western Africa

In 2021, approx. X tons of nitrates (excluding those of potassium) were exported in Western Africa; dropping by -12.2% against the previous year's figure. Over the period under review, exports continue to indicate a deep contraction. The most prominent rate of growth was recorded in 2020 when exports increased by 78%. Over the period under review, the exports attained the maximum at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, nitrates exports soared to $X in 2021. Overall, exports recorded a deep slump. The most prominent rate of growth was recorded in 2013 with an increase of 35% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

The shipments of the three major exporters of nitrates (excluding those of potassium), namely Burkina Faso, Mali and Ghana, represented more than two-thirds of total export. It was distantly followed by Guinea (X tons), committing a 6.7% share of total exports. Cote d'Ivoire (X tons) held a relatively small share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Burkina Faso (with a CAGR of +21.7%), while the other leaders experienced more modest paces of growth.

In value terms, Burkina Faso ($X) remains the largest nitrates supplier in Western Africa, comprising 54% of total exports. The second position in the ranking was taken by Ghana ($X), with a 23% share of total exports. It was followed by Mali, with a 19% share.

In Burkina Faso, nitrates exports increased at an average annual rate of +37.8% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Ghana (-21.1% per year) and Mali (-0.3% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, increasing by 49% against the previous year. Over the period under review, the export price continues to indicate a strong increase. Over the period under review, the export prices hit record highs at $X per ton in 2019; afterwards, it flattened through to 2021.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Burkina Faso (+13.3%), while the other leaders experienced mixed trends in the export price figures.

Nitrates Imports

Imports in Western Africa

In 2021, overseas purchases of nitrates (excluding those of potassium) were finally on the rise to reach X tons after two years of decline. In general, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when imports increased by 111% against the previous year. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, nitrates imports skyrocketed to $X in 2021. Overall, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 123%. The level of import peaked at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

Nigeria was the largest importing country with an import of about X tons, which resulted at 41% of total imports. Mali (X tons) ranks second in terms of the total imports with a 19% share, followed by Mauritania (16%), Ghana (6.2%), Burkina Faso (5.9%) and Guinea (4.8%). Cote d'Ivoire (X tons) held a relatively small share of total imports.

Imports into Nigeria increased at an average annual rate of +9.0% from 2012 to 2021. At the same time, Guinea (+25.8%), Ghana (+24.0%), Cote d'Ivoire (+12.2%) and Burkina Faso (+1.4%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +25.8% from 2012-2021. By contrast, Mali (-3.4%) and Mauritania (-11.8%) illustrated a downward trend over the same period. While the share of Nigeria (+23 p.p.), Ghana (+5.3 p.p.), Guinea (+4.2 p.p.) and Cote d'Ivoire (+1.5 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Mali (-6.4 p.p.) and Mauritania (-31.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest nitrates importing markets in Western Africa were Nigeria ($X), Mali ($X) and Mauritania ($X), together accounting for 62% of total imports. These countries were followed by Burkina Faso, Ghana, Guinea and Cote d'Ivoire, which together accounted for a further 32%.

Guinea, with a CAGR of +25.6%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, with an increase of 3.5% against the previous year. Over the last nine years, it increased at an average annual rate of +1.1%. The most prominent rate of growth was recorded in 2019 when the import price increased by 33%. As a result, import price attained the peak level of $X per ton. From 2020 to 2021, the import prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, 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 (+8.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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