Western Africa: Potassium Nitrate Market 2024

Potassium Nitrate Market Size in Western Africa

The West African potassium nitrate market declined modestly to $X in 2022, approximately mirroring the previous year. Overall, consumption, however, continues to indicate a remarkable increase. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Potassium Nitrate Production in Western Africa

In value terms, potassium nitrate production dropped modestly to $X in 2022 estimated in export price. Over the period under review, production showed tangible growth. The pace of growth appeared the most rapid in 2016 with an increase of 33% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Potassium Nitrate Exports

Exports in Western Africa

In 2022, shipments abroad of potassium nitrates decreased by -70.4% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports showed a abrupt descent. The most prominent rate of growth was recorded in 2015 when exports increased by 228% against the previous year. As a result, the exports reached the peak of X tons. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, potassium nitrate exports contracted remarkably to $X in 2022. In general, exports saw a abrupt decline. The most prominent rate of growth was recorded in 2015 with an increase of 125%. As a result, the exports attained the peak of $X. From 2016 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Cote d'Ivoire (X tons) and Ghana (X tons) represented roughly 85% of total exports in 2022. It was distantly followed by Burkina Faso (X kg), mixing up a 15% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Ghana (with a CAGR of +9.3%), while the other leaders experienced a decline in the exports figures.

In value terms, the largest potassium nitrate supplying countries in Western Africa were Ghana ($X), Burkina Faso ($X) and Cote d'Ivoire ($X).

Ghana, with a CAGR of +8.1%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, picking up by 68% against the previous year. Over the period under review, the export price, however, continues to indicate a pronounced curtailment. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

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 2022, the most notable rate of growth in terms of prices was attained by Ghana (-1.1%), while the other leaders experienced a decline in the export price figures.

Potassium Nitrate Imports

Imports in Western Africa

In 2022, purchases abroad of potassium nitrates decreased by -17.7% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, imports, however, continue to indicate a buoyant expansion. The growth pace was the most rapid in 2018 when imports increased by 89% against the previous year. The volume of import peaked at X tons in 2021, and then fell sharply in the following year.

In value terms, potassium nitrate imports fell notably to $X in 2022. Overall, imports, however, continue to indicate temperate growth. The pace of growth was the most pronounced in 2018 with an increase of 92% against the previous year. The level of import peaked at $X in 2021, and then fell markedly in the following year.

Imports by Country

Nigeria represented the main importer of potassium nitrates in Western Africa, with the volume of imports reaching X tons, which was near 53% of total imports in 2022. Senegal (X tons) held the second position in the ranking, distantly followed by Ghana (X tons). All these countries together took approx. 41% share of total imports. Cote d'Ivoire (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Ghana (with a CAGR of +13.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X), Senegal ($X) and Ghana ($X) constituted the countries with the highest levels of imports in 2022, together comprising 92% of total imports.

Among the main importing countries, Senegal, with a CAGR of +7.1%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, standing approx. at the previous year. Overall, the import price, however, showed a noticeable descent. The pace of growth appeared the most rapid in 2017 when the import price increased by 7%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Cote d'Ivoire ($X per ton) and Senegal ($X per ton), while Nigeria ($X per ton) and Ghana ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (-2.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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