Western Africa: Npk Fertilizer Market 2024

Npk Fertilizer Market Size in Western Africa

The West African NPK fertilizer market soared to $X in 2022, with an increase of 46% against the previous year. The total consumption indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +3.5% 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 -3.0% against 2020 indices. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Npk Fertilizer Production in Western Africa

In value terms, NPK fertilizer production soared to $X in 2022 estimated in export price. The total production indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 when the production volume increased by 84% against the previous year. Over the period under review, production attained the peak level at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Npk Fertilizer Exports

Exports in Western Africa

After two years of decline, shipments abroad of mixed nitrogen, phosphorus and potassium (NPK) fertilizers increased by 30% to X tons in 2022. Total exports indicated a notable increase from 2012 to 2022: its volume increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -26.1% against 2019 indices. The pace of growth appeared the most rapid in 2013 when exports increased by 33%. Over the period under review, the exports attained the peak figure at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, NPK fertilizer exports skyrocketed to $X in 2022. In general, exports, however, saw a slight setback. The most prominent rate of growth was recorded in 2013 when exports increased by 31%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

In 2022, Senegal (X tons) and Mali (X tons) were the largest exporters of mixed nitrogen, phosphorus and potassium (NPK) fertilizers in Western Africa, together amounting to near 77% of total exports. It was distantly followed by Cote d'Ivoire (X tons), creating a 16% share of total exports. Ghana (X tons) and Togo (X tons) took a relatively small share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Ghana (with a CAGR of +15.7%), while the other leaders experienced more modest paces of growth.

In value terms, Senegal ($X), Mali ($X) and Cote d'Ivoire ($X) were the countries with the highest levels of exports in 2022, together accounting for 98% of total exports.

Senegal, with a CAGR of +19.7%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, declining by -8% against the previous year. In general, the export price showed a perceptible downturn. The pace of growth was the most pronounced in 2021 when the export price increased by 12%. 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 remained at a 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 Senegal ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+7.2%), while the other leaders experienced a decline in the export price figures.

Npk Fertilizer Imports

Imports in Western Africa

In 2022, approx. X tons of mixed nitrogen, phosphorus and potassium (NPK) fertilizers were imported in Western Africa; surging by 19% compared with the year before. Over the period under review, imports posted a pronounced expansion. The pace of growth appeared the most rapid in 2016 with an increase of 118%. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, NPK fertilizer imports surged to $X in 2022. Total imports indicated a modest expansion from 2012 to 2022: its value increased at an average annual rate of +1.7% 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 -5.3% against 2020 indices. The most prominent rate of growth was recorded in 2016 with an increase of 93%. As a result, imports reached the peak of $X. From 2017 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Ghana (X tons) and Benin (X tons) represented the key importers of mixed nitrogen, phosphorus and potassium (NPK) fertilizers in Western Africa, together making up 54% of total imports. Cote d'Ivoire (X tons) held a 9.7% share (based on physical terms) of total imports, which put it in second place, followed by Mali (8.5%), Togo (8.2%), Nigeria (7.8%) and Burkina Faso (7.7%).

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Togo (with a CAGR of +143.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Benin ($X), Ghana ($X) and Cote d'Ivoire ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 61% share of total imports. Burkina Faso, Togo, Mali and Nigeria lagged somewhat behind, together comprising a further 34%.

Among the main importing countries, Togo, with a CAGR of +135.8%, recorded the highest rates of growth with regard to 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

The import price in Western Africa stood at $X per ton in 2022, increasing by 13% against the previous year. Over the period under review, the import price, however, showed a slight downturn. The most prominent rate of growth was recorded in 2019 an increase of 24% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mali (+4.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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