Western Africa: Plant-Growth Regulators Market 2024

Plant-Growth Regulators Market Size in Western Africa

The West African plant-growth regulators market surged to $X in 2022, increasing by 32% against the previous year. Overall, consumption, however, enjoyed resilient growth. Over the period under review, the market attained the maximum level in 2022 and is expected to retain growth in years to come.

Plant-Growth Regulators Production in Western Africa

In value terms, plant-growth regulators production reduced modestly to $X in 2022 estimated in export price. In general, production, however, recorded strong growth. The most prominent rate of growth was recorded in 2016 when the production volume increased by 307% against the previous year. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

Plant-Growth Regulators Exports

Exports in Western Africa

In 2022, shipments abroad of plant-growth regulators increased by 145% to X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports, however, recorded a perceptible decline. The growth pace was the most rapid in 2014 when exports increased by 163% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, plant-growth regulators exports surged to $X in 2022. Overall, exports, however, recorded a deep setback. The pace of growth appeared the most rapid in 2017 with an increase of 156% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Nigeria represented the main exporting country with an export of about X tons, which finished at 41% of total exports. Cote d'Ivoire (X tons) ranks second in terms of the total exports with a 21% share, followed by Burkina Faso (14%), Ghana (14%) and Senegal (5.4%). Niger (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Nigeria (with a CAGR of -1.0%), while shipments for the other leaders experienced a decline in the exports figures.

In value terms, Cote d'Ivoire ($X), Nigeria ($X) and Burkina Faso ($X) were the countries with the highest levels of exports in 2022, with a combined 76% share of total exports.

Nigeria, with a CAGR of -5.4%, 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 a decline in the exports figures.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, growing by 2.2% against the previous year. In general, the export price, however, continues to indicate a perceptible setback. The pace of growth was the most pronounced in 2015 when the export price increased by 83%. Over the period under review, the export prices attained the maximum at $X per ton in 2013; however, from 2014 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 Cote d'Ivoire ($X per ton), while Nigeria ($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 (+1.0%), while the other leaders experienced a decline in the export price figures.

Plant-Growth Regulators Imports

Imports in Western Africa

In 2022, approx. X tons of plant-growth regulators were imported in Western Africa; falling by -2.2% against the year before. Overall, imports, however, showed a buoyant increase. The most prominent rate of growth was recorded in 2018 with an increase of 55%. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, plant-growth regulators imports skyrocketed to $X in 2022. Over the period under review, imports, however, saw a strong expansion. The pace of growth appeared the most rapid in 2014 with an increase of 70%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Nigeria was the main importer of plant-growth regulators in Western Africa, with the volume of imports recording X tons, which was near 46% of total imports in 2022. Ghana (X tons) took the second position in the ranking, distantly followed by Cote d'Ivoire (X tons), Guinea (X tons) and Burkina Faso (X tons). All these countries together held near 49% share of total imports. Benin (X tons) held a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for Burkina Faso (with a CAGR of +18.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) constitutes the largest market for imported plant-growth regulators in Western Africa, comprising 60% of total imports. The second position in the ranking was held by Ghana ($X), with a 16% share of total imports. It was followed by Cote d'Ivoire, with a 12% share.

In Nigeria, plant-growth regulators imports expanded at an average annual rate of +11.1% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+0.9% per year) and Cote d'Ivoire (+13.9% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2022, increasing by 37% against the previous year. Import price indicated a measured expansion from 2012 to 2022: its price increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, plant-growth regulators import price increased by +64.6% against 2020 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Benin ($X per ton), while Guinea ($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 (+5.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform