Western Africa: Vitamin Market 2024

Vitamin Market Size in Western Africa

In 2021, after nine years of growth, there was significant decline in the West African vitamin market, when its value decreased by -6.9% to $X. Over the period under review, consumption, however, enjoyed a buoyant increase. The level of consumption peaked at $X in 2020, and then declined in the following year.

Vitamin Production in Western Africa

In value terms, vitamin production contracted to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2014 with an increase of 65%. Over the period under review, production attained the peak level at $X in 2020, and then declined slightly in the following year.

Vitamin Exports

Exports in Western Africa

After two years of decline, overseas shipments of provitamins and vitamins increased by 39% to X tons in 2021. Overall, exports, however, continue to indicate a abrupt descent. The most prominent rate of growth was recorded in 2016 when exports increased by 290% against the previous year. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, vitamin exports declined slightly to $X in 2021. Over the period under review, exports, however, continue to indicate a abrupt setback. The most prominent rate of growth was recorded in 2017 when exports increased by 105%. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Senegal (X tons) and Togo (X tons) prevails in exports structure, together committing 87% of total exports. It was distantly followed by Ghana (X tons), making up a 6.9% share of total exports. Mali (X kg) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Togo (with a CAGR of +10.2%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Senegal ($X), Togo ($X) and Ghana ($X) were the countries with the highest levels of exports in 2021, with a combined 81% share of total exports.

Ghana, with a CAGR of +4.5%, 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

In 2021, the export price in Western Africa amounted to $X per ton, with a decrease of -30.5% against the previous year. In general, the export price, however, enjoyed perceptible growth. The pace of growth was the most pronounced in 2017 an increase of 168% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Mali ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mali (+8.1%), while the other leaders experienced mixed trends in the export price figures.

Vitamin Imports

Imports in Western Africa

Vitamin imports dropped remarkably to X tons in 2021, with a decrease of -17.5% on the year before. Over the period under review, imports, however, continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2020 with an increase of 71% against the previous year. As a result, imports attained the peak of X tons, and then declined remarkably in the following year.

In value terms, vitamin imports declined rapidly to $X in 2021. Overall, imports, however, continue to indicate a prominent expansion. The growth pace was the most rapid in 2020 when imports increased by 93% against the previous year. As a result, imports reached the peak of $X, and then contracted remarkably in the following year.

Imports by Country

Nigeria dominates imports structure, recording X tons, which was approx. 74% of total imports in 2021. Ghana (X tons) held a 9.5% share (based on physical terms) of total imports, which put it in second place, followed by Senegal (8.5%). The following importers - Cote d'Ivoire (X tons) and Togo (X tons) - together made up 4.8% of total imports.

From 2012 to 2021, average annual rates of growth with regard to vitamin imports into Nigeria stood at +8.4%. At the same time, Ghana (+19.1%), Cote d'Ivoire (+12.8%) and Senegal (+3.0%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +19.1% from 2012-2021. By contrast, Togo (-5.0%) illustrated a downward trend over the same period. While the share of Ghana (+5.6 p.p.) and Nigeria (+2.2 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Togo (-4.4 p.p.) and Senegal (-4.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported provitamins and vitamins in Western Africa, comprising 70% of total imports. The second position in the ranking was taken by Ghana ($X), with a 12% share of total imports. It was followed by Senegal, with a 6.2% share.

In Nigeria, vitamin imports increased at an average annual rate of +6.9% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Ghana (+14.5% per year) and Senegal (+9.0% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2021, shrinking by -7.8% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the import price increased by 28% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2016; however, from 2017 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+5.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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