Western Africa: Salt Market 2024

Salt Market Size in Western Africa

The West African salt market soared to $X in 2022, surging by 24% against the previous year. The total consumption indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +57.6% against 2017 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Salt Production in Western Africa

In value terms, salt production rose slightly to $X in 2022 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 17%. As a result, production attained the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

Salt Exports

Exports in Western Africa

In 2022, overseas shipments of salt and pure sodium chloride decreased by -38.1% to X tons, falling for the third consecutive year after six years of growth. Overall, exports recorded a deep downturn. The most prominent rate of growth was recorded in 2016 when exports increased by 24% against the previous year. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, salt exports fell notably to $X in 2022. In general, exports continue to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2016 when exports increased by 33% against the previous year. As a result, the exports reached the peak of $X. From 2017 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

The shipments of the two major exporters of salt and pure sodium chloride, namely Ghana and Senegal, represented more than two-thirds of total export.

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 +2.6%).

In value terms, Senegal ($X) and Ghana ($X) constituted the countries with the highest levels of exports in 2022.

In terms of the main exporting countries, Ghana, with a CAGR of -0.6%, saw the highest growth rate of the value of exports, over the period under review.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, approximately reflecting the previous year. Over the period under review, the export price continues to indicate a noticeable slump. The pace of growth was the most pronounced in 2016 an increase of 7.3%. Over the period under review, the export prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Senegal ($X per ton), while Ghana stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (-2.9%).

Salt Imports

Imports in Western Africa

In 2022, the amount of salt and pure sodium chloride imported in Western Africa stood at X tons, therefore, remained relatively stable against 2021 figures. The total import volume increased at an average annual rate of +3.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2020 with an increase of 18% against the previous year. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, salt imports skyrocketed to $X in 2022. The total import value increased at an average annual rate of +4.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Nigeria (X tons) was the key importer of salt and pure sodium chloride, mixing up 36% of total imports. Cote d'Ivoire (X tons) held a 21% share (based on physical terms) of total imports, which put it in second place, followed by Burkina Faso (11%), Niger (10%), Mali (7.4%) and Benin (7%). Sierra Leone (X tons) held a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Burkina Faso (with a CAGR of +5.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) constitutes the largest market for imported salt and pure sodium chloride in Western Africa, comprising 70% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 9.2% share of total imports. It was followed by Mali, with a 4.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria stood at +6.5%. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+1.6% per year) and Mali (-0.4% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, rising by 30% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.4%. 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 Nigeria ($X per ton), while Sierra Leone ($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 (+3.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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