ECOWAS: Nitrogen Market 2024

Nitrogen Market Size in ECOWAS

The ECOWAS nitrogen market was estimated at $X in 2023, therefore, remained relatively stable against the previous year. The total consumption indicated resilient growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption decreased by X% against 2019 indices. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2023, consumption failed to regain momentum.

Nitrogen Production in ECOWAS

In value terms, nitrogen production expanded remarkably to $X in 2023 estimated in export price. In general, production recorded a strong expansion. The most prominent rate of growth was recorded in 2016 with an increase of X%. As a result, production reached the peak level of $X. From 2017 to 2023, production growth remained at a somewhat lower figure.

Nitrogen Exports

Exports in ECOWAS

After three years of decline, overseas shipments of nitrogen increased by X% to X cubic meters in 2023. Overall, exports saw noticeable growth. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. Over the period under review, the exports reached the peak figure at X cubic meters in 2019; however, from 2020 to 2023, the exports failed to regain momentum.

In value terms, nitrogen exports surged to $X in 2023. In general, exports, however, recorded a pronounced decrease. The growth pace was the most rapid in 2015 with an increase of X%. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2023, the exports failed to regain momentum.

Exports by Country

Cote d'Ivoire dominates exports structure, accounting for X cubic meters, which was near X% of total exports in 2023. Senegal (X cubic meters) took a X% share (based on physical terms) of total exports, which put it in second place, followed by Ghana (X%).

From 2012 to 2023, average annual rates of growth with regard to nitrogen exports from Cote d'Ivoire stood at X%. At the same time, Senegal (X%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2023. By contrast, Ghana (X%) illustrated a downward trend over the same period. While the share of Cote d'Ivoire (X p.p.) and Senegal (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Ghana (X p.p.) displayed negative dynamics.

In value terms, Cote d'Ivoire ($X) remains the largest nitrogen supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was held by Senegal ($X), with an X% share of total exports.

From 2012 to 2023, the average annual growth rate of value in Cote d'Ivoire totaled X%. In the other countries, the average annual rates were as follows: Senegal (X% per year) and Ghana (X% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per cubic meter in 2023, growing by X% against the previous year. Overall, the export price, however, continues to indicate a abrupt decline. The pace of growth was the most pronounced in 2015 when the export price increased by X% against the previous year. The level of export peaked at $X per cubic meter in 2013; however, from 2014 to 2023, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Senegal ($X per cubic meter), while Cote d'Ivoire ($X per cubic meter) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Senegal (X%), while the other leaders experienced a decline in the export price figures.

Nitrogen Imports

Imports in ECOWAS

In 2023, approx. X cubic meters of nitrogen were imported in ECOWAS; jumping by X% on 2022. Overall, imports enjoyed a strong increase. The pace of growth appeared the most rapid in 2015 when imports increased by X% against the previous year. The volume of import peaked at X cubic meters in 2019; however, from 2020 to 2023, imports stood at a somewhat lower figure.

In value terms, nitrogen imports surged to $X in 2023. Over the period under review, imports, however, recorded a deep contraction. The pace of growth was the most pronounced in 2018 when imports increased by X%. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2023, imports failed to regain momentum.

Imports by Country

In 2023, Ghana (X cubic meters), distantly followed by Senegal (X cubic meters), Mali (X cubic meters) and Guinea (X cubic meters) were the key importers of nitrogen, together comprising X% of total imports. Burkina Faso (X cubic meters) and Nigeria (X cubic meters) followed a long way behind the leaders.

From 2012 to 2023, the biggest increases were recorded for Senegal (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X) constitutes the largest market for imported nitrogen in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Senegal ($X), with a X% share of total imports. It was followed by Mali, with an X% share.

In Ghana, nitrogen imports remained relatively stable over the period from 2012-2023. The remaining importing countries recorded the following average annual rates of imports growth: Senegal (X% per year) and Mali (X% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per cubic meter in 2023, surging by X% against the previous year. Over the period under review, the import price, however, saw a abrupt slump. The growth pace was the most rapid in 2018 when the import price increased by X% against the previous year. Over the period under review, import prices attained the maximum at $X per cubic meter in 2012; however, from 2013 to 2023, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Nigeria ($X per cubic meter), while Guinea ($X per cubic meter) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Senegal (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform