ECOWAS: Baking Soda Market 2024

Baking Soda Market Size in ECOWAS

The ECOWAS baking soda market declined to $X in 2023, which is down by X% against the previous year. The total consumption indicated a pronounced increase 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. As a result, consumption attained the peak level of $X. From 2017 to 2023, the growth of the market remained at a somewhat lower figure.

Baking Soda Production in ECOWAS

In value terms, baking soda production shrank slightly to $X in 2023 estimated in export price. The total production indicated a notable expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production increased by X% against 2021 indices. The pace of growth appeared the most rapid in 2016 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2023, production growth failed to regain momentum.

Baking Soda Exports

Exports in ECOWAS

In 2023, the amount of baking soda exported in ECOWAS skyrocketed to X tons, rising by X% on 2022 figures. In general, exports, however, recorded a perceptible setback. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2023, the exports failed to regain momentum.

In value terms, baking soda exports soared to $X in 2023. Overall, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at $X in 2021; however, from 2022 to 2023, the exports remained at a lower figure.

Exports by Country

Senegal represented the main exporter of baking soda in ECOWAS, with the volume of exports resulting at X tons, which was near X% of total exports in 2023. It was distantly followed by Mali (X tons), Ghana (X tons), Cote d'Ivoire (X tons) and Nigeria (X tons), together committing a X% share of total exports.

Senegal experienced a relatively flat trend pattern with regard to volume of exports of baking soda. At the same time, Cote d'Ivoire (X%), Ghana (X%) and Mali (X%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2023. By contrast, Nigeria (X%) illustrated a downward trend over the same period. Senegal (X p.p.), Ghana (X p.p.), Mali (X p.p.) and Cote d'Ivoire (X p.p.) significantly strengthened its position in terms of the total exports, while Nigeria saw its share reduced by X% from 2012 to 2023, respectively.

In value terms, Senegal ($X) remains the largest baking soda supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was held by Mali ($X), with an X% share of total exports. It was followed by Nigeria, with a X% share.

From 2012 to 2023, the average annual growth rate of value in Senegal was relatively modest. In the other countries, the average annual rates were as follows: Mali (X% per year) and Nigeria (X% per year).

Export Prices by Country

In 2023, the export price in ECOWAS amounted to $X per ton, waning by X% against the previous year. Over the period under review, the export price, however, continues to indicate a perceptible expansion. The pace of growth was the most pronounced in 2019 when the export price increased by X%. The level of export peaked at $X per ton in 2022, and then shrank significantly in the following year.

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 Nigeria ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Nigeria (X%), while the other leaders experienced more modest paces of growth.

Baking Soda Imports

Imports in ECOWAS

In 2023, baking soda imports in ECOWAS declined to X tons, which is down by X% compared with the previous year. In general, imports, however, saw a strong increase. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. The volume of import peaked at X tons in 2020; however, from 2021 to 2023, imports remained at a lower figure.

In value terms, baking soda imports reduced to $X in 2023. Over the period under review, imports, however, showed a resilient expansion. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2022, and then reduced in the following year.

Imports by Country

In 2023, Nigeria (X tons) was the main importer of baking soda, achieving X% of total imports. Senegal (X tons) held a X% share (based on physical terms) of total imports, which put it in second place, followed by Niger (X%), Burkina Faso (X%), Ghana (X%) and Cote d'Ivoire (X%). Benin (X tons) and Togo (X tons) took a minor share of total imports.

From 2012 to 2023, average annual rates of growth with regard to baking soda imports into Nigeria stood at X%. At the same time, Benin (X%), Burkina Faso (X%), Togo (X%), Senegal (X%), Cote d'Ivoire (X%) and Ghana (X%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2023. By contrast, Niger (X%) illustrated a downward trend over the same period. While the share of Nigeria (X p.p.), Burkina Faso (X p.p.), Senegal (X p.p.), Benin (X p.p.) and Togo (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Ghana (X p.p.) and Niger (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported baking soda in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Burkina Faso ($X), with an X% share of total imports. It was followed by Niger, with a X% share.

In Nigeria, baking soda imports increased at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Burkina Faso (X% per year) and Niger (X% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2023, dropping by X% against the previous year. In general, the import price, however, showed temperate growth. The growth pace was the most rapid in 2017 when the import price increased by X% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2022, and then declined in the following year.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Burkina Faso (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform