ECOWAS: Market for Mixtures of Urea and Ammonium Nitrate in Aqueous or Ammoniacal Solution 2024

Market Size for Mixtures of Urea and Ammonium Nitrate in Aqueous or Ammoniacal Solution in ECOWAS

The ECOWAS market for mixtures of urea and ammonium nitrate in aqueous or ammoniacal solution amounted to $X in 2023, growing by X% against the previous year. The market value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked at $X in 2021; however, from 2022 to 2023, consumption failed to regain momentum.

Production of Mixtures of Urea and Ammonium Nitrate in Aqueous or Ammoniacal Solution in ECOWAS

In value terms, production of mixtures of urea and ammonium nitrate in aqueous or ammoniacal solution stood at $X in 2023 estimated in export price. The total production indicated a slight increase 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 decreased by X% against 2021 indices. The pace of growth was the most pronounced in 2018 with an increase of X%. The level of production peaked at $X in 2021; afterwards, it flattened through to 2023.

Exports of Mixtures of Urea and Ammonium Nitrate in Aqueous or Ammoniacal Solution

Exports in ECOWAS

After two years of growth, overseas shipments of mixtures of urea and ammonium nitrate in aqueous or ammoniacal solution decreased by X% to X tons in 2023. In general, exports, however, continue to indicate resilient growth. The pace of growth appeared the most rapid in 2021 when exports increased by X%. Over the period under review, the exports of reached the maximum at X tons in 2022, and then reduced remarkably in the following year.

In value terms, exports of mixtures of urea and ammonium nitrate in aqueous or ammoniacal solution fell sharply to $X in 2023. Overall, exports, however, saw prominent growth. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. The level of export peaked at $X in 2022, and then fell sharply in the following year.

Exports by Country

Nigeria represented the largest exporter of mixtures of urea and ammonium nitrate in aqueous or ammoniacal solution in ECOWAS, with the volume of exports finishing at X tons, which was approx. X% of total exports in 2023. It was distantly followed by Ghana (X tons), achieving an X% share of total exports.

Nigeria was also the fastest-growing in terms of the mixtures of urea and ammonium nitrate in aqueous or ammoniacal solution exports, with a CAGR of X% from 2012 to 2023. At the same time, Ghana (X%) displayed positive paces of growth. Nigeria (X p.p.) and Ghana (X p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) and Ghana ($X) were the countries with the highest levels of exports in 2023.

Nigeria, with a CAGR of X%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2023, shrinking by X% against the previous year. In general, the export price saw a noticeable shrinkage. The pace of growth was the most pronounced in 2013 when the export price increased by X%. The level of export peaked at $X per ton in 2014; however, from 2015 to 2023, 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 Nigeria amounted to $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Ghana (X%).

Imports of Mixtures of Urea and Ammonium Nitrate in Aqueous or Ammoniacal Solution

Imports in ECOWAS

In 2023, supplies from abroad of mixtures of urea and ammonium nitrate in aqueous or ammoniacal solution increased by X% to X tons for the first time since 2020, thus ending a two-year declining trend. Overall, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of X%. As a result, imports attained the peak of X tons. From 2021 to 2023, the growth of imports of failed to regain momentum.

In value terms, imports of mixtures of urea and ammonium nitrate in aqueous or ammoniacal solution contracted to $X in 2023. Over the period under review, imports continue to indicate a remarkable increase. The pace of growth was the most pronounced in 2020 when imports increased by X%. The level of import peaked at $X in 2022, and then dropped in the following year.

Imports by Country

Mali was the major importing country with an import of around X tons, which finished at X% of total imports. Niger (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Ghana (X%) and Nigeria (X%).

Mali was also the fastest-growing in terms of the mixtures of urea and ammonium nitrate in aqueous or ammoniacal solution imports, with a CAGR of X% from 2012 to 2023. At the same time, Niger (X%) and Ghana (X%) displayed positive paces of growth. By contrast, Nigeria (X%) illustrated a downward trend over the same period. While the share of Mali (X p.p.), Niger (X p.p.) and Ghana (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Nigeria (X p.p.) displayed negative dynamics.

In value terms, Mali ($X) constitutes the largest market for imported mixtures of urea and ammonium nitrate in aqueous or ammoniacal solution in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Niger ($X), with a X% share of total imports. It was followed by Nigeria, with an X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in Mali stood at X%. In the other countries, the average annual rates were as follows: Niger (X% per year) and Nigeria (X% per year).

Import Prices by Country

In 2023, the import price in ECOWAS amounted to $X per ton, with a decrease of X% against the previous year. Overall, the import price, however, recorded a buoyant increase. The pace of growth was the most pronounced in 2022 when the import price increased by X% against the previous year. As a result, import price reached the peak level of $X per ton, and then fell remarkably in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Nigeria ($X per ton), while Mali ($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 mixed trends in the import price figures.

Source: IndexBox Platform