Western Africa: Market for Saturated Acyclic Monocarboxylic Acids 2024

Market Size for Saturated Acyclic Monocarboxylic Acids in Western Africa

In 2023, the West African saturated acyclic monocarboxylic acids market increased by X% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption enjoyed buoyant growth. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Production of Saturated Acyclic Monocarboxylic Acids in Western Africa

In value terms, saturated acyclic monocarboxylic acids production contracted slightly to $X in 2023 estimated in export price. The total production indicated a prominent 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, production decreased by X% against 2020 indices. The pace of growth appeared the most rapid in 2016 when the production volume increased by X%. The level of production peaked at $X in 2020; afterwards, it flattened through to 2023.

Exports of Saturated Acyclic Monocarboxylic Acids

Exports in Western Africa

Saturated acyclic monocarboxylic acids exports contracted markedly to X tons in 2023, reducing by X% on the previous year. Overall, exports continue to indicate a deep reduction. The most prominent rate of growth was recorded in 2020 when exports increased by X%. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2023, the exports remained at a lower figure.

In value terms, saturated acyclic monocarboxylic acids exports shrank significantly to $X in 2023. Over the period under review, exports recorded a abrupt downturn. The most prominent rate of growth was recorded in 2020 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X. From 2021 to 2023, the growth of the exports remained at a somewhat lower figure.

Exports by Country

In 2023, Ghana (X tons) was the key exporter of saturated acyclic monocarboxylic acids, constituting X% of total exports. Cote d'Ivoire (X tons) held the second position in the ranking, followed by Senegal (X tons). All these countries together took approx. X% share of total exports. Togo (X tons) and Nigeria (X tons) took a little share of total exports.

Exports from Ghana decreased at an average annual rate of X% from 2012 to 2023. At the same time, Senegal (X%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of X% from 2012-2023. By contrast, Nigeria (X%), Togo (X%) and Cote d'Ivoire (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Senegal, Togo and Nigeria increased by X, X and X percentage points, respectively.

In value terms, Ghana ($X) remains the largest saturated acyclic monocarboxylic acids supplier in Western Africa, comprising X% of total exports. The second position in the ranking was held by Cote d'Ivoire ($X), with a X% share of total exports. It was followed by Senegal, with a X% share.

From 2012 to 2023, the average annual growth rate of value in Ghana amounted to X%. The remaining exporting countries recorded the following average annual rates of exports growth: Cote d'Ivoire (X% per year) and Senegal (X% per year).

Export Prices by Country

In 2023, the export price in Western Africa amounted to $X per ton, with an increase of X% against the previous year. Over the period under review, the export price recorded strong growth. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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

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

Imports of Saturated Acyclic Monocarboxylic Acids

Imports in Western Africa

In 2023, purchases abroad of saturated acyclic monocarboxylic acids was finally on the rise to reach X tons for the first time since 2020, thus ending a two-year declining trend. Over the period under review, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when imports increased by X%. As a result, imports reached the peak of X tons. From 2021 to 2023, the growth of imports failed to regain momentum.

In value terms, saturated acyclic monocarboxylic acids imports reduced to $X in 2023. Total imports indicated mild growth 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, imports decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2020 when imports increased by X%. As a result, imports attained the peak of $X. From 2021 to 2023, the growth of imports failed to regain momentum.

Imports by Country

Nigeria prevails in imports structure, accounting for X tons, which was approx. X% of total imports in 2023. Senegal (X tons) held the second position in the ranking, followed by Cote d'Ivoire (X tons). All these countries together took approx. X% share of total imports. The following importers - Togo (X tons) and Ghana (X tons) - each reached an X% share of total imports.

Imports into Nigeria decreased at an average annual rate of X% from 2012 to 2023. At the same time, Senegal (X%), Ghana (X%), Togo (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in Western Africa, with a CAGR of X% from 2012-2023. From 2012 to 2023, the share of Senegal, Ghana, Cote d'Ivoire and Togo increased by X, X, X and X percentage points, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported saturated acyclic monocarboxylic acids in Western Africa, comprising X% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with a X% share of total imports. It was followed by Senegal, with a X% share.

From 2012 to 2023, the average annual growth rate of value in Nigeria was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (X% per year) and Senegal (X% per year).

Import Prices by Country

In 2023, the import price in Western Africa amounted to $X per ton, shrinking by X% against the previous year. Over the period from 2012 to 2023, it increased at an average annual rate of X%. The growth pace was the most rapid in 2014 an increase of X%. The level of import peaked at $X per ton in 2022, and then reduced in the following year.

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

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

Source: IndexBox Platform