ECOWAS: Market for Wood Chips, Parts, Residues, Pellets And Other Agglomerates 2024

Market Size for Wood Chips, Parts, Residues, Pellets And Other Agglomerates in ECOWAS

For the fourth consecutive year, the ECOWAS market for wood chips, parts, residues, pellets and other agglomerates recorded growth in sales value, which increased by X% to $X in 2023. Overall, consumption recorded a resilient expansion. Over the period under review, the market hit record highs in 2023 and is expected to retain growth in years to come.

Production of Wood Chips, Parts, Residues, Pellets And Other Agglomerates in ECOWAS

In value terms, production of wood chips, parts, residues, pellets and other agglomerates expanded markedly to $X in 2023 estimated in export price. The total production indicated a buoyant 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 increased by X% against 2012 indices. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, production of hit record highs in 2023 and is likely to see steady growth in the near future.

Exports of Wood Chips, Parts, Residues, Pellets And Other Agglomerates

Exports in ECOWAS

In 2023, overseas shipments of wood chips, parts, residues, pellets and other agglomerates decreased by X% to X cubic meters for the first time since 2017, thus ending a five-year rising trend. In general, exports continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2018 when exports increased by X% against the previous year. Over the period under review, the exports of hit record highs at X cubic meters in 2012; however, from 2013 to 2023, the exports remained at a lower figure.

In value terms, exports of wood chips, parts, residues, pellets and other agglomerates contracted sharply to $X in 2023. Over the period under review, exports showed a deep reduction. The pace of growth appeared the most rapid in 2018 with an increase of X%. The level of export peaked at $X in 2012; however, from 2013 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

Gambia dominates agglomerates structure, resulting at X cubic meters, which was approx. X% of total exports in 2023. It was distantly followed by Senegal (X cubic meters), achieving a X% share of total exports. The following exporters - Benin (X cubic meters) and Nigeria (X cubic meters) - together made up X% of total exports.

From 2012 to 2023, average annual rates of growth with regard to wood chips, parts, residues, pellets and other agglomerates exports from Gambia stood at X%. At the same time, Nigeria (X%), Senegal (X%) and Benin (X%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2023. Gambia (X p.p.), Senegal (X p.p.), Benin (X p.p.) and Nigeria (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, the largest wood chips, parts, residues, pellets and other agglomerates supplying countries in ECOWAS were Gambia ($X), Benin ($X) and Nigeria ($X), with a combined X% share of total exports.

Among the main exporting countries, Benin, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ECOWAS stood at $X per cubic meter in 2023, jumping by X% against the previous year. Export price indicated perceptible growth from 2012 to 2023: its price 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. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Benin ($X per cubic meter), while Senegal ($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 Benin (X%), while the other leaders experienced mixed trends in the export price figures.

Imports of Wood Chips, Parts, Residues, Pellets And Other Agglomerates

Imports in ECOWAS

In 2023, after two years of growth, there was significant decline in purchases abroad of wood chips, parts, residues, pellets and other agglomerates, when their volume decreased by X% to X cubic meters. Overall, imports recorded a abrupt slump. The growth pace was the most rapid in 2021 when imports increased by X%. Over the period under review, imports of hit record highs at X cubic meters in 2019; however, from 2020 to 2023, imports stood at a somewhat lower figure.

In value terms, imports of wood chips, parts, residues, pellets and other agglomerates reduced dramatically to $X in 2023. Over the period under review, imports recorded a abrupt downturn. The pace of growth was the most pronounced in 2014 when imports increased by X% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2023, the growth of imports of remained at a lower figure.

Imports by Country

In 2023, Ghana (X cubic meters) and Gambia (X cubic meters) represented the key importers of wood chips, parts, residues, pellets and other agglomerates in ECOWAS, together recording approx. X% of total imports. It was distantly followed by Senegal (X cubic meters) and Cote d'Ivoire (X cubic meters), together constituting a X% share of total imports. Nigeria (X cubic meters), Niger (X cubic meters) and Sierra Leone (X cubic meters) followed a long way behind the leaders.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Ghana (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X), Gambia ($X) and Senegal ($X) were the countries with the highest levels of imports in 2023, with a combined X% share of total imports.

Ghana, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the import price in ECOWAS amounted to $X per cubic meter, increasing by X% against the previous year. Overall, the import price, however, continues to indicate a perceptible downturn. The pace of growth was the most pronounced in 2014 when the import price increased by X% against the previous year. As a result, import price attained the peak level of $X per cubic meter. From 2015 to 2023, the import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Niger ($X per cubic meter), while Sierra Leone ($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 Gambia (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform