ECOWAS: Wood Charcoal Market 2024

Wood Charcoal Market Size in ECOWAS

In 2021, the ECOWAS wood charcoal market decreased by -2.2% to $X for the first time since 2017, thus ending a three-year rising trend. The market value increased at an average annual rate of +1.9% over the period from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. Over the period under review, the market reached the peak level at $X in 2020, and then dropped modestly in the following year.

Wood Charcoal Production in ECOWAS

In value terms, wood charcoal production shrank slightly to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 9.4% against the previous year. Over the period under review, production reached the peak level at $X in 2020, and then shrank modestly in the following year.

Wood Charcoal Exports

Exports in ECOWAS

In 2021, overseas shipments of wood charcoal decreased by -20.2% to X tons, falling for the third year in a row after four years of growth. Overall, exports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when exports increased by 24% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2021, the growth of the exports remained at a lower figure.

In value terms, wood charcoal exports dropped dramatically to $X in 2021. In general, exports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when exports increased by 36%. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

Nigeria prevails in exports structure, accounting for X tons, which was approx. 91% of total exports in 2021. The following exporters - Ghana (X tons), Benin (X tons) and Cote d'Ivoire (X tons) - together made up 8% of total exports.

Exports from Nigeria decreased at an average annual rate of -1.3% from 2012 to 2021. At the same time, Benin (+23.5%), Ghana (+7.9%) and Cote d'Ivoire (+6.9%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +23.5% from 2012-2021. From 2012 to 2021, the share of Benin and Ghana increased by +2.4 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) remains the largest wood charcoal supplier in ECOWAS, comprising 92% of total exports. The second position in the ranking was held by Ghana ($X), with a 2.5% share of total exports. It was followed by Cote d'Ivoire, with a 2.3% share.

In Nigeria, wood charcoal exports remained relatively stable over the period from 2012-2021. In the other countries, the average annual rates were as follows: Ghana (+3.2% per year) and Cote d'Ivoire (+8.8% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, falling by -4.7% against the previous year. Over the last nine years, it increased at an average annual rate of +1.3%. The pace of growth was the most pronounced in 2013 when the export price increased by 13% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Cote d'Ivoire ($X per ton), while Benin ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+1.8%), while the other leaders experienced mixed trends in the export price figures.

Wood Charcoal Imports

Imports in ECOWAS

In 2021, supplies from abroad of wood charcoal decreased by -1.3% to X tons, falling for the third year in a row after three years of growth. In general, imports continue to indicate a noticeable decline. The growth pace was the most rapid in 2013 with an increase of 193% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, wood charcoal imports skyrocketed to $X in 2021. Overall, imports, however, posted a buoyant increase. The most prominent rate of growth was recorded in 2013 with an increase of 6,238%. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Gambia dominates imports structure, reaching X tons, which was near 53% of total imports in 2021. It was distantly followed by Cote d'Ivoire (X tons), Benin (X tons), Togo (X tons), Niger (X tons) and Ghana (X tons), together comprising a 36% share of total imports. Nigeria (X tons) held a minor share of total imports.

Imports into Gambia decreased at an average annual rate of -8.2% from 2012 to 2021. At the same time, Benin (+93.2%), Togo (+51.6%), Cote d'Ivoire (+39.0%), Niger (+21.7%), Ghana (+21.3%) and Nigeria (+15.2%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +93.2% from 2012-2021. From 2012 to 2021, the share of Benin, Cote d'Ivoire, Togo, Niger, Ghana and Nigeria increased by +9.6, +9.3, +6.8, +4.3, +4.1 and +2.5 percentage points, respectively.

In value terms, Benin ($X) constitutes the largest market for imported wood charcoal in ECOWAS, comprising 43% of total imports. The second position in the ranking was held by Ghana ($X), with an 11% share of total imports. It was followed by Gambia, with a 9.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Benin amounted to +118.9%. In the other countries, the average annual rates were as follows: Ghana (+40.2% per year) and Gambia (-6.0% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, jumping by 95% against the previous year. Overall, the import price continues to indicate a strong increase. The most prominent rate of growth was recorded in 2013 an increase of 2,064%. As a result, import price attained the peak level of $X per ton. From 2014 to 2021, the import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Benin ($X per ton), while Gambia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+15.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :