ECOWAS: Market for Wood Pellets And Other Agglomerates 2023

Market Size for Wood Pellets And Other Agglomerates in ECOWAS

In 2022, the ECOWAS market for wood pellets and other agglomerates increased by 5.6% to $X, rising for the second consecutive year after two years of decline. Over the period under review, consumption, however, saw a abrupt decline. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Production of Wood Pellets And Other Agglomerates in ECOWAS

In value terms, wood pellets and other agglomerates production totaled $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.0% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2018 with an increase of 29% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Exports of Wood Pellets And Other Agglomerates

Exports in ECOWAS

In 2022, overseas shipments of wood pellets and other agglomerates decreased by -5.1% to X tons, falling for the second consecutive year after six years of growth. Overall, exports, however, posted a significant expansion. The growth pace was the most rapid in 2019 when exports increased by 189%. The volume of export peaked at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, wood pellets and other agglomerates exports shrank to $X in 2022. In general, exports, however, saw a significant increase. The most prominent rate of growth was recorded in 2019 when exports increased by 230% against the previous year. The level of export peaked at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

Benin was the largest exporting country with an export of about X tons, which reached 73% of total exports. Nigeria (X tons) took a 12% share (based on physical terms) of total exports, which put it in second place, followed by Ghana (9.4%) and Cote d'Ivoire (5%).

From 2012 to 2022, average annual rates of growth with regard to wood pellets and other agglomerates exports from Benin stood at +41.9%. At the same time, Nigeria (+60.0%), Cote d'Ivoire (+42.0%) and Ghana (+17.8%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +60.0% from 2012-2022. While the share of Benin (+29 p.p.), Nigeria (+9.7 p.p.) and Cote d'Ivoire (+2 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Ghana (-26.6 p.p.) displayed negative dynamics.

In value terms, Benin ($X) remains the largest wood pellets and other agglomerates supplier in ECOWAS, comprising 81% of total exports. The second position in the ranking was held by Ghana ($X), with an 8.3% share of total exports. It was followed by Nigeria, with an 8.1% share.

From 2012 to 2022, the average annual growth rate of value in Benin totaled +41.1%. In the other countries, the average annual rates were as follows: Ghana (+9.6% per year) and Nigeria (+63.5% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, reducing by -5.1% against the previous year. Over the period under review, the export price saw a pronounced downturn. The growth pace was the most rapid in 2018 when the export price increased by 36% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, 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 Benin ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+2.2%), while the other leaders experienced a decline in the export price figures.

Imports of Wood Pellets And Other Agglomerates

Imports in ECOWAS

In 2022, purchases abroad of wood pellets and other agglomerates was finally on the rise to reach X tons for the first time since 2018, thus ending a three-year declining trend. Overall, imports, however, recorded a noticeable reduction. The pace of growth appeared the most rapid in 2014 with an increase of 77% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2022, the growth of imports failed to regain momentum.

In value terms, wood pellets and other agglomerates imports surged to $X in 2022. In general, imports posted a noticeable expansion. The most prominent rate of growth was recorded in 2019 when imports increased by 96%. As a result, imports reached the peak of $X. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Nigeria (X tons) and Senegal (X tons) prevails in imports structure, together making up 82% of total imports. It was distantly followed by Ghana (X tons), creating an 8.6% share of total imports. Cabo Verde (X tons) and Niger (X tons) held a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Niger (with a CAGR of +43.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X), Senegal ($X) and Ghana ($X) were the countries with the highest levels of imports in 2022, together comprising 91% of total imports.

Nigeria, with a CAGR of +23.0%, recorded the highest rates of growth with regard to the value of imports, among 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 2022, the import price in ECOWAS amounted to $X per ton, which is down by -13.8% against the previous year. Overall, the import price, however, posted a resilient increase. The pace of growth appeared the most rapid in 2019 when the import price increased by 100% against the previous year. As a result, import price attained the peak level of $X per ton. From 2020 to 2022, the import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Nigeria ($X per ton), while Niger ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+13.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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