Nigeria: Wood Barrel Market 2023

Wood Barrel Market Size in Nigeria

The Nigerien wood barrel market expanded sharply to $X in 2022, with an increase of 5.3% against the previous year. Overall, consumption saw a prominent increase. Wood barrel consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Wood Barrel Production in Nigeria

In value terms, wood barrel production amounted to $X in 2022 estimated in export price. In general, production continues to indicate resilient growth. The growth pace was the most rapid in 2017 with an increase of 153% against the previous year. Wood barrel production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Wood Barrel Exports

Exports from Nigeria

In 2022, shipments abroad of casks, barrels, vats, tubs, and coopers products of wood decreased by 0% to X units, falling for the second year in a row after five years of growth. Over the period under review, exports showed a significant increase. The pace of growth appeared the most rapid in 2020 with an increase of 20%. Over the period under review, the exports attained the peak figure in 2022 and are likely to continue growth in years to come.

In value terms, wood barrel exports amounted to $X in 2022. In general, exports showed a significant increase. The pace of growth was the most pronounced in 2020 when exports increased by 20% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Canada (X units) was the main destination for wood barrel exports from Nigeria, accounting for a approx. 100% share of total exports.

From 2014 to 2022, the average annual growth rate of volume to Canada was relatively modest.

From 2014 to 2022, the average annual growth rate of value to Canada was relatively modest.

Export Prices by Country

The average wood barrel export price stood at $X per unit in 2022, leveling off at the previous year. Overall, the export price continues to indicate a significant increase. The most prominent rate of growth was recorded in 2020 when the average export price increased by 0.1%. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the near future.

As there is only one major export destination, the average price level is determined by prices for Canada.

From 2014 to 2022, the rate of growth in terms of prices for Ghana amounted to 0.0% per year.

Wood Barrel Imports

Imports into Nigeria

In 2022, after five years of growth, there was significant decline in purchases abroad of casks, barrels, vats, tubs, and coopers products of wood, when their volume decreased by -6.7% to X units. Overall, imports faced a abrupt contraction. The growth pace was the most rapid in 2018 when imports increased by 75% against the previous year. Over the period under review, imports attained the maximum at X units in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, wood barrel imports dropped remarkably to $X in 2022. Over the period under review, imports recorded a abrupt decrease. The growth pace was the most rapid in 2020 with an increase of 166%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the United States (X units) constituted the largest wood barrel supplier to Nigeria, accounting for a 82% share of total imports. Moreover, wood barrel imports from the United States exceeded the figures recorded by the second-largest supplier, China (X units), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States stood at +36.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+7.2% per year) and the UK (0.0% per year).

In value terms, the United States ($X) constituted the largest supplier of casks, barrels, vats, tubs, and coopers products of wood to Nigeria, comprising 71% of total imports. The second position in the ranking was held by China ($X), with a 10% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States amounted to +26.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+23.4% per year) and the UK (+13.9% per year).

Import Prices by Country

In 2022, the average wood barrel import price amounted to $X per unit, shrinking by -13.2% against the previous year. Over the period under review, the import price, however, posted a temperate increase. The pace of growth was the most pronounced in 2015 an increase of 150% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2021, and then contracted in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was South Africa ($X per unit), while the price for the United States ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+29.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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