Western Africa: Wood Barrel Market 2023

Wood Barrel Market Size in Western Africa

The West African wood barrel market rose modestly to $X in 2022, surging by 4.5% against the previous year. Overall, consumption showed a resilient expansion. Over the period under review, the market attained the maximum level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Wood Barrel Production in Western Africa

In value terms, wood barrel production rose to $X in 2022 estimated in export price. In general, production continues to indicate prominent growth. The most prominent rate of growth was recorded in 2017 when the production volume increased by 102% against the previous year. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Wood Barrel Exports

Exports in Western Africa

In 2022, after two years of decline, there was significant growth in overseas shipments of casks, barrels, vats, tubs, and coopers products of wood, when their volume increased by 833% to X units. Overall, exports showed a significant increase. The growth pace was the most rapid in 2019 with an increase of 3,100% against the previous year. Over the period under review, the exports reached the peak figure at X units in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, wood barrel exports soared to $X in 2022. In general, exports recorded a significant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Nigeria prevails in exports structure, finishing at X units, which was near 97% of total exports in 2022. Ghana (X units) followed a long way behind the leaders.

Nigeria was also the fastest-growing in terms of the casks, barrels, vats, tubs, and coopers products of wood exports, with a CAGR of +62.9% from 2012 to 2022. At the same time, Ghana (+12.8%) displayed positive paces of growth. From 2012 to 2022, the share of Nigeria increased by +97 percentage points.

In value terms, Nigeria ($X) emerged as the largest wood barrel supplier in Western Africa, comprising 98% of total exports. The second position in the ranking was held by Ghana ($X), with a 1.5% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Nigeria amounted to +97.7%.

Export Prices by Country

The export price in Western Africa stood at $X per unit in 2022, with an increase of 454% against the previous year. Over the period under review, the export price saw resilient growth. As a result, the export price attained 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 Nigeria ($X per unit), while Ghana totaled $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+21.4%).

Wood Barrel Imports

Imports in Western Africa

In 2022, approx. X units of casks, barrels, vats, tubs, and coopers products of wood were imported in Western Africa; which is down by -7.7% against the year before. Overall, imports, however, enjoyed strong growth. The pace of growth was the most pronounced in 2016 with an increase of 117%. The volume of import peaked at X units in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, wood barrel imports shrank to $X in 2022. In general, imports, however, saw a significant expansion. The growth pace was the most rapid in 2019 when imports increased by 289%. Over the period under review, imports hit record highs at $X in 2021, and then declined in the following year.

Imports by Country

Niger prevails in imports structure, amounting to X units, which was approx. 54% of total imports in 2022. Saint Helena, Ascension and Tristan da Cunha (X units) ranks second in terms of the total imports with a 9% share, followed by Cabo Verde (7.5%) and Cote d'Ivoire (6.4%). Sierra Leone (X units), Ghana (X units), Burkina Faso (X units), Senegal (X units), Mauritania (X units) and Togo (X units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to wood barrel imports into Niger stood at +63.7%. At the same time, Saint Helena, Ascension and Tristan da Cunha (+66.2%), Sierra Leone (+48.6%), Ghana (+41.2%), Cote d'Ivoire (+33.1%), Togo (+32.2%), Burkina Faso (+28.6%) and Cabo Verde (+6.7%) displayed positive paces of growth. Moreover, Saint Helena, Ascension and Tristan da Cunha emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +66.2% from 2012-2022. By contrast, Mauritania (-13.5%) and Senegal (-16.1%) illustrated a downward trend over the same period. Niger (+53 p.p.), Saint Helena, Ascension and Tristan da Cunha (+8.9 p.p.), Cote d'Ivoire (+5.4 p.p.), Sierra Leone (+4.2 p.p.), Ghana (+4 p.p.), Burkina Faso (+2.8 p.p.) and Togo (+2.1 p.p.) significantly strengthened its position in terms of the total imports, while Cabo Verde, Mauritania and Senegal saw its share reduced by -2.4%, -22.4% and -46.3% from 2012 to 2022, respectively.

In value terms, Niger ($X) constitutes the largest market for imported casks, barrels, vats, tubs, and coopers products of wood in Western Africa, comprising 85% of total imports. The second position in the ranking was taken by Cabo Verde ($X), with a 3% share of total imports. It was followed by Ghana, with a 2.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Niger totaled +107.6%. The remaining importing countries recorded the following average annual rates of imports growth: Cabo Verde (+6.3% per year) and Ghana (+46.6% per year).

Import Prices by Country

The import price in Western Africa stood at $X per unit in 2022, growing by 2.5% against the previous year. Overall, the import price showed prominent growth. The growth pace was the most rapid in 2019 when the import price increased by 95% against the previous year. Over the period under review, import prices attained the peak figure in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Niger ($X per unit), while Saint Helena, Ascension and Tristan da Cunha ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Niger (+26.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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