Western Africa: Wood Barrel Market 2024

Wood Barrel Market Size in Western Africa

In 2022, the West African wood barrel market was finally on the rise to reach $X for the first time since 2018, thus ending a three-year declining trend. Overall, consumption, however, showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Wood Barrel Production in Western Africa

In value terms, wood barrel production dropped slightly to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

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Wood Barrel Exports

Exports in Western Africa

After two years of decline, shipments abroad of casks, barrels, vats, tubs, and coopers products of wood increased by X% to X units in 2022. Over the period under review, exports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when exports increased by X%. The volume of export peaked at X units in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, wood barrel exports reduced dramatically to $X in 2022. Overall, exports continue to indicate a tangible expansion. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The shipments of the one major exporters of casks, barrels, vats, tubs, and coopers products of wood, namely Ghana, represented more than two-thirds of total export.

Ghana was also the fastest-growing in terms of the casks, barrels, vats, tubs, and coopers products of wood exports, with a CAGR of X% from 2012 to 2022. Ghana (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, Ghana ($X) also remains the largest wood barrel supplier in Western Africa.

In Ghana, wood barrel exports increased at an average annual rate of X% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per unit, waning by X% against the previous year. Over the period under review, the export price, however, showed a perceptible increase. The most prominent rate of growth was recorded in 2016 when the export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2017 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the rate of growth in terms of prices for Ghana amounted to X% per year.

Wood Barrel Imports

Imports in Western Africa

In 2022, the amount of casks, barrels, vats, tubs, and coopers products of wood imported in Western Africa skyrocketed to X units, increasing by X% against 2021 figures. Over the period under review, imports showed strong growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, wood barrel imports skyrocketed to $X in 2022. In general, imports recorded a strong expansion. The pace of growth was the most pronounced in 2014 with an increase of X% against the previous year. The level of import peaked at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

Burkina Faso was the key importer of casks, barrels, vats, tubs, and coopers products of wood in Western Africa, with the volume of imports amounting to X units, which was approx. X% of total imports in 2022. Nigeria (X units) held the second position in the ranking, distantly followed by Togo (X units). All these countries together took near X% share of total imports. The following importers - Ghana (X units), Saint Helena, Ascension and Tristan da Cunha (X units), Cabo Verde (X units) and Sierra Leone (X units) - together made up X% of total imports.

From 2012 to 2022, average annual rates of growth with regard to wood barrel imports into Burkina Faso stood at X%. At the same time, Togo (X%), Saint Helena, Ascension and Tristan da Cunha (X%), Sierra Leone (X%) and Nigeria (X%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in Western Africa, with a CAGR of X% from 2012-2022. Ghana experienced a relatively flat trend pattern. By contrast, Cabo Verde (X%) illustrated a downward trend over the same period. While the share of Burkina Faso (X p.p.), Nigeria (X p.p.), Togo (X p.p.), Saint Helena, Ascension and Tristan da Cunha (X p.p.) and Sierra Leone (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Ghana (X p.p.) and Cabo Verde (X p.p.) displayed negative dynamics.

In value terms, Nigeria ($X), Ghana ($X) and Burkina Faso ($X) appeared to be the countries with the highest levels of imports in 2022, together accounting for X% of total imports. Cabo Verde, Sierra Leone, Saint Helena, Ascension and Tristan da Cunha and Togo lagged somewhat behind, together comprising a further X%.

Togo, with a CAGR of X%, recorded the highest growth rate of 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

The import price in Western Africa stood at $X per unit in 2022, declining by X% against the previous year. Overall, the import price showed a slight reduction. The most prominent rate of growth was recorded in 2017 an increase of X% against the previous year. The level of import peaked at $X per unit in 2020; however, from 2021 to 2022, import prices remained at a lower figure.

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 Ghana ($X per unit), while Burkina Faso ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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