Western Africa: Market for Wood Pellets And Other Agglomerates 2023

Market Size for Wood Pellets And Other Agglomerates in Western Africa

In 2022, the West African market for wood pellets and other agglomerates increased by 4.8% to $X, rising for the second consecutive year after two years of decline. In general, consumption, however, showed a abrupt slump. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Production of Wood Pellets And Other Agglomerates in Western Africa

In value terms, wood pellets and other agglomerates production stood at $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 throughout the analyzed period. The pace of growth was the most pronounced in 2018 with an increase of 29% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Exports of Wood Pellets And Other Agglomerates

Exports in Western Africa

In 2022, shipments abroad of wood pellets and other agglomerates decreased by -5.1% to X tons, falling for the second year in a row after six years of growth. Over the period under review, exports, however, saw a significant expansion. The most prominent rate of growth was recorded in 2019 with an increase of 189%. The volume of export peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, wood pellets and other agglomerates exports shrank to $X in 2022. In general, exports, however, enjoyed a significant expansion. The pace of growth was the most pronounced in 2019 with an increase of 230%. Over the period under review, the exports attained the peak figure at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Benin (X tons) was the main exporter of wood pellets and other agglomerates, making up 73% of total exports. Nigeria (X tons) took the second position in the ranking, followed by Ghana (X tons) and Cote d'Ivoire (X tons). All these countries together took approx. 26% share of total exports.

Exports from Benin increased at an average annual rate of +41.9% from 2012 to 2022. 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 Western Africa, with a CAGR of +60.0% from 2012-2022. From 2012 to 2022, the share of Benin, Nigeria and Cote d'Ivoire increased by +29, +9.7 and +2 percentage points, respectively.

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

In Benin, wood pellets and other agglomerates exports increased at an average annual rate of +41.1% over the period from 2012-2022. 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 Western Africa stood at $X per ton in 2022, shrinking by -5.1% against the previous year. In general, the export price continues to indicate a pronounced curtailment. The growth pace was the most rapid in 2018 an increase of 36%. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, 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 Western Africa

After two years of decline, overseas purchases of wood pellets and other agglomerates increased by 7.8% to X tons in 2022. Overall, imports showed a prominent expansion. The most prominent rate of growth was recorded in 2019 with an increase of 160%. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, wood pellets and other agglomerates imports skyrocketed to $X in 2022. Over the period under review, imports continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2019 with an increase of 175% against the previous year. As a result, imports attained the peak of $X. From 2020 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Mauritania was the major importer of wood pellets and other agglomerates in Western Africa, with the volume of imports resulting at X tons, which was near 74% of total imports in 2022. Nigeria (X tons) took a 13% share (based on physical terms) of total imports, which put it in second place, followed by Senegal (8.6%). Ghana (X tons) followed a long way behind the leaders.

Mauritania was also the fastest-growing in terms of the wood pellets and other agglomerates imports, with a CAGR of +72.1% from 2012 to 2022. At the same time, Nigeria (+9.2%) displayed positive paces of growth. By contrast, Senegal (-6.1%) and Ghana (-8.8%) illustrated a downward trend over the same period. Mauritania (+73 p.p.) significantly strengthened its position in terms of the total imports, while Ghana and Senegal saw its share reduced by -12.8% and -34.3% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mauritania ($X) constitutes the largest market for imported wood pellets and other agglomerates in Western Africa, comprising 55% of total imports. The second position in the ranking was held by Nigeria ($X), with a 23% share of total imports. It was followed by Senegal, with a 13% share.

From 2012 to 2022, the average annual growth rate of value in Mauritania totaled +62.7%. The remaining importing countries recorded the following average annual rates of imports growth: Nigeria (+23.0% per year) and Senegal (+6.8% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, jumping by 16% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.2%. The pace of growth appeared the most rapid in 2020 an increase of 39%. Over the period under review, import prices attained the maximum at $X per ton in 2016; however, from 2017 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Nigeria ($X per ton), while Mauritania ($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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