ECOWAS: Wood Barrel Market 2025

Wood Barrel Market Size in ECOWAS

The ECOWAS wood barrel market expanded to $X in 2022, with an increase of 4.5% against the previous year. In general, consumption enjoyed a buoyant 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 ECOWAS

In value terms, wood barrel production totaled $X in 2022 estimated in export price. Overall, production enjoyed a prominent increase. The pace of growth was the most pronounced in 2017 with an increase of 104% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Wood Barrel Exports

Exports in ECOWAS

In 2022, the amount of casks, barrels, vats, tubs, and coopers products of wood exported in ECOWAS skyrocketed to X units, growing by 833% on the previous year. In general, exports posted a significant increase. The most prominent rate of growth was recorded in 2019 when exports increased by 1,228% against the previous year. 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 soared to $X in 2022. Overall, exports enjoyed significant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Nigeria prevails in exports structure, accounting for X units, which was approx. 97% of total exports in 2022. Ghana (X units) held a minor share of total exports.

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 ($X) emerged as the largest wood barrel supplier in ECOWAS, comprising 98% of total exports. The second position in the ranking was taken by Ghana ($X), with a 1.5% share of total exports.

In Nigeria, wood barrel exports expanded at an average annual rate of +97.7% over the period from 2012-2022.

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2022, jumping by 454% against the previous year. Overall, the export price recorded a prominent increase. 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 amounted to $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 ECOWAS

In 2022, imports of casks, barrels, vats, tubs, and coopers products of wood in ECOWAS reduced to X units, falling by -8.6% against 2021. Over the period under review, imports, however, showed a prominent expansion. The pace of growth was the most pronounced in 2019 with an increase of 125% against the previous year. As a result, imports attained the peak of X units. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, wood barrel imports reduced to $X in 2022. In general, imports, however, enjoyed significant growth. The most prominent rate of growth was recorded in 2019 when imports increased by 321% against the previous year. The level of import peaked at $X in 2021, and then reduced in the following year.

Imports by Country

Niger prevails in imports structure, recording X units, which was near 61% of total imports in 2022. Cabo Verde (X units) held an 8.5% share (based on physical terms) of total imports, which put it in second place, followed by Cote d'Ivoire (7.2%), Sierra Leone (5%) and Ghana (5%). The following importers - Burkina Faso (X units) and Senegal (X units) - each reached a 7.7% share of total imports.

Niger was also the fastest-growing in terms of the casks, barrels, vats, tubs, and coopers products of wood imports, with a CAGR of +63.7% from 2012 to 2022. At the same time, Sierra Leone (+48.6%), Ghana (+41.2%), Cote d'Ivoire (+33.1%), Burkina Faso (+28.6%) and Cabo Verde (+6.7%) displayed positive paces of growth. By contrast, Senegal (-16.1%) illustrated a downward trend over the same period. Niger (+60 p.p.), Cote d'Ivoire (+5.9 p.p.), Sierra Leone (+4.7 p.p.), Ghana (+4.5 p.p.) and Burkina Faso (+3 p.p.) significantly strengthened its position in terms of the total imports, while Cabo Verde and Senegal saw its share reduced by -4.7% and -62.3% from 2012 to 2022, respectively.

In value terms, Niger ($X) constitutes the largest market for imported casks, barrels, vats, tubs, and coopers products of wood in ECOWAS, comprising 86% of total imports. The second position in the ranking was taken by Cabo Verde ($X), with a 3% share of total imports. It was followed by Ghana, with a 2.3% share.

From 2012 to 2022, the average annual growth rate of value in Niger totaled +107.6%. In the other countries, the average annual rates were as follows: Cabo Verde (+6.3% per year) and Ghana (+46.6% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per unit, rising by 3.3% against the previous year. In general, the import price saw strong growth. The growth pace was the most rapid in 2020 an increase of 94%. The level of import peaked in 2022 and is likely to see gradual growth in years to come.

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

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

Source: IndexBox Platform