ECOWAS: Greasy Wool Market 2025

Greasy Wool Market Size in ECOWAS

In 2022, the ECOWAS greasy wool market increased by 2.4% to $X, rising for the second year in a row after four years of decline. Overall, consumption, however, showed a perceptible decline. Over the period under review, the market reached the maximum level at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Greasy Wool Production in ECOWAS

In value terms, greasy wool production shrank to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a perceptible shrinkage. The growth pace was the most rapid in 2015 when the production volume increased by 92%. The level of production peaked at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Greasy Wool Exports

Exports in ECOWAS

In 2022, after seven years of growth, there was significant decline in shipments abroad of greasy wool, when their volume decreased by -6.8% to X tons. Overall, exports, however, showed a prominent increase. The most prominent rate of growth was recorded in 2017 with an increase of 75%. The volume of export peaked at X tons in 2021, and then dropped in the following year.

In value terms, greasy wool exports contracted to $X in 2022. Over the period under review, exports recorded a pronounced decrease. The most prominent rate of growth was recorded in 2017 with an increase of 63% against the previous year. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Liberia prevails in exports structure, resulting at X tons, which was near 98% of total exports in 2022. Nigeria (X tons) took a minor share of total exports.

Liberia was also the fastest-growing in terms of the greasy wool exports, with a CAGR of +15.4% from 2012 to 2022. Nigeria (-13.4%) illustrated a downward trend over the same period. Liberia (+44 p.p.) significantly strengthened its position in terms of the total exports, while Nigeria saw its share reduced by -14.9% from 2012 to 2022, respectively.

In value terms, Liberia ($X) remains the largest greasy wool supplier in ECOWAS, comprising 93% of total exports. The second position in the ranking was held by Nigeria ($X), with a 5.3% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Liberia stood at +13.7%.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, flattening at the previous year. Overall, the export price faced a deep reduction. The pace of growth appeared the most rapid in 2021 when the export price increased by 3.6% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a 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 Nigeria ($X per ton), while Liberia totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Liberia (-1.5%).

Greasy Wool Imports

Imports in ECOWAS

In 2022, the amount of greasy wool imported in ECOWAS rose markedly to X tons, picking up by 8.1% on 2021 figures. Overall, imports, however, saw a pronounced shrinkage. The pace of growth appeared the most rapid in 2015 when imports increased by 166% against the previous year. Over the period under review, imports reached the maximum at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, greasy wool imports reached $X in 2022. In general, imports, however, continue to indicate a deep reduction. The pace of growth was the most pronounced in 2015 with an increase of 184%. Over the period under review, imports attained the maximum at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

Burkina Faso represented the main importing country with an import of around X tons, which amounted to 61% of total imports. Nigeria (X tons) ranks second in terms of the total imports with a 25% share, followed by Senegal (6.2%). The following importers - Niger (X tons) and Ghana (X tons) - together made up 7.3% of total imports.

From 2012 to 2022, average annual rates of growth with regard to greasy wool imports into Burkina Faso stood at +9.4%. At the same time, Ghana (+26.0%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +26.0% from 2012-2022. Niger experienced a relatively flat trend pattern. By contrast, Nigeria (-10.4%) and Senegal (-12.8%) illustrated a downward trend over the same period. Burkina Faso (+41 p.p.), Niger (+4 p.p.) and Ghana (+3.1 p.p.) significantly strengthened its position in terms of the total imports, while Senegal and Nigeria saw its share reduced by -12.8% and -33.3% from 2012 to 2022, respectively.

In value terms, the largest greasy wool importing markets in ECOWAS were Burkina Faso ($X), Nigeria ($X) and Niger ($X), with a combined 89% share of total imports. Senegal and Ghana lagged somewhat behind, together accounting for a further 5.9%.

In terms of the main importing countries, Ghana, with a CAGR of +11.8%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, picking up by 2.6% against the previous year. In general, the import price, however, recorded a drastic downturn. The pace of growth appeared the most rapid in 2021 when the import price increased by 38%. Over the period under review, import prices reached the maximum at $X per ton in 2015; however, from 2016 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 ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Burkina Faso (-1.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform