ECOWAS: Solid Biofuel Market 2024

Solid Biofuel Market Size in ECOWAS

In 2022, the ECOWAS solid biofuel market increased by X% to $X, rising for the third year in a row after three years of decline. Over the period under review, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2014; afterwards, it flattened through to 2022.

Solid Biofuel Production in ECOWAS

In value terms, solid biofuel production reached $X in 2022 estimated in export price. In general, production showed a slight contraction. The most prominent rate of growth was recorded in 2018 when the production volume increased by X%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Solid Biofuel Exports

Exports in ECOWAS

In 2022, overseas shipments of solid biofuels decreased by X% to X tons, falling for the third consecutive year after five years of growth. Over the period under review, exports showed a deep setback. The most prominent rate of growth was recorded in 2019 when exports increased by X%. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports remained at a lower figure.

In value terms, solid biofuel exports shrank markedly to $X in 2022. In general, exports recorded a dramatic shrinkage. The most prominent rate of growth was recorded in 2019 when exports increased by X%. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Ghana (X tons) and Cote d'Ivoire (X tons) prevails in exports structure, together constituting X% of total exports. It was distantly followed by Gambia (X tons), constituting a X% share of total exports. Nigeria (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Gambia (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest solid biofuel supplying countries in ECOWAS were Ghana ($X), Cote d'Ivoire ($X) and Gambia ($X), together comprising X% of total exports.

In terms of the main exporting countries, Gambia, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, which is down by X% against the previous year. Over the period under review, the export price showed a pronounced slump. The pace of growth appeared the most rapid in 2013 when the export price increased by X%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Gambia ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Gambia (X%), while the other leaders experienced a decline in the export price figures.

Solid Biofuel Imports

Imports in ECOWAS

In 2022, overseas purchases of solid biofuels increased by X% to X tons, rising for the second consecutive year after two years of decline. Overall, imports enjoyed significant growth. The pace of growth was the most pronounced in 2013 with an increase of X%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in years to come.

In value terms, solid biofuel imports surged to $X in 2022. In general, imports posted a significant expansion. The pace of growth appeared the most rapid in 2013 when imports increased by X%. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

Senegal was the major importing country with an import of about X tons, which reached X% of total imports. It was distantly followed by Niger (X tons), creating a X% share of total imports. Togo (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to solid biofuel imports into Senegal stood at X%. At the same time, Niger (X%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Togo (X%) illustrated a downward trend over the same period. While the share of Senegal (X p.p.) and Niger (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Togo (X p.p.) displayed negative dynamics.

In value terms, Senegal ($X) constitutes the largest market for imported solid biofuels in ECOWAS, comprising X% of total imports. The second position in the ranking was taken by Togo ($X), with a X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in Senegal stood at X%. The remaining importing countries recorded the following average annual rates of imports growth: Togo (X% per year) and Niger (X% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, jumping by X% against the previous year. Overall, the import price saw a buoyant increase. Over the period under review, import prices hit record highs at $X per ton in 2013; afterwards, it flattened through to 2022.

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 Senegal ($X per ton), while Niger ($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 (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform