ECOWAS: Market for Gum, Wood Or Sulphate Turpentine Oils, Pine Oil And Other Alike 2024

Market Size for Gum, Wood Or Sulphate Turpentine Oils, Pine Oil And Other Alike in ECOWAS

In 2023, the ECOWAS gum or wood oils market increased by X% to $X, rising for the third consecutive year after two years of decline. In general, consumption posted strong growth. The level of consumption peaked in 2023 and is expected to retain growth in the near future.

Production of Gum, Wood Or Sulphate Turpentine Oils, Pine Oil And Other Alike in ECOWAS

In value terms, gum or wood oils production surged to $X in 2023 estimated in export price. Over the period under review, production showed a buoyant expansion. The pace of growth was the most pronounced in 2021 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2022 to 2023, production growth failed to regain momentum.

Exports of Gum, Wood Or Sulphate Turpentine Oils, Pine Oil And Other Alike

Exports in ECOWAS

In 2023, exports of gum, wood or sulphate turpentine oils, pine oil and other alike in ECOWAS skyrocketed to X tons, with an increase of X% on the previous year's figure. In general, exports continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2021 with an increase of X,325% against the previous year. As a result, the exports attained the peak of X tons. From 2022 to 2023, the growth of the exports remained at a somewhat lower figure.

In value terms, gum or wood oils exports skyrocketed to $X in 2023. Overall, exports saw significant growth. The growth pace was the most rapid in 2021 with an increase of X,309%. As a result, the exports reached the peak of $X. From 2022 to 2023, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The biggest shipments were from Nigeria (X tons), together resulting at X% of total export.

Nigeria was also the fastest-growing in terms of the gum, wood or sulphate turpentine oils, pine oil and other alike exports, with a CAGR of X% from 2012 to 2023. While the share of Nigeria (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) also remains the largest gum or wood oils supplier in ECOWAS.

In Nigeria, gum or wood oils exports contracted by an average annual rate of X% over the period from 2012-2023.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2023, which is down by X% against the previous year. Over the period under review, the export price saw a deep contraction. The most prominent rate of growth was recorded in 2017 when the export price increased by X%. Over the period under review, the export prices hit record highs at $X per ton in 2014; however, from 2015 to 2023, the export prices remained at a lower figure.

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

From 2012 to 2023, the rate of growth in terms of prices for Nigeria amounted to X% per year.

Imports of Gum, Wood Or Sulphate Turpentine Oils, Pine Oil And Other Alike

Imports in ECOWAS

In 2023, supplies from abroad of gum, wood or sulphate turpentine oils, pine oil and other alike was finally on the rise to reach X tons for the first time since 2020, thus ending a two-year declining trend. Overall, imports, however, showed a slight contraction. The most prominent rate of growth was recorded in 2020 when imports increased by X%. As a result, imports attained the peak of X tons. From 2021 to 2023, the growth of imports remained at a lower figure.

In value terms, gum or wood oils imports surged to $X in 2023. In general, imports continue to indicate a modest increase. The most prominent rate of growth was recorded in 2020 when imports increased by X% against the previous year. As a result, imports reached the peak of $X. From 2021 to 2023, the growth of imports failed to regain momentum.

Imports by Country

Nigeria dominates imports structure, accounting for X tons, which was approx. X% of total imports in 2023. It was distantly followed by Senegal (X tons) and Sierra Leone (X tons), together mixing up a X% share of total imports. The following importers - Ghana (X tons), Liberia (X tons) and Cabo Verde (X tons) - together made up X% of total imports.

Imports into Nigeria decreased at an average annual rate of X% from 2012 to 2023. At the same time, Sierra Leone (X%), Senegal (X%), Cabo Verde (X%) and Liberia (X%) displayed positive paces of growth. Moreover, Sierra Leone emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2023. By contrast, Ghana (X%) illustrated a downward trend over the same period. While the share of Senegal (X p.p.), Sierra Leone (X p.p.) and Liberia (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Ghana (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported gum, wood or sulphate turpentine oils, pine oil and other alike in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Senegal ($X), with a X% share of total imports. It was followed by Ghana, with a X% share.

In Nigeria, gum or wood oils imports remained relatively stable over the period from 2012-2023. The remaining importing countries recorded the following average annual rates of imports growth: Senegal (X% per year) and Ghana (X% per year).

Import Prices by Country

In 2023, the import price in ECOWAS amounted to $X per ton, shrinking by X% against the previous year. Over the period under review, the import price, however, enjoyed a measured expansion. The pace of growth was the most pronounced in 2014 when the import price increased by X% against the previous year. The level of import peaked at $X per ton in 2021; however, from 2022 to 2023, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Ghana ($X per ton), while Liberia ($X per ton) was amongst the lowest.

From 2012 to 2023, 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