ECOWAS: Peat Market 2024

Peat Market Size in ECOWAS

In 2023, the ECOWAS peat market increased by X% to $X for the first time since 2020, thus ending a two-year declining trend. The total consumption indicated a resilient expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2015 to 2023, the growth of the market remained at a somewhat lower figure.

Peat Production in ECOWAS

In value terms, peat production declined sharply to $X in 2023 estimated in export price. Over the period under review, production, however, continues to indicate mild growth. The most prominent rate of growth was recorded in 2015 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2016 to 2023, production growth failed to regain momentum.

Peat Exports

Exports in ECOWAS

In 2023, approx. X tons of peat were exported in ECOWAS; increasing by X% compared with 2022. In general, exports continue to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2019 when exports increased by X% against the previous year. As a result, the exports reached the peak of X tons. From 2020 to 2023, the growth of the exports failed to regain momentum.

In value terms, peat exports skyrocketed to $X in 2023. Over the period under review, exports enjoyed a noticeable expansion. Over the period under review, the exports reached the maximum at $X in 2017; however, from 2018 to 2023, the exports failed to regain momentum.

Exports by Country

Ghana was the key exporting country with an export of around X tons, which recorded X% of total exports. Mali (X tons) took the second position in the ranking, distantly followed by Sierra Leone (X tons) and Nigeria (X tons). All these countries together took near X% share of total exports. Senegal (X kg) followed a long way behind the leaders.

Ghana was also the fastest-growing in terms of the peat exports, with a CAGR of X% from 2012 to 2023. At the same time, Senegal (X%) and Nigeria (X%) displayed positive paces of growth. By contrast, Sierra Leone (X%) and Mali (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Ghana and Mali increased by X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest peat supplying countries in ECOWAS were Ghana ($X), Nigeria ($X) and Senegal ($X), with a combined X% share of total exports.

In terms of the main exporting countries, Senegal, with a CAGR of X%, recorded the highest growth rate of 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 2023, jumping by X% against the previous year. In general, the export price, however, continues to indicate a perceptible decrease. Over the period under review, the export prices reached the peak figure at $X per ton in 2017; however, from 2018 to 2023, the export prices remained at a lower figure.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Senegal (X%), while the other leaders experienced mixed trends in the export price figures.

Peat Imports

Imports in ECOWAS

In 2023, after two years of decline, there was significant growth in purchases abroad of peat, when their volume increased by X% to X tons. Total imports indicated a resilient expansion from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when imports increased by X%. As a result, imports attained the peak of X tons. From 2015 to 2023, the growth of imports remained at a somewhat lower figure.

In value terms, peat imports skyrocketed to $X in 2023. Total imports indicated a remarkable increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure in 2023 and are expected to retain growth in the near future.

Imports by Country

Senegal represented the key importer of peat in ECOWAS, with the volume of imports amounting to X tons, which was near X% of total imports in 2023. Ghana (X tons) ranks second in terms of the total imports with a X% share, followed by Nigeria (X%) and Sierra Leone (X%). Liberia (X tons), Burkina Faso (X tons), Mali (X tons), Cote d'Ivoire (X tons), Gambia (X tons) and Togo (X tons) held a minor share of total imports.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Gambia (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Senegal ($X), Ghana ($X) and Nigeria ($X) appeared to be the countries with the highest levels of imports in 2023, together accounting for X% of total imports. Burkina Faso, Sierra Leone, Cote d'Ivoire, Mali, Liberia, Togo and Gambia lagged somewhat behind, together accounting for a further X%.

Among the main importing countries, Burkina Faso, with a CAGR of X%, recorded 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

The import price in ECOWAS stood at $X per ton in 2023, with an increase of X% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The level of import peaked at $X per ton in 2018; however, from 2019 to 2023, import prices stood at a somewhat lower figure.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Burkina Faso (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform