In 2023, the import value of specific lumber types including Okoume, Obeche, Sapelli, Sipo, Acajou, and Makore to India was approximately $168 million USD. From 2024 onwards, a consistent upward trend is forecasted, showing year-on-year growth rates: 4.72% in 2025, 4.39% in 2026, 4.15% in 2027, and 3.89% in 2028. The compound annual growth rate (CAGR) for the period 2024 to 2028 is projected at 4.29%, indicating a steady increase in the demand and importation of these woods.
Future trends to watch for include:
- Emerging sustainable practices and policies influencing import demand.
- Potential shifts in domestic production capabilities affecting import reliance.
- Currency fluctuations and trade policies impacting pricing and import volumes.
