In 2023, Canada's import of lumber from specific African species, like okoume, obeche, sapelli, sipo, acajou, and makore wood, was 18 million US dollars. The forthcoming years show a steady growth trend in import values, with forecasts indicating an increase from 18.44 million USD in 2024 to 20.061 million USD by 2028.
Year-on-year growth percentages reveal a consistent annual increase of about 2%. The compound annual growth rate (CAGR) over the five-year forecast period is estimated to be around 1.73%. This suggests a gradual rise in demand for these wood species in Canada's market.
Future trends to watch for include:
- Changes in global supply chain dynamics potentially impacting availability and pricing.
- Environmental regulations or shifts in market preferences towards sustainable forestry practices affecting imports.
- Technological advancements in wood processing and its impact on import volumes and values.