Nigeria: Biological Product Market 2024

Biological Product Market Size in Nigeria

In 2022, the Nigerien biological product market decreased by X% to $X, falling for the second year in a row after five years of growth. Overall, consumption, however, enjoyed a remarkable increase. Over the period under review, the market reached the maximum level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Biological Product Exports

Exports from Nigeria

Biological product exports from Nigeria dropped slightly to X tons in 2022, waning by X% on the previous year's figure. Over the period under review, exports, however, enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2020 when exports increased by X% against the previous year. As a result, the exports reached the peak of X tons. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, biological product exports rose slightly to $X in 2022. In general, exports, however, posted a resilient expansion. The most prominent rate of growth was recorded in 2020 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the near future.

Exports by Country

Angola (X kg) was the main destination for biological product exports from Nigeria, accounting for a X% share of total exports. Moreover, biological product exports to Angola exceeded the volume sent to the second major destination, Ireland (X kg), sixfold. Poland (X kg) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Angola was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Ireland (X% per year) and Poland (X% per year).

In value terms, the largest markets for biological product exported from Nigeria were Poland ($X), Angola ($X) and Ireland ($X), together accounting for X% of total exports.

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

Export Prices by Country

The average biological product export price stood at $X per ton in 2022, picking up by X% against the previous year. Overall, the export price recorded a slight increase. The growth pace was the most rapid in 2017 an increase of X%. Over the period under review, the average export prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Benin ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Ghana (X%), while the prices for the other major destinations experienced more modest paces of growth.

Biological Product Imports

Imports into Nigeria

In 2022, supplies from abroad of biological products decreased by X% to X tons, falling for the second year in a row after five years of growth. Over the period under review, imports, however, saw a buoyant expansion. The most prominent rate of growth was recorded in 2019 when imports increased by X%. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, biological product imports fell significantly to $X in 2022. Overall, imports, however, saw a remarkable increase. The pace of growth appeared the most rapid in 2019 with an increase of X% against the previous year. Over the period under review, imports reached the maximum at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, India (X tons) constituted the largest supplier of biological product to Nigeria, accounting for a X% share of total imports. Moreover, biological product imports from India exceeded the figures recorded by the second-largest supplier, China (X tons), fourfold. South Korea (X tons) ranked third in terms of total imports with an X% share.

From 2012 to 2022, the average annual growth rate of volume from India amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and South Korea (X% per year).

In value terms, India ($X) constituted the largest supplier of biological products to Nigeria, comprising X% of total imports. The second position in the ranking was taken by South Korea ($X), with a X% share of total imports. It was followed by Germany, with a X% share.

From 2012 to 2022, the average annual growth rate of value from India stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (X% per year) and Germany (X% per year).

Import Prices by Country

The average biological product import price stood at $X per ton in 2022, growing by X% against the previous year. In general, the import price showed a resilient increase. The most prominent rate of growth was recorded in 2019 when the average import price increased by X%. The import price peaked at $X per ton in 2020; however, from 2021 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Belgium ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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