Nigeria: Benzoic Acid Market 2025

Benzoic Acid Market Size in Nigeria

In 2021, the Nigerien benzoic acid market decreased by -23.4% to $X for the first time since 2017, thus ending a three-year rising trend. Over the period under review, consumption showed a perceptible reduction. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market failed to regain momentum.

Benzoic Acid Exports

Exports from Nigeria

In 2018, the amount of benzoic acid, its salts and esters exported from Nigeria contracted sharply to X tons, with a decrease of -64% compared with the previous year's figure. Overall, exports continue to indicate a precipitous contraction. The exports peaked at X tons in 2017, and then shrank sharply in the following year.

In value terms, benzoic acid exports contracted significantly to $X in 2018. Over the period under review, exports showed a precipitous curtailment. Over the period under review, the exports attained the peak figure at $X in 2017, and then fell notably in the following year.

Exports by Country

Ghana (X kg) was the main destination for benzoic acid exports from Nigeria, accounting for a 72% share of total exports. Moreover, benzoic acid exports to Ghana exceeded the volume sent to the second major destination, Benin (X kg), threefold.

From 2017 to 2018, the average annual growth rate of volume to Ghana totaled -74.1%.

In value terms, Benin ($X) emerged as the key foreign market for benzoic acid, its salts and esters exports from Nigeria, comprising 73% of total exports. The second position in the ranking was taken by Ghana ($X), with a 27% share of total exports.

From 2017 to 2018, the average annual rate of growth in terms of value to Benin was relatively modest.

Export Prices by Country

The average benzoic acid export price stood at $X per ton in 2018, stabilizing at the previous year. Overall, the export price recorded a relatively flat trend pattern. Over the period under review, the average export prices reached the maximum at $X per ton in 2017, and then declined modestly in the following year.

There were significant differences in the average prices for the major foreign markets. In 2018, amid the top suppliers, the country with the highest price was Benin ($X per ton), while the average price for exports to Ghana stood at $X per ton.

From 2017 to 2018, the most notable rate of growth in terms of prices was recorded for supplies to Ghana (-62.3%).

Benzoic Acid Imports

Imports into Nigeria

In 2021, overseas purchases of benzoic acid, its salts and esters decreased by -26.1% to X tons, falling for the second consecutive year after two years of growth. In general, imports saw a mild curtailment. The pace of growth was the most pronounced in 2014 when imports increased by 202%. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, benzoic acid imports dropped dramatically to $X in 2021. Overall, imports recorded a noticeable descent. The pace of growth appeared the most rapid in 2014 when imports increased by 203% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports remained at a lower figure.

Imports by Country

China (X tons), Swaziland (X tons) and Ireland (X tons) were the main suppliers of benzoic acid imports to Nigeria, together accounting for 87% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Ireland (with a CAGR of +9.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Swaziland ($X) and India ($X) appeared to be the largest benzoic acid suppliers to Nigeria, with a combined 79% share of total imports.

In terms of the main suppliers, Swaziland, with a CAGR of +7.9%, recorded the highest rates of growth with regard to 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

In 2021, the average benzoic acid import price amounted to $X per ton, growing by 5% against the previous year. Overall, the import price, however, saw a perceptible reduction. The growth pace was the most rapid in 2016 when the average import price increased by 21%. As a result, import price attained the peak level of $X per ton. From 2017 to 2021, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was India ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Swaziland (+2.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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