Nigeria: Market for Button Blanks & Button Moulds 2024

Market Size for Button Blanks & Button Moulds in Nigeria

In 2022, after three years of growth, there was significant decline in the Nigerien button blanks and moulds market, when its value decreased by -56.9% to $X. Over the period under review, consumption recorded a deep reduction. Button blanks and moulds consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Production of Button Blanks & Button Moulds in Nigeria

In value terms, button blanks and moulds production shrank markedly to $X in 2022 estimated in export price. Over the period under review, production saw a abrupt slump. The pace of growth appeared the most rapid in 2015 when the production volume increased by 119% against the previous year. Button blanks and moulds production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Exports of Button Blanks & Button Moulds

Exports from Nigeria

After three years of growth, shipments abroad of button blanks & button moulds decreased by -18.2% to X kg in 2022. In general, exports showed a deep contraction. The most prominent rate of growth was recorded in 2021 with an increase of 83% against the previous year. Over the period under review, the exports attained the maximum at X kg in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, button blanks and moulds exports shrank rapidly to $X in 2022. Over the period under review, exports recorded a drastic downturn. The most prominent rate of growth was recorded in 2021 with an increase of 58%. Over the period under review, the exports attained the peak figure at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

Benin (X kg) was the main destination for button blanks and moulds exports from Nigeria, accounting for a 89% share of total exports. Moreover, button blanks and moulds exports to Benin exceeded the volume sent to the second major destination, Botswana (X kg), eightfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Benin was relatively modest.

In value terms, Benin ($X) emerged as the key foreign market for button blanks & button moulds exports from Nigeria, comprising 95% of total exports. The second position in the ranking was taken by Botswana ($X), with a 4.8% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Benin was relatively modest.

Export Prices by Country

The average button blanks and moulds export price stood at $X per ton in 2022, flattening at the previous year. Overall, the export price saw a deep setback. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

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 Benin ($X per ton), while the average price for exports to Botswana totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Ghana (-25.0%), while the prices for the other major destinations experienced a decline.

Imports of Button Blanks & Button Moulds

Imports into Nigeria

In 2022, supplies from abroad of button blanks & button moulds decreased by -94% to X tons, falling for the second year in a row after three years of growth. In general, imports recorded a precipitous descent. The most prominent rate of growth was recorded in 2020 when imports increased by 13,556%. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, button blanks and moulds imports shrank rapidly to $X in 2022. Over the period under review, imports continue to indicate a precipitous setback. The most prominent rate of growth was recorded in 2020 with an increase of 21,808%. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of button blanks and moulds to Nigeria, with a 85% share of total imports. Moreover, button blanks and moulds imports from China exceeded the figures recorded by the second-largest supplier, Italy (X kg), more than tenfold. The third position in this ranking was held by South Africa (X kg), with a 5.4% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled -27.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-34.7% per year) and South Africa (+20.8% per year).

In value terms, China ($X) constituted the largest supplier of button blanks & button moulds to Nigeria, comprising 69% of total imports. The second position in the ranking was held by South Africa ($X), with a 22% share of total imports. It was followed by Italy, with a 6.4% share.

From 2012 to 2022, the average annual growth rate of value from China stood at -20.5%. The remaining supplying countries recorded the following average annual rates of imports growth: South Africa (-8.3% per year) and Italy (+18.0% per year).

Import Prices by Country

The average button blanks and moulds import price stood at $X per ton in 2022, picking up by 196% against the previous year. Over the period under review, the import price continues to indicate a prominent increase. Over the period under review, average import prices hit record highs at $X per ton in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+80.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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