Nigeria: Color Printing Ink Market 2024

Color Printing Ink Market Size in Nigeria

In 2022, the Nigerien color printing ink market decreased by -16.5% to $X, falling for the second year in a row after three years of growth. Over the period under review, consumption, however, posted pronounced growth. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Color Printing Ink Exports

Exports from Nigeria

In 2022, after two years of decline, there was significant growth in overseas shipments of color printing ink, when their volume increased by 16% to X tons. Over the period under review, exports, however, continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2016 when exports increased by 133% against the previous year. As a result, the exports attained the peak of X tons. From 2017 to 2022, the growth of the exports failed to regain momentum.

In value terms, color printing ink exports skyrocketed to $X in 2022. In general, exports, however, saw a noticeable downturn. The growth pace was the most rapid in 2016 when exports increased by 147% against the previous year. As a result, the exports reached the peak of $X. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Ghana (X tons) was the main destination for color printing ink exports from Nigeria, accounting for a 83% share of total exports. Moreover, color printing ink exports to Ghana exceeded the volume sent to the second major destination, Benin (X kg), tenfold. Burkina Faso (X kg) ranked third in terms of total exports with a 3.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Ghana stood at -10.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (-4.6% per year) and Burkina Faso (+4.2% per year).

In value terms, Ghana ($X), Burundi ($X) and Benin ($X) appeared to be the largest markets for color printing ink exported from Nigeria worldwide, with a combined 87% share of total exports.

Burundi, with a CAGR of +20.6%, saw the highest rates of growth with regard to the value of exports, among 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 color printing ink export price stood at $X per ton in 2022, picking up by 7.2% against the previous year. In general, the export price showed prominent growth. The growth pace was the most rapid in 2018 an increase of 48% against the previous year. The export price peaked in 2022 and is likely to see gradual growth in years to come.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Burundi ($X per ton), while the average price for exports to Sierra Leone ($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 Burundi (+16.0%), while the prices for the other major destinations experienced more modest paces of growth.

Color Printing Ink Imports

Imports into Nigeria

In 2022, supplies from abroad of color printing ink decreased by -11.8% to X tons, falling for the second consecutive year after three years of growth. Over the period under review, imports, however, enjoyed resilient growth. The most prominent rate of growth was recorded in 2020 when imports increased by 76%. 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, color printing ink imports declined sharply to $X in 2022. Overall, imports, however, continue to indicate notable growth. The growth pace was the most rapid in 2020 when imports increased by 158% against the previous year. 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, the United Arab Emirates (X tons) constituted the largest color printing ink supplier to Nigeria, accounting for a 35% share of total imports. Moreover, color printing ink imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. The third position in this ranking was held by Indonesia (X tons), with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United Arab Emirates stood at +32.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+3.6% per year) and Indonesia (+13.9% per year).

In value terms, Switzerland ($X) constituted the largest supplier of color printing ink to Nigeria, comprising 40% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 9.8% share of total imports. It was followed by China, with a 9.5% share.

From 2012 to 2022, the average annual growth rate of value from Switzerland totaled +7.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+10.4% per year) and China (+9.7% per year).

Import Prices by Country

In 2022, the average color printing ink import price amounted to $X per ton, which is down by -7.6% against the previous year. In general, the import price continues to indicate a noticeable decline. The pace of growth was the most pronounced in 2020 an increase of 46% against the previous year. The import price peaked at $X per ton in 2016; however, from 2017 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Switzerland (+16.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform