Nigeria: Smoothing Iron Market 2024

Smoothing Iron Market Size in Nigeria

The Nigerien smoothing iron market fell significantly to $X in 2021, waning by -37.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption saw a perceptible curtailment. As a result, consumption attained the peak level of $X. From 2020 to 2021, the growth of the market failed to regain momentum.

Smoothing Iron Exports

Exports from Nigeria

In 2021, smoothing iron exports from Nigeria soared to X units, picking up by 406% against the previous year's figure. In general, exports posted a significant expansion. The exports peaked at X units in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, smoothing iron exports skyrocketed to $X in 2021. Over the period under review, exports posted significant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Singapore (X units), Sao Tome and Principe (X units) and Angola (X units) were the main destinations of smoothing iron exports from Nigeria, with a combined 67% share of total exports. These countries were followed by Benin, Ghana, Lebanon and Niger, which together accounted for a further 25%.

From 2012 to 2021, the biggest increases were recorded for Ghana (with a CAGR of +93.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X), Singapore ($X) and Sao Tome and Principe ($X) constituted the largest markets for smoothing iron exported from Nigeria worldwide, with a combined 79% share of total exports.

In terms of the main countries of destination, Ghana, with a CAGR of +60.4%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average smoothing iron export price stood at $X per unit in 2021, increasing by 49% against the previous year. Over the period under review, the export price, however, continues to indicate a pronounced descent. Over the period under review, the average export prices attained the peak figure at $X per unit in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Ghana ($X per unit), while the average price for exports to Sao Tome and Principe ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Ghana (+10.5%), while the prices for the other major destinations experienced a decline.

Smoothing Iron Imports

Imports into Nigeria

In 2021, approx. X units of electric smoothing irons were imported into Nigeria; shrinking by -39.9% on the previous year's figure. Over the period under review, imports recorded a noticeable slump. The most prominent rate of growth was recorded in 2019 when imports increased by 209% against the previous year. As a result, imports reached the peak of X units. From 2020 to 2021, the growth of imports failed to regain momentum.

In value terms, smoothing iron imports dropped sharply to $X in 2021. Overall, imports, however, posted a moderate increase. The most prominent rate of growth was recorded in 2019 when imports increased by 148% against the previous year. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X units) constituted the largest smoothing iron supplier to Nigeria, accounting for a 62% share of total imports. Moreover, smoothing iron imports from China exceeded the figures recorded by the second-largest supplier, Hong Kong SAR (X units), threefold. Turkey (X units) ranked third in terms of total imports with a 4.2% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to -3.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+35.9% per year) and Turkey (+64.5% per year).

In value terms, China ($X) constituted the largest supplier of electric smoothing irons to Nigeria, comprising 63% of total imports. The second position in the ranking was taken by Hong Kong SAR ($X), with an 18% share of total imports. It was followed by Turkey, with a 3.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +3.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+45.2% per year) and Turkey (+58.7% per year).

Import Prices by Country

In 2021, the average smoothing iron import price amounted to $X per unit, rising by 16% against the previous year. Over the period under review, import price indicated a resilient increase from 2012 to 2021: its price increased at an average annual rate of +6.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, smoothing iron import price increased by +27.3% against 2019 indices. The pace of growth was the most pronounced in 2013 when the average import price increased by 38% against the previous year. The import price peaked at $X per unit in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were the United Arab Emirates ($X per unit) and the UK ($X per unit), while the price for South Africa ($X per unit) and Turkey ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+10.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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