Nigeria: Medical Gel Preparations Market 2024

Medical Gel Preparations Market Size in Nigeria

In 2022, the Nigerien medical gel preparations market decreased by -24.6% to $X, falling for the fourth year in a row after four years of growth. Over the period under review, consumption faced a drastic downturn. Medical gel preparations consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Medical Gel Preparations Production in Nigeria

In value terms, medical gel preparations production declined slightly to $X in 2022 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the production volume increased by 23% against the previous year. Medical gel preparations production peaked at $X in 2021, and then dropped slightly in the following year.

Medical Gel Preparations Exports

Exports from Nigeria

In 2022, shipments abroad of gel preparations for human or veterinary medicine decreased by 0% to X kg, falling for the second consecutive year after two years of growth. Over the period under review, exports saw a deep slump. The most prominent rate of growth was recorded in 2016 with an increase of 126%. As a result, the exports attained the peak of X kg. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, medical gel preparations exports fell to $X in 2022. In general, exports showed a sharp decrease. The pace of growth appeared the most rapid in 2015 when exports increased by 112% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Benin (X kg) was the main destination for medical gel preparations exports from Nigeria, with a 52% share of total exports. Moreover, medical gel preparations exports to Benin exceeded the volume sent to the second major destination, Cote d'Ivoire (X kg), threefold. South Africa (X kg) ranked third in terms of total exports with an 8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Benin amounted to +2.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cote d'Ivoire (+14.9% per year) and South Africa (-14.0% per year).

In value terms, Benin ($X) emerged as the key foreign market for gel preparations for human or veterinary medicine exports from Nigeria, comprising 83% of total exports. The second position in the ranking was taken by Ghana ($X), with a 5.4% share of total exports. It was followed by Cote d'Ivoire, with a 3.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Benin stood at -6.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ghana (-29.2% per year) and Cote d'Ivoire (+9.6% per year).

Export Prices by Country

The average medical gel preparations export price stood at $X per ton in 2022, declining by -12% against the previous year. In general, the export price saw a drastic downturn. The most prominent rate of growth was recorded in 2017 an increase of 145% against the previous year. 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 external markets. In 2022, amid the top suppliers, the country with the highest price was Benin ($X per ton), while the average price for exports to Canada ($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 (+4.7%), while the prices for the other major destinations experienced a decline.

Medical Gel Preparations Imports

Imports into Nigeria

In 2022, purchases abroad of gel preparations for human or veterinary medicine decreased by -32.8% to X tons, falling for the fourth consecutive year after four years of growth. Over the period under review, imports continue to indicate a abrupt decline. The most prominent rate of growth was recorded in 2017 with an increase of 524%. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, medical gel preparations imports declined to $X in 2022. In general, imports saw a abrupt decline. The pace of growth appeared the most rapid in 2017 with an increase of 293%. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports remained at a lower figure.

Imports by Country

India (X tons), Indonesia (X tons) and the United States (X tons) were the main suppliers of medical gel preparations imports to Nigeria, with a combined 45% share of total imports. Italy, South Korea, Thailand, Malaysia, France, China, Turkey, Spain, the UK and the United Arab Emirates lagged somewhat behind, together accounting for a further 54%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by France (with a CAGR of +59.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, India ($X), Malaysia ($X) and Thailand ($X) constituted the largest medical gel preparations suppliers to Nigeria, with a combined 54% share of total imports. Indonesia, the United States, South Korea, the UK, France, Italy, Turkey, China, Spain and the United Arab Emirates lagged somewhat behind, together comprising a further 45%.

Among the main suppliers, France, with a CAGR of +39.6%, saw the highest growth rate of 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 2022, the average medical gel preparations import price amounted to $X per ton, surging by 29% against the previous year. Overall, the import price enjoyed a resilient increase. The most prominent rate of growth was recorded in 2021 when the average import price increased by 227% against the previous year. Over the period under review, average import prices reached the maximum in 2022 and is likely to continue growth in years to come.

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 Malaysia ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+12.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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