Nigeria: Glutamic Acid Market 2024

Glutamic Acid Market Size in Nigeria

The Nigerien glutamic acid market skyrocketed to $X in 2022, with an increase of 54% 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). Overall, consumption saw a prominent expansion. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Glutamic Acid Exports

Exports from Nigeria

In 2022, exports of glutamic acid and its salts from Nigeria skyrocketed to X tons, with an increase of 17% on the previous year. In general, exports, however, saw a precipitous contraction. The most prominent rate of growth was recorded in 2018 when exports increased by 656%. Over the period under review, the exports attained the peak figure at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, glutamic acid exports soared to $X in 2022. Overall, exports, however, recorded a sharp reduction. The pace of growth was the most pronounced in 2018 when exports increased by 396%. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Gambia (X tons), Lebanon (X tons) and Sierra Leone (X tons) were the main destinations of glutamic acid exports from Nigeria, with a combined 82% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Lebanon (with a CAGR of -3.9%), while shipments for the other leaders experienced a decline.

In value terms, Gambia ($X) remains the key foreign market for glutamic acid and its salts exports from Nigeria, comprising 55% of total exports. The second position in the ranking was held by Sierra Leone ($X), with an 18% share of total exports. It was followed by Burkina Faso, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Gambia amounted to -27.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sierra Leone (-22.7% per year) and Burkina Faso (-20.8% per year).

Export Prices by Country

In 2022, the average glutamic acid export price amounted to $X per ton, with an increase of 10% against the previous year. Overall, the export price, however, recorded a noticeable slump. The pace of growth was the most pronounced in 2013 when the average export price increased by 61% against the previous year. The export price peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Gambia ($X per ton), while the average price for exports to Ghana ($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 Gambia (-2.0%), while the prices for the other major destinations experienced a decline.

Glutamic Acid Imports

Imports into Nigeria

In 2022, imports of glutamic acid and its salts into Nigeria skyrocketed to X tons, picking up by 37% on the previous year. Overall, imports enjoyed a remarkable increase. The pace of growth was the most pronounced in 2020 with an increase of 90%. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, glutamic acid imports soared to $X in 2022. In general, imports saw a buoyant increase. The most prominent rate of growth was recorded in 2020 when imports increased by 110% against the previous year. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest glutamic acid supplier to Nigeria, with a 58% share of total imports. Moreover, glutamic acid imports from China exceeded the figures recorded by the second-largest supplier, Brazil (X tons), threefold. Australia (X tons) ranked third in terms of total imports with a 9.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +16.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (-0.4% per year) and Australia (+21.0% per year).

In value terms, China ($X) constituted the largest supplier of glutamic acid and its salts to Nigeria, comprising 54% of total imports. The second position in the ranking was held by Brazil ($X), with a 19% share of total imports. It was followed by Australia, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +15.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (-0.8% per year) and Australia (+21.5% per year).

Import Prices by Country

The average glutamic acid import price stood at $X per ton in 2022, rising by 21% against the previous year. In general, the import price, however, saw a slight setback. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Vietnam ($X per ton) and Taiwan (Chinese) ($X per ton), while the price for Belgium ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+0.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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