Nigeria: Hairpin Market 2024

Hairpin Market Size in Nigeria

In 2021, the Nigerien hairpin market decreased by -58.8% to $X for the first time since 2017, thus ending a three-year rising trend. Over the period under review, consumption continues to indicate a deep setback. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market remained at a somewhat lower figure.

Hairpin Production in Nigeria

In value terms, hairpin production reached $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.5% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 with an increase of 47%. As a result, production reached the peak level of $X. From 2019 to 2021, production growth remained at a lower figure.

Hairpin Exports

Exports from Nigeria

In 2021, overseas shipments of hairpins, curling pins, curling grips and hair-curlers decreased by -1.8% to X tons, falling for the third year in a row after three years of growth. Overall, exports, however, showed a significant increase. The pace of growth was the most pronounced in 2014 with an increase of 167%. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, hairpin exports amounted to $X in 2021. In general, exports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2014 when exports increased by 202% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The UK (X tons) was the main destination for hairpin exports from Nigeria, with a 68% share of total exports. Moreover, hairpin exports to the UK exceeded the volume sent to the second major destination, Benin (X tons), fourfold. Austria (X kg) ranked third in terms of total exports with a 3.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the UK amounted to +1.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (+104.3% per year) and Austria (+296.9% per year).

In value terms, the UK ($X), Austria ($X) and Canada ($X) appeared to be the largest markets for hairpin exported from Nigeria worldwide, with a combined 60% share of total exports.

Austria, with a CAGR of +282.2%, recorded the highest growth rate of 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 hairpin export price stood at $X per ton in 2021, surging by 12% against the previous year. In general, export price indicated a modest increase from 2012 to 2021: its price increased at an average annual rate of +1.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, hairpin export price decreased by -30.5% against 2019 indices. The most prominent rate of growth was recorded in 2019 an increase of 88% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2020 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was France ($X per ton), while the average price for exports to the UK ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Sweden (+38.2%), while the prices for the other major destinations experienced mixed trend patterns.

Hairpin Imports

Imports into Nigeria

In 2021, after three years of growth, there was significant decline in purchases abroad of hairpins, curling pins, curling grips and hair-curlers, when their volume decreased by -65.1% to X tons. Overall, imports continue to indicate a abrupt setback. The pace of growth appeared the most rapid in 2013 when imports increased by 227% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, hairpin imports contracted markedly to $X in 2021. Over the period under review, imports continue to indicate a abrupt slump. The growth pace was the most rapid in 2014 when imports increased by 93% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) was the main hairpin supplier to Nigeria, accounting for a 91% share of total imports. Moreover, hairpin imports from China exceeded the figures recorded by the second-largest supplier, Spain (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at -8.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (0.0% per year) and South Africa (-13.0% per year).

In value terms, China ($X) constituted the largest supplier of hairpin to Nigeria, comprising 83% of total imports. The second position in the ranking was held by Spain ($X), with a 15% share of total imports. It was followed by South Africa, with a 0.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled -7.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (0.0% per year) and South Africa (-20.3% per year).

Import Prices by Country

In 2021, the average hairpin import price amounted to $X per ton, with an increase of 21% against the previous year. In general, the import price, however, recorded a pronounced descent. The most prominent rate of growth was recorded in 2014 when the average import price increased by 175% against the previous year. The import price peaked at $X per ton in 2015; however, from 2016 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the United Arab Emirates ($X per ton), while the price for South Africa ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+21.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform