Nigeria: Market for Industrial Monocarboxylic Fatty Acids 2025

Market Size for Industrial Monocarboxylic Fatty Acids in Nigeria

The Nigerien industrial monocarboxylic fatty acids market shrank dramatically to $X in 2021, which is down by -26.8% 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, however, showed measured growth. As a result, consumption reached the peak level of $X, and then dropped significantly in the following year.

Exports of Industrial Monocarboxylic Fatty Acids

Exports from Nigeria

After two years of growth, overseas shipments of industrial monocarboxylic fatty acids decreased by -24.1% to X tons in 2021. Over the period under review, exports, however, enjoyed a significant increase. The growth pace was the most rapid in 2020 with an increase of 394% against the previous year. As a result, the exports reached the peak of X tons, and then shrank significantly in the following year.

In value terms, industrial monocarboxylic fatty acids exports surged to $X in 2021. Overall, exports, however, continue to indicate significant growth. The pace of growth appeared the most rapid in 2020 with an increase of 380% against the previous year. The exports peaked in 2021 and are expected to retain growth in the near future.

Exports by Country

China (X tons) was the main destination for industrial monocarboxylic fatty acids exports from Nigeria, accounting for a 64% share of total exports. Moreover, industrial monocarboxylic fatty acids exports to China exceeded the volume sent to the second major destination, India (X tons), threefold. Democratic Republic of the Congo (X tons) ranked third in terms of total exports with an 11% share.

From 2012 to 2021, the average annual growth rate of volume to China was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+7.0% per year) and Democratic Republic of the Congo (+20.1% per year).

In value terms, China ($X) emerged as the key foreign market for industrial monocarboxylic fatty acids exports from Nigeria, comprising 73% of total exports. The second position in the ranking was taken by India ($X), with a 21% share of total exports. It was followed by Democratic Republic of the Congo, with a 5.8% share.

From 2012 to 2021, the average annual growth rate of value to China was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+15.7% per year) and Democratic Republic of the Congo (+23.5% per year).

Export Prices by Country

In 2021, the average industrial monocarboxylic fatty acids export price amounted to $X per ton, increasing by 76% against the previous year. In general, the export price posted a pronounced expansion. Over the period under review, the average export prices hit record highs at $X per ton in 2016; however, from 2017 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Ghana ($X per ton), while the average price for exports to Democratic Republic of the Congo ($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 Niger (+136.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Industrial Monocarboxylic Fatty Acids

Imports into Nigeria

In 2021, imports of industrial monocarboxylic fatty acids into Nigeria shrank significantly to X tons, declining by -16.2% compared with the year before. Over the period under review, imports, however, recorded a pronounced increase. The growth pace was the most rapid in 2020 when imports increased by 225%. As a result, imports attained the peak of X tons, and then shrank dramatically in the following year.

In value terms, industrial monocarboxylic fatty acids imports declined rapidly to $X in 2021. Overall, imports, however, recorded tangible growth. The growth pace was the most rapid in 2020 when imports increased by 338%. As a result, imports reached the peak of $X, and then fell markedly in the following year.

Imports by Country

Australia (X tons), Cote d'Ivoire (X tons) and Sierra Leone (X tons) were the main suppliers of industrial monocarboxylic fatty acids imports to Nigeria, with a combined 76% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of +32.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest industrial monocarboxylic fatty acids suppliers to Nigeria were Australia ($X), Sierra Leone ($X) and Cote d'Ivoire ($X), with a combined 68% share of total imports.

Australia, with a CAGR of +17.9%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average industrial monocarboxylic fatty acids import price stood at $X per ton in 2021, reducing by -16.1% against the previous year. In general, the import price saw a slight curtailment. The most prominent rate of growth was recorded in 2020 an increase of 35% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Spain ($X per ton), while the price for Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+11.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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