Nigeria: Market for Leather of Bovine and Equine Animals 2024

Market Size for Leather of Bovine and Equine Animals in Nigeria

After three years of growth, the Nigerien bovine and equine leather market decreased by -5.4% to $X in 2021. In general, the total consumption indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +7.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +38.4% against 2017 indices. Over the period under review, the market reached the maximum level at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Production of Leather of Bovine and Equine Animals in Nigeria

In value terms, bovine and equine leather production dropped slightly to $X in 2021 estimated in export price. In general, the total production indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +8.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +35.8% against 2017 indices. The pace of growth was the most pronounced in 2013 when the production volume increased by 105%. Bovine and equine leather production peaked at $X in 2014; however, from 2015 to 2021, production remained at a lower figure.

Exports of Leather of Bovine and Equine Animals

Exports from Nigeria

In 2021, after four years of decline, there was growth in overseas shipments of leather of bovine and equine animals, when their volume increased by 3.5% to X tons. Over the period under review, exports, however, recorded a abrupt descent. The most prominent rate of growth was recorded in 2016 with an increase of 122%. As a result, the exports attained the peak of X tons. From 2017 to 2021, the growth of the exports remained at a lower figure.

In value terms, bovine and equine leather exports skyrocketed to $X in 2021. In general, exports, however, saw a abrupt shrinkage. The pace of growth was the most pronounced in 2014 when exports increased by 141%. Over the period under review, the exports reached the peak figure at $X in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

Exports by Country

India (X tons), China (X tons) and Italy (X tons) were the main destinations of bovine and equine leather exports from Nigeria, with a combined 73% share of total exports.

From 2012 to 2021, the biggest increases were recorded for India (with a CAGR of +4.8%), while shipments for the other leaders experienced a decline.

In value terms, India ($X), Italy ($X) and Hong Kong SAR ($X) appeared to be the largest markets for bovine and equine leather exported from Nigeria worldwide, together accounting for 80% of total exports.

In terms of the main countries of destination, Italy, with a CAGR of +1.3%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average bovine and equine leather export price stood at $X per ton in 2021, with an increase of 40% against the previous year. Over the period under review, the export price recorded a buoyant expansion. The most prominent rate of growth was recorded in 2014 an increase of 118% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Turkey ($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 Turkey (+14.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Leather of Bovine and Equine Animals

Imports into Nigeria

Bovine and equine leather imports into Nigeria soared to X tons in 2021, with an increase of 76% on 2020 figures. Over the period under review, imports, however, saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2019 with an increase of 1,320%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, bovine and equine leather imports soared to $X in 2021. In general, imports, however, continue to indicate a deep contraction. The pace of growth appeared the most rapid in 2019 with an increase of 518%. Imports peaked at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Saudi Arabia (X tons) constituted the largest bovine and equine leather supplier to Nigeria, with a 31% share of total imports. Moreover, bovine and equine leather imports from Saudi Arabia exceeded the figures recorded by the second-largest supplier, Lebanon (X tons), threefold. The third position in this ranking was held by Italy (X tons), with an 8.9% share.

From 2012 to 2021, the average annual growth rate of volume from Saudi Arabia totaled +1,111.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Lebanon (+26.0% per year) and Italy (-24.3% per year).

In value terms, Italy ($X) constituted the largest supplier of leather of bovine and equine animals to Nigeria, comprising 20% of total imports. The second position in the ranking was held by China ($X), with an 8.8% share of total imports. It was followed by Lebanon, with an 8.4% share.

From 2012 to 2021, the average annual growth rate of value from Italy stood at -15.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-7.4% per year) and Lebanon (+11.2% per year).

Import Prices by Country

The average bovine and equine leather import price stood at $X per ton in 2021, declining by -5.3% against the previous year. Overall, the import price, however, continues to indicate pronounced growth. The pace of growth was the most pronounced in 2016 an increase of 106% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 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, amid the top importers, the country with the highest price was China ($X per ton), while the price for Saudi Arabia ($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 (+40.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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