Nigeria: Machinery For Packing Market 2024

Machinery For Packing Market Size in Nigeria

In 2022, the Nigerien machinery for packing market decreased by -37% to $X, falling for the second year in a row after five years of growth. Overall, consumption, however, continues to indicate a strong expansion. Over the period under review, the market attained the maximum level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Machinery For Packing Exports

Exports from Nigeria

Machinery for packing exports from Nigeria dropped dramatically to X units in 2022, reducing by -33.1% compared with the previous year's figure. Overall, exports, however, enjoyed buoyant growth. The pace of growth appeared the most rapid in 2016 with an increase of 1,668% against the previous year. The exports peaked at X units in 2021, and then shrank markedly in the following year.

In value terms, machinery for packing exports contracted significantly to $X in 2022. Over the period under review, exports saw a perceptible contraction. The growth pace was the most rapid in 2016 when exports increased by 1,658% against the previous year. As a result, the exports attained the peak of $X. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Ghana (X units), Turkey (X units) and Italy (X units) were the main destinations of machinery for packing exports from Nigeria, with a combined 70% share of total exports. Canada, Egypt, Benin and Niger lagged somewhat behind, together comprising a further 29%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Benin (with a CAGR of +12.8%), while the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X), Canada ($X) and Egypt ($X) appeared to be the largest markets for machinery for packing exported from Nigeria worldwide, together accounting for 82% of total exports. Italy, Ghana, Niger and Benin lagged somewhat behind, together comprising a further 17%.

In terms of the main countries of destination, Niger, with a CAGR of +2.8%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average machinery for packing export price stood at $X per unit in 2022, reducing by -16.9% against the previous year. In general, the export price continues to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2018 when the average export price increased by 30%. Over the period under review, the average export prices attained the maximum at $X per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Egypt ($X per unit), while the average price for exports to Ghana ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Niger (-4.7%), while the prices for the other major destinations experienced a decline.

Machinery For Packing Imports

Imports into Nigeria

In 2022, supplies from abroad of machinery for packing or wrapping decreased by -45% to X units, falling for the second consecutive year after five years of growth. Overall, imports, however, continue to indicate a buoyant increase. The most prominent rate of growth was recorded in 2019 when imports increased by 132% against the previous year. Imports peaked at X units in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, machinery for packing imports dropped modestly to $X in 2022. In general, imports, however, saw a temperate increase. The most prominent rate of growth was recorded in 2019 with an increase of 54% against the previous year. Over the period under review, imports hit record highs at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of machinery for packing to Nigeria, with a 50% share of total imports. Moreover, machinery for packing imports from China exceeded the figures recorded by the second-largest supplier, Italy (X units), fourfold. Germany (X units) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +19.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+16.9% per year) and Germany (+14.8% per year).

In value terms, Italy ($X) constituted the largest supplier of machinery for packing or wrapping to Nigeria, comprising 50% of total imports. The second position in the ranking was held by China ($X), with a 13% share of total imports. It was followed by Germany, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Italy amounted to +16.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+3.5% per year) and Germany (+0.4% per year).

Import Prices by Country

The average machinery for packing import price stood at $X per unit in 2022, growing by 76% against the previous year. Over the period under review, the import price, however, showed a abrupt decrease. The import price peaked at $X per unit in 2016; however, from 2017 to 2022, import prices remained at a lower figure.

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 Italy ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (-0.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :