Nigeria: Market for Medicaments Of Penicillins, Streptomycins Or Derivatives Thereof 2024

Market Size for Medicaments Of Penicillins, Streptomycins Or Derivatives Thereof in Nigeria

The Nigerien penicillins or streptomycins medicaments market skyrocketed to $X in 2022, with an increase of 35% 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). In general, consumption continues to indicate a prominent increase. Penicillins or streptomycins medicaments consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Exports of Medicaments Of Penicillins, Streptomycins Or Derivatives Thereof

Exports from Nigeria

In 2022, after two years of decline, there was significant growth in overseas shipments of medicaments of penicillins, streptomycins or derivatives thereof, when their volume increased by 5.6% to X kg. Overall, exports, however, faced a significant decrease. The pace of growth appeared the most rapid in 2019 with an increase of 280%. Over the period under review, the exports reached the maximum at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, penicillins or streptomycins medicaments exports expanded notably to $X in 2022. Over the period under review, exports, however, saw a precipitous slump. The pace of growth appeared the most rapid in 2019 with an increase of 198%. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Sierra Leone (X kg), Niger (X kg) and Cote d'Ivoire (X kg) were the main destinations of penicillins or streptomycins medicaments exports from Nigeria, with a combined 66% share of total exports. Ghana, South Africa, the UK and Benin 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 South Africa (with a CAGR of +14.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for penicillins or streptomycins medicaments exported from Nigeria were the UK ($X), Niger ($X) and Cote d'Ivoire ($X), with a combined 89% share of total exports.

Among the main countries of destination, Niger, with a CAGR of +7.4%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2022, the average penicillins or streptomycins medicaments export price amounted to $X per ton, rising by 4.6% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 an increase of 114%. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to Benin ($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 Niger (+6.3%), while the prices for the other major destinations experienced a decline.

Imports of Medicaments Of Penicillins, Streptomycins Or Derivatives Thereof

Imports into Nigeria

In 2022, penicillins or streptomycins medicaments imports into Nigeria skyrocketed to X tons, with an increase of 42% compared with the previous year. Over the period under review, imports posted a strong increase. The pace of growth was the most pronounced in 2018 with an increase of 112%. Over the period under review, imports reached the maximum at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, penicillins or streptomycins medicaments imports skyrocketed to $X in 2022. Overall, imports continue to indicate a strong expansion. The pace of growth appeared the most rapid in 2020 with an increase of 68% 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 supplier of penicillins or streptomycins medicaments to Nigeria, accounting for a 74% share of total imports. Moreover, penicillins or streptomycins medicaments imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), fourfold. Indonesia (X tons) ranked third in terms of total imports with a 1.7% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at +22.7%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+10.0% per year) and Indonesia (+44.1% per year).

In value terms, the largest penicillins or streptomycins medicaments suppliers to Nigeria were India ($X), China ($X) and the UK ($X), together accounting for 92% of total imports. Slovenia and Indonesia lagged somewhat behind, together comprising a further 2.7%.

In terms of the main suppliers, Indonesia, with a CAGR of +34.5%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average penicillins or streptomycins medicaments import price stood at $X per ton in 2022, reducing by -18.9% against the previous year. Over the period under review, the import price saw a noticeable contraction. The pace of growth appeared the most rapid in 2014 when the average import price increased by 51%. Over the period under review, average import prices reached the peak figure at $X per ton in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

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 the UK ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+7.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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