Nigeria: Odoriferous Substance Mixture Market 2024

Odoriferous Substance Mixture Market Size in Nigeria

The Nigerien odoriferous substance mixture market dropped to $X in 2022, shrinking by -6.8% 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). In general, consumption recorded a mild downturn. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Odoriferous Substance Mixture Exports

Exports from Nigeria

For the third consecutive year, Nigeria recorded growth in shipments abroad of mixtures of odoriferous substances and their preparations, which increased by 33% to X tons in 2022. Overall, exports enjoyed resilient growth. The growth pace was the most rapid in 2018 with an increase of 1,528% against the previous year. The exports peaked in 2022 and are likely to see steady growth in years to come.

In value terms, odoriferous substance mixture exports contracted significantly to $X in 2022. In general, exports posted a remarkable increase. The growth pace was the most rapid in 2018 with an increase of 992% against the previous year. The exports peaked at $X in 2021, and then shrank sharply in the following year.

Exports by Country

Ghana (X tons) was the main destination for odoriferous substance mixture exports from Nigeria, accounting for a 59% share of total exports. Moreover, odoriferous substance mixture exports to Ghana exceeded the volume sent to the second major destination, Benin (X tons), sevenfold. The United States (X tons) ranked third in terms of total exports with a 4.9% share.

From 2012 to 2022, the average annual growth rate of volume to Ghana stood at +5.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (+42.6% per year) and the United States (-11.6% per year).

In value terms, Ghana ($X) emerged as the key foreign market for mixtures of odoriferous substances and their preparations exports from Nigeria, comprising 42% of total exports. The second position in the ranking was held by Sierra Leone ($X), with a 9.9% share of total exports. It was followed by Cote d'Ivoire, with a 7.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Ghana stood at +10.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sierra Leone (+2.6% per year) and Cote d'Ivoire (+21.7% per year).

Export Prices by Country

The average odoriferous substance mixture export price stood at $X per ton in 2022, declining by -57.5% against the previous year. Over the period under review, the export price, however, showed a slight increase. The pace of growth appeared the most rapid in 2016 an increase of 121% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2017; however, from 2018 to 2022, 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 Cote d'Ivoire ($X per ton), while the average price for exports to Benin ($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 the United States (+5.2%), while the prices for the other major destinations experienced more modest paces of growth.

Odoriferous Substance Mixture Imports

Imports into Nigeria

In 2022, overseas purchases of mixtures of odoriferous substances and their preparations decreased by -6% to X tons, falling for the second year in a row after three years of growth. Over the period under review, imports recorded a mild slump. The pace of growth appeared the most rapid in 2020 when imports increased by 53%. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, odoriferous substance mixture imports dropped to $X in 2022. In general, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 85% against the previous year. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Ireland (X tons) constituted the largest supplier of odoriferous substance mixture to Nigeria, with a 23% share of total imports. Moreover, odoriferous substance mixture imports from Ireland exceeded the figures recorded by the second-largest supplier, India (X tons), threefold. Barbados (X tons) ranked third in terms of total imports with a 7.2% share.

From 2012 to 2022, the average annual growth rate of volume from Ireland amounted to -4.6%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+6.9% per year) and Barbados (+11.0% per year).

In value terms, the largest odoriferous substance mixture suppliers to Nigeria were Swaziland ($X), Ireland ($X) and Indonesia ($X), together accounting for 41% of total imports. The UK, India, Barbados, France, China, Germany, the Netherlands, Spain, Antigua and Barbuda and South Africa lagged somewhat behind, together accounting for a further 50%.

Spain, with a CAGR of +22.5%, 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

In 2022, the average odoriferous substance mixture import price amounted to $X per ton, flattening at the previous year. Over the last decade, it increased at an average annual rate of +1.4%. The most prominent rate of growth was recorded in 2013 an increase of 27% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2016; however, from 2017 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 Swaziland ($X per ton), while the price for South Africa ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+20.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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