Nigeria: Piano Market 2024

Piano Market Size in Nigeria

In 2021, after three years of growth, there was significant decline in the Nigerien piano market, when its value decreased by -8.9% to $X. In general, consumption, however, posted a mild expansion. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Piano Exports

Exports from Nigeria

In 2021, overseas shipments of pianos and other keyboard stringed musical instruments decreased by -35.4% to X tons, falling for the fourth year in a row after two years of growth. In general, exports, however, posted significant growth. The pace of growth appeared the most rapid in 2014 with an increase of 767%. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, piano exports shrank sharply to $X in 2021. Over the period under review, exports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2017 with an increase of 767%. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Angola (X tons) was the main destination for piano exports from Nigeria, accounting for a 55% share of total exports. Moreover, piano exports to Angola exceeded the volume sent to the second major destination, the UK (X kg), threefold. The third position in this ranking was taken by Benin (X kg), with a 15% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Angola amounted to +121.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+16.4% per year) and Benin (+7.1% per year).

In value terms, Angola ($X) emerged as the key foreign market for pianos and other keyboard stringed musical instruments exports from Nigeria, comprising 62% of total exports. The second position in the ranking was taken by Benin ($X), with a 15% share of total exports. It was followed by the UK, with a 15% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Angola totaled +80.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (+2.0% per year) and the UK (-22.6% per year).

Export Prices by Country

The average piano export price stood at $X per ton in 2021, falling by -14.2% against the previous year. Overall, the export price recorded a abrupt decrease. The most prominent rate of growth was recorded in 2015 an increase of 306% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2016 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Angola ($X per ton), while the average price for exports to Tanzania ($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 Democratic Republic of the Congo (+66.1%), while the prices for the other major destinations experienced more modest paces of growth.

Piano Imports

Imports into Nigeria

In 2021, after three years of growth, there was significant decline in supplies from abroad of pianos and other keyboard stringed musical instruments, when their volume decreased by -11.7% to X tons. In general, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 38%. As a result, imports attained the peak of X tons. From 2016 to 2021, the growth of imports failed to regain momentum.

In value terms, piano imports fell to $X in 2021. Overall, imports, however, saw a strong expansion. The most prominent rate of growth was recorded in 2019 with an increase of 157%. Over the period under review, imports hit record highs at $X in 2016; however, from 2017 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the United Arab Emirates (X tons) constituted the largest piano supplier to Nigeria, accounting for a 47% share of total imports. Moreover, piano imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, the UK (X tons), fourfold. The third position in this ranking was held by China (X tons), with a 9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United Arab Emirates totaled +28.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+28.2% per year) and China (-16.0% per year).

In value terms, the largest piano suppliers to Nigeria were the UK ($X), the United Arab Emirates ($X) and Indonesia ($X), together accounting for 71% of total imports.

In terms of the main suppliers, the UK, with a CAGR of +39.4%, saw the highest growth rate of 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

In 2021, the average piano import price amounted to $X per ton, remaining stable against the previous year. Over the period under review, the import price enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2016 when the average import price increased by 120% against the previous year. As a result, import price attained the peak level of $X per ton. From 2017 to 2021, the average import prices remained at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was the UK ($X per ton), while the price for South Korea ($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 UK (+8.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :