Nigeria: Plastic Closure Market 2024

Plastic Closure Market Size in Nigeria

The Nigerien plastic closure market reduced to $X in 2022, waning by -10.3% 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 pronounced curtailment. Plastic closure consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Plastic Closure Exports

Exports from Nigeria

In 2022, shipments abroad of plastic stoppers, caps and closures was finally on the rise to reach X tons for the first time since 2018, thus ending a three-year declining trend. In general, exports, however, saw a abrupt contraction. The pace of growth was the most pronounced in 2018 with an increase of 506%. As a result, the exports attained the peak of X tons. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, plastic closure exports skyrocketed to $X in 2022. Over the period under review, exports, however, continue to indicate a abrupt curtailment. The growth pace was the most rapid in 2018 when exports increased by 389%. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Ghana (X tons) was the main destination for plastic closure exports from Nigeria, accounting for a 65% share of total exports. Moreover, plastic closure exports to Ghana exceeded the volume sent to the second major destination, Niger (X kg), fourfold. The third position in this ranking was taken by Cameroon (X kg), with a 12% share.

From 2012 to 2022, the average annual growth rate of volume to Ghana amounted to +9.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Niger (+8.3% per year) and Cameroon (-4.5% per year).

In value terms, the largest markets for plastic closure exported from Nigeria were Ghana ($X), Cameroon ($X) and Niger ($X), together comprising 82% of total exports. Luxembourg and South Africa lagged somewhat behind, together comprising a further 4.7%.

In terms of the main countries of destination, Luxembourg, with a CAGR of +16.3%, saw the highest growth rate of 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

In 2022, the average plastic closure export price amounted to $X per ton, which is down by -16.7% against the previous year. Over the period under review, the export price continues to indicate a mild setback. The pace of growth was the most pronounced in 2013 when the average export price increased by 25%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Africa ($X per ton), while the average price for exports to Niger ($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 South Africa (+25.7%), while the prices for the other major destinations experienced mixed trend patterns.

Plastic Closure Imports

Imports into Nigeria

In 2022, the amount of plastic stoppers, caps and closures imported into Nigeria shrank significantly to X tons, declining by -16.9% on the previous year. In general, imports recorded a abrupt downturn. The growth pace was the most rapid in 2020 with an increase of 37%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, plastic closure imports declined modestly to $X in 2022. Over the period under review, imports continue to indicate a pronounced reduction. The growth pace was the most rapid in 2020 when imports increased by 54% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

China (X tons), Antigua and Barbuda (X tons) and Botswana (X tons) were the main suppliers of plastic closure imports to Nigeria, together accounting for 65% of total imports. India, Bahrain, France, Turkey, Egypt, Spain, Malaysia, Germany and South Africa lagged somewhat behind, together accounting for a further 26%.

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of +34.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Bahrain ($X) and Antigua and Barbuda ($X) appeared to be the largest plastic closure suppliers to Nigeria, together accounting for 49% of total imports.

Bahrain, with a CAGR of +40.7%, saw the highest rates of growth with regard to 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 plastic closure import price amounted to $X per ton, picking up by 14% against the previous year. In general, import price indicated a pronounced expansion from 2012 to 2022: its price increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, plastic closure import price increased by +38.8% against 2018 indices. The pace of growth was the most pronounced in 2014 when the average import price increased by 59%. The import price peaked at $X per ton in 2016; however, from 2017 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Egypt ($X per ton), while the price for Botswana ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+8.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :