Report Update Nov 1, 2024

Nigeria - Potassium Sulphate (SOP) - Market Analysis, Forecast, Size, Trends and Insights

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Nigeria: Potassium Sulphate (Sop) Market 2024

Potassium Sulphate (Sop) Market Size in Nigeria

The Nigerien potassium sulphate (SOP) market skyrocketed to $X in 2022, picking up by 34% against the previous year. Over the period under review, consumption recorded prominent growth. Over the period under review, the market reached the peak level at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Potassium Sulphate (Sop) Production in Nigeria

In value terms, potassium sulphate (SOP) production declined notably to $X in 2022 estimated in export price. Overall, production faced a precipitous decrease. Potassium sulphate (SOP) production peaked at $X in 2021, and then shrank significantly in the following year.

Potassium Sulphate (Sop) Exports

Exports from Nigeria

In 2022, approx. X tons of potassium sulphate (SOP) were exported from Nigeria; declining by -50% on the year before. Over the period under review, exports faced a precipitous descent. The exports peaked at X tons in 2021, and then shrank rapidly in the following year.

In value terms, potassium sulphate (SOP) exports dropped rapidly to $X in 2022. In general, exports faced a precipitous decrease. The exports peaked at $X in 2021, and then fell significantly in the following year.

Exports by Country

Ireland (X tons) was the main destination for potassium sulphate (SOP) exports from Nigeria, accounting for a approx. 50% share of total exports.

From 2021 to 2022, the average annual rate of growth in terms of volume to Ireland was relatively modest.

In value terms, Ireland ($X) emerged as the key foreign market for potassium sulphate (SOP) exports from Nigeria.

From 2021 to 2022, the average annual growth rate of value to Ireland was relatively modest.

Export Prices by Country

The average potassium sulphate (SOP) export price stood at $X per ton in 2022, leveling off at the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The export price peaked at $X per ton in 2021, and then fell modestly in the following year.

As there is only one major export destination, the average price level is determined by prices for Ireland.

From 2021 to 2022, the rate of growth in terms of prices for Niger amounted to 0.0% per year.

Potassium Sulphate (Sop) Imports

Imports into Nigeria

In 2022, imports of potassium sulphate (SOP) into Nigeria skyrocketed to X tons, rising by 134% against the previous year. Overall, imports showed a strong expansion. The most prominent rate of growth was recorded in 2014 when imports increased by 1,011% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, potassium sulphate (SOP) imports surged to $X in 2022. In general, imports continue to indicate a mild expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 934% against the previous year. Imports peaked at $X in 2015; however, from 2016 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the Netherlands (X tons) constituted the largest supplier of potassium sulphate (SOP) to Nigeria, accounting for a 63% share of total imports. Moreover, potassium sulphate (SOP) imports from the Netherlands exceeded the figures recorded by the second-largest supplier, the UK (X tons), twofold.

From 2012 to 2022, the average annual growth rate of volume from the Netherlands totaled +62.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+34.0% per year) and China (-11.0% per year).

In value terms, the UK ($X) constituted the largest supplier of potassium sulphate (SOP) to Nigeria, comprising 56% of total imports. The second position in the ranking was held by China ($X), with a 23% share of total imports.

From 2012 to 2022, the average annual growth rate of value from the UK totaled +23.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-11.1% per year) and the Netherlands (+33.0% per year).

Import Prices by Country

In 2022, the average potassium sulphate (SOP) import price amounted to $X per ton, falling by -37.6% against the previous year. Overall, the import price recorded a drastic downturn. The most prominent rate of growth was recorded in 2013 an increase of 15%. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the average import prices remained at a somewhat 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 China ($X per ton), while the price for the Netherlands ($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 (-0.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for potassium sulphate (sop) in the world?

The countries with the highest volumes of potassium sulphate sop) consumption in 2021 were the United States, Finland and Chile, with a combined 33% share of global consumption. Taiwan Chinese), South Africa, Pakistan, Norway, France, Peru, Iran, Mexico, the Netherlands and Japan lagged somewhat behind, together comprising a further 35%.

What are the largest producers of potassium sulphate (sop) in the world?

The countries with the highest volumes of potassium sulphate sop) production in 2021 were the United States, Germany and Finland, together accounting for 49% of global production.

What are the leading suppliers of potassium sulphate (sop) to Nigeria?

In value terms, Egypt constituted the largest supplier of potassium sulphate sop) to Nigeria, comprising 93% of total imports. The second position in the ranking was occupied by India, with a 7.3% share of total imports.

What is the average import price for potassium sulphate (sop) in Nigeria?

The average potassium sulphate sop) import price stood at $477 per ton in 2021, remaining constant against the previous year.

This report provides an in-depth analysis of the potassium sulphate (sop) market in Nigeria. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

FCL 4017 -

Country coverage:

Nigeria

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Nigeria
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023