Nigeria: Vitamin Market 2024

Vitamin Market Size in Nigeria

The Nigerien vitamin market shrank notably to $X in 2021, with a decrease of -29.3% 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, however, posted a prominent expansion. As a result, consumption attained the peak level of $X, and then reduced sharply in the following year.

Vitamin Exports

Exports from Nigeria

In 2021, overseas shipments of provitamins and vitamins decreased by -34.8% to X kg, falling for the third year in a row after three years of growth. Over the period under review, exports saw a abrupt decline. The pace of growth was the most pronounced in 2017 when exports increased by 94% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, vitamin exports declined sharply to $X in 2021. Overall, exports saw a abrupt downturn. The pace of growth was the most pronounced in 2017 when exports increased by 250%. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

Ghana (X kg), South Africa (X kg) and Benin (X kg) were the main destinations of vitamin exports from Nigeria, together accounting for 84% of total exports. Canada, Cote d'Ivoire, France and Ireland lagged somewhat behind, together accounting for a further 14%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by France (with a CAGR of +16.7%), while the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X), South Africa ($X) and Cote d'Ivoire ($X) constituted the largest markets for vitamin exported from Nigeria worldwide, together accounting for 91% of total exports. These countries were followed by Canada, France, Benin, Ireland and the Netherlands, which together accounted for a further 6.3%.

Among the main countries of destination, Canada, with a CAGR of +31.6%, 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 2021, the average vitamin export price amounted to $X per ton, dropping by -36.8% against the previous year. Overall, the export price, however, enjoyed a remarkable increase. The pace of growth appeared the most rapid in 2017 an increase of 81% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2020, and then reduced rapidly in the following year.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while the average price for exports to Ireland ($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 Benin (+67.3%), while the prices for the other major destinations experienced more modest paces of growth.

Vitamin Imports

Imports into Nigeria

In 2021, the amount of provitamins and vitamins imported into Nigeria declined remarkably to X tons, waning by -23.7% on 2020. In general, imports, however, enjoyed resilient growth. The growth pace was the most rapid in 2020 with an increase of 89% against the previous year. As a result, imports reached the peak of X tons, and then reduced dramatically in the following year.

In value terms, vitamin imports dropped notably to $X in 2021. Overall, imports, however, saw a buoyant increase. The pace of growth was the most pronounced in 2020 with an increase of 121% against the previous year. As a result, imports reached the peak of $X, and then declined markedly in the following year.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of vitamin to Nigeria, with a 33% share of total imports. Moreover, vitamin imports from China exceeded the figures recorded by the second-largest supplier, Germany (X tons), twofold. India (X tons) ranked third in terms of total imports with a 16% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +10.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+22.5% per year) and India (+17.1% per year).

In value terms, the largest vitamin suppliers to Nigeria were China ($X), Germany ($X) and Denmark ($X), together comprising 56% of total imports.

Among the main suppliers, Denmark, with a CAGR of +19.1%, recorded 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 vitamin import price amounted to $X per ton, reducing by -10.6% against the previous year. Overall, the import price saw a slight contraction. The pace of growth was the most pronounced in 2014 when the average import price increased by 42% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2016; however, from 2017 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Denmark ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (+3.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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