Nigeria: Commercial Refrigeration Equipment Market 2024

Commercial Refrigeration Equipment Market Size in Nigeria

In 2021, after three years of growth, there was significant decline in the Nigerien commercial refrigeration equipment market, when its value decreased by -44% to $X. Over the period under review, consumption showed a mild downturn. Over the period under review, the market attained the peak level at $X in 2020, and then dropped markedly in the following year.

Commercial Refrigeration Equipment Exports

Exports from Nigeria

In 2021, overseas shipments of refrigerating and freezing equipment and heat pumps (except household type equipment) increased by 108% to X units, rising for the second year in a row after two years of decline. Over the period under review, exports posted a significant expansion. The growth pace was the most rapid in 2015 when exports increased by 607%. Over the period under review, the exports reached the maximum in 2021 and are likely to see gradual growth in years to come.

In value terms, commercial refrigeration equipment exports skyrocketed to $X in 2021. Overall, exports enjoyed strong growth. The most prominent rate of growth was recorded in 2015 with an increase of 830% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Belgium (X units) was the main destination for commercial refrigeration equipment exports from Nigeria, with a 64% share of total exports. Moreover, commercial refrigeration equipment exports to Belgium exceeded the volume sent to the second major destination, Ghana (X units), fourfold. Niger (X units) ranked third in terms of total exports with a 7.2% share.

From 2012 to 2021, the average annual growth rate of volume to Belgium was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Ghana (+40.8% per year) and Niger (+11.7% per year).

In value terms, the largest markets for commercial refrigeration equipment exported from Nigeria were Belgium ($X), Canada ($X) and Ghana ($X), with a combined 74% share of total exports.

Canada, with a CAGR of +56.8%, saw the highest growth rate of the value of exports, in terms of the main countries of destination 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 commercial refrigeration equipment export price amounted to $X per unit, with a decrease of -28% against the previous year. Overall, the export price recorded a drastic downturn. The pace of growth appeared the most rapid in 2014 when the average export price increased by 92%. Over the period under review, the average export prices attained the maximum at $X per unit in 2015; however, from 2016 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Kenya ($X per unit), while the average price for exports to Benin ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Kenya (+492.6%), while the prices for the other major destinations experienced mixed trend patterns.

Commercial Refrigeration Equipment Imports

Imports into Nigeria

In 2021, after three years of growth, there was significant decline in supplies from abroad of refrigerating and freezing equipment and heat pumps (except household type equipment), when their volume decreased by -50.8% to X units. Over the period under review, imports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 when imports increased by 200%. Imports peaked at X units in 2020, and then shrank markedly in the following year.

In value terms, commercial refrigeration equipment imports contracted notably to $X in 2021. In general, imports recorded a mild reduction. The pace of growth appeared the most rapid in 2018 with an increase of 155%. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X units) constituted the largest commercial refrigeration equipment supplier to Nigeria, with a 43% share of total imports. Moreover, commercial refrigeration equipment imports from China exceeded the figures recorded by the second-largest supplier, Luxembourg (X units), fourfold. The third position in this ranking was taken by India (X units), with an 8.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled -4.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Luxembourg (+15.0% per year) and India (+19.2% per year).

In value terms, India ($X), China ($X) and Luxembourg ($X) constituted the largest commercial refrigeration equipment suppliers to Nigeria, together comprising 44% of total imports. These countries were followed by Denmark, Indonesia, Turkey, Germany, Italy and France, which together accounted for a further 30%.

Among the main suppliers, Indonesia, with a CAGR of +48.8%, saw the highest rates of growth with regard to 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 commercial refrigeration equipment import price amounted to $X per unit, increasing by 67% against the previous year. In general, the import price, however, recorded a slight setback. The import price peaked at $X per unit in 2015; however, from 2016 to 2021, 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 Denmark ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Denmark (+15.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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