Nigeria: Organic Pigments Market 2024

Organic Pigments Market Size in Nigeria

In 2021, the Nigerien organic pigments market decreased by -5.6% to $X for the first time since 2017, thus ending a three-year rising trend. Overall, consumption, however, saw a perceptible increase. Over the period under review, the market attained the peak level at $X in 2020, and then shrank in the following year.

Organic Pigments Exports

Exports from Nigeria

In 2021, shipments abroad of synthetic organic coloring matter and pigments increased by 535% to X tons for the first time since 2018, thus ending a two-year declining trend. Overall, exports, however, recorded a pronounced decrease. The growth pace was the most rapid in 2013 when exports increased by 4,077% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, organic pigments exports surged to $X in 2021. In general, exports, however, faced a deep downturn. The growth pace was the most rapid in 2015 with an increase of 4,347%. As a result, the exports attained the peak of $X. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Benin (X tons) was the main destination for organic pigments exports from Nigeria, with a 46% share of total exports. Moreover, organic pigments exports to Benin exceeded the volume sent to the second major destination, Israel (X tons), sevenfold.

From 2012 to 2021, the average annual growth rate of volume to Benin amounted to +38.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Israel (0.0% per year) and Burkina Faso (+31.3% per year).

In value terms, Israel ($X) emerged as the key foreign market for synthetic organic coloring matter and pigments exports from Nigeria, comprising 32% of total exports. The second position in the ranking was taken by Benin ($X), with a 13% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Israel was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (+22.3% per year) and Burkina Faso (+47.2% per year).

Export Prices by Country

The average organic pigments export price stood at $X per ton in 2021, falling by -60.8% against the previous year. Over the period under review, the export price showed a drastic downturn. The pace of growth appeared the most rapid in 2020 when the average export price increased by 115% against the previous year. The export price peaked at $X per ton 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 export markets. In 2021, amid the top suppliers, the country with the highest price was Israel ($X per ton), while the average price for exports to Benin ($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 Burkina Faso (+12.1%), while the prices for the other major destinations experienced mixed trend patterns.

Organic Pigments Imports

Imports into Nigeria

After three years of growth, purchases abroad of synthetic organic coloring matter and pigments decreased by -3.4% to X tons in 2021. Over the period under review, imports, however, posted measured growth. The most prominent rate of growth was recorded in 2018 with an increase of 80% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2020, and then shrank modestly in the following year.

In value terms, organic pigments imports declined sharply to $X in 2021. In general, total imports indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +2.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +50.9% against 2017 indices. The most prominent rate of growth was recorded in 2020 with an increase of 54% against the previous year. As a result, imports attained the peak of $X, and then contracted sharply in the following year.

Imports by Country

India (X tons), China (X tons) and South Africa (X tons) were the main suppliers of organic pigments imports to Nigeria, with a combined 82% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by South Africa (with a CAGR of +53.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, India ($X) constituted the largest supplier of synthetic organic coloring matter and pigments to Nigeria, comprising 45% of total imports. The second position in the ranking was held by China ($X), with a 15% share of total imports. It was followed by Indonesia, with a 9.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from India amounted to +5.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-3.6% per year) and Indonesia (+14.7% per year).

Import Prices by Country

In 2021, the average organic pigments import price amounted to $X per ton, dropping by -14.7% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the average import price increased by 39% against the previous year. The import price peaked at $X per ton in 2017; however, from 2018 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+14.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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