Nigeria: Worked Wax Articles Market 2024

Worked Wax Articles Market Size in Nigeria

The Nigerien worked wax articles market expanded significantly to $X in 2022, surging by 13% 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). The market value increased at an average annual rate of +2.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Worked Wax Articles Exports

Exports from Nigeria

In 2022, worked wax articles exports from Nigeria fell significantly to X units, waning by -69.8% against the year before. In general, exports, however, enjoyed a strong expansion. The growth pace was the most rapid in 2021 when exports increased by 338% against the previous year. As a result, the exports attained the peak of X units, and then reduced dramatically in the following year.

In value terms, worked wax articles exports dropped modestly to $X in 2022. Over the period under review, exports, however, enjoyed measured growth. The most prominent rate of growth was recorded in 2017 when exports increased by 216% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X units), Brazil (X units) and Niger (X units) were the main destinations of worked wax articles exports from Nigeria, with a combined 51% share of total exports. Benin, France, South Africa, Ireland, Canada and Cote d'Ivoire lagged somewhat behind, together comprising a further 36%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by South Africa (with a CAGR of +34.9%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) emerged as the key foreign market for worked articles of wax exports from Nigeria, comprising 37% of total exports. The second position in the ranking was held by Brazil ($X), with an 18% share of total exports. It was followed by Cote d'Ivoire, with a 15% share.

From 2012 to 2022, the average annual growth rate of value to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (+10.6% per year) and Cote d'Ivoire (-3.1% per year).

Export Prices by Country

The average worked wax articles export price stood at $X per thousand units in 2022, surging by 224% against the previous year. Over the period under review, the export price, however, continues to indicate a noticeable shrinkage. The export price peaked at $X per thousand units in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per thousand units), while the average price for exports to France ($X per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Cote d'Ivoire (+31.8%), while the prices for the other major destinations experienced more modest paces of growth.

Worked Wax Articles Imports

Imports into Nigeria

In 2022, worked wax articles imports into Nigeria reached X units, surging by 14% compared with the previous year. In general, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when imports increased by 41%. Imports peaked at X units in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, worked wax articles imports reached $X in 2022. Overall, total imports indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -16.7% against 2020 indices. The pace of growth appeared the most rapid in 2020 with an increase of 95% against the previous year. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

India (X units), China (X units) and South Africa (X units) were the main suppliers of worked wax articles imports to Nigeria, with a combined 95% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by South Africa (with a CAGR of +75.2%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest worked wax articles suppliers to Nigeria were India ($X), China ($X) and South Africa ($X), with a combined 95% share of total imports.

Among the main suppliers, South Africa, with a CAGR of +37.4%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average worked wax articles import price amounted to $X per thousand units, with a decrease of -3.2% against the previous year. Overall, the import price, however, showed a pronounced increase. The most prominent rate of growth was recorded in 2014 when the average import price increased by 48% against the previous year. The import price peaked at $X per thousand units 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 India ($X per thousand units), while the price for South Africa ($X per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+10.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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