Nigeria: Smoothing Iron Market 2024

Smoothing Iron Market Size in Nigeria

The Nigerien smoothing iron market reduced to $X in 2022, declining by X% 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). Overall, consumption continues to indicate a mild reduction. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market remained at a somewhat lower figure.

Smoothing Iron Exports

Exports from Nigeria

Smoothing iron exports from Nigeria soared to X units in 2022, growing by X% compared with 2021. Over the period under review, exports saw a significant expansion. The growth pace was the most rapid in 2013 with an increase of X%. Over the period under review, the exports hit record highs at X units in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, smoothing iron exports declined rapidly to $X in 2022. In general, exports recorded a resilient increase. The growth pace was the most rapid in 2021 when exports increased by X%. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

Sao Tome and Principe (X units), Angola (X units) and Benin (X units) were the main destinations of smoothing iron exports from Nigeria, with a combined X% share of total exports. Rwanda, Kenya, Niger, Canada and Democratic Republic of the Congo lagged somewhat behind, together accounting for a further X%.

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

In value terms, the largest markets for smoothing iron exported from Nigeria were Sao Tome and Principe ($X), Benin ($X) and Angola ($X), with a combined X% share of total exports.

Angola, with a CAGR of X%, recorded the highest rates of growth with regard to 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 2022, the average smoothing iron export price amounted to $X per unit, shrinking by X% against the previous year. Over the period under review, the export price showed a noticeable decline. The growth pace was the most rapid in 2014 an increase of X% against the previous year. The export price peaked at $X per unit in 2021, and then contracted notably in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Benin ($X per unit), while the average price for exports to Canada ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Benin (X%), while the prices for the other major destinations experienced more modest paces of growth.

Smoothing Iron Imports

Imports into Nigeria

In 2022, the amount of electric smoothing irons imported into Nigeria contracted markedly to X units, waning by X% against the previous year's figure. Over the period under review, imports continue to indicate a deep setback. The pace of growth was the most pronounced in 2019 when imports increased by X%. As a result, imports attained the peak of X units. From 2020 to 2022, the growth of imports failed to regain momentum.

In value terms, smoothing iron imports fell to $X in 2022. Overall, imports, however, continue to indicate a slight increase. The pace of growth was the most pronounced in 2019 with an increase of X% 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

China (X units), Hong Kong SAR (X units) and the United States (X units) were the main suppliers of smoothing iron imports to Nigeria, together accounting for X% of total imports.

From 2012 to 2022, the biggest increases were recorded for Hong Kong SAR (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Hong Kong SAR ($X) and the United States ($X) constituted the largest smoothing iron suppliers to Nigeria, together accounting for X% of total imports.

Hong Kong SAR, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average smoothing iron import price amounted to $X per unit, picking up by X% against the previous year. Over the period under review, import price indicated a buoyant increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, smoothing iron import price increased by X% against 2019 indices. The growth pace was the most rapid in 2013 when the average import price increased by X% against the previous year. Over the period under review, average import prices attained the peak figure in 2022 and is likely to see gradual growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from the UK ($X per unit) and Malaysia ($X per unit), while the price for India ($X per unit) and the United Arab Emirates ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Africa (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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