Nigeria: Hat Market Overview 2020

Hat Market Size in Nigeria

The revenue of the hat market in Nigeria amounted to $X in 2018, increasing by X% against the previous year. Overall, hat consumption continues to indicate a noticeable descent. The most prominent rate of growth was recorded in 2015 when the market value increased by X% year-to-year. Hat consumption peaked at $X in 2007; however, from 2008 to 2018, consumption remained at a lower figure.

Hat Production in Nigeria

In value terms, hat production stood at $X in 2018 estimated in export prices. In general, hat production, however, continues to indicate a slight drop. The pace of growth was the most pronounced in 2011 when production volume increased by X% against the previous year. Over the period under review, hat production reached its peak figure level at $X in 2007; however, from 2008 to 2018, production stood at a somewhat lower figure.

Hat Exports

Exports from Nigeria

In 2018, the amount of hats and other headgear exported from Nigeria amounted to X units, increasing by X% against the previous year. In general, hat exports continue to indicate moderate growth. The pace of growth appeared the most rapid in 2014 with an increase of X% against the previous year. Exports peaked at X units in 2010; however, from 2011 to 2018, exports remained at a lower figure.

In value terms, hat exports stood at $X in 2018. Over the period under review, hat exports continue to indicate a temperate slump. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. In that year, hat exports reached their peak of $X. From 2015 to 2018, the growth of hat exports remained at a somewhat lower figure.

Exports by Country

Congo (X units), Niger (X units) and Cameroon (X units) were the main destinations of hat exports from Nigeria, together accounting for X% of total exports. The United Arab Emirates, Angola, Cote d'Ivoire, South Africa, Zambia, the U.S., the UK and Ghana lagged somewhat behind, together comprising a further X 2007 to 2018, the most notable rate of growth in terms of exports, amongst the main countries of destination, was attained by Zambia (+X% per year), while the other leaders experienced more modest paces of growth.

In value terms, the U.S. ($X) remains the key foreign market for hat exports from Nigeria, comprising X% of total hat exports. The second position in the ranking was occupied by Niger ($X), with a X% share of total exports. It was followed by Congo, with a X% share.

From 2007 to 2018, the average annual growth rate of value to the U.S. amounted to +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Niger (+X% per year) and Congo (-X% per year).

Export Prices by Country

In 2018, the average hat export price amounted to $X per unit, jumping by X% against the previous year. Over the period under review, the hat export price, however, continues to indicate an abrupt descent. The most prominent rate of growth was recorded in 2011 an increase of X% y-o-y. Over the period under review, the average export prices for hats and other headgear attained their peak figure at $X per unit in 2014; however, from 2015 to 2018, export prices failed to regain their momentum.

Prices varied noticeably by the country of destination; the country with the highest price was the U.S. ($X per unit), while the average price for exports to Congo ($X per unit) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was recorded for supplies to the U.S., while the prices for the other major destinations experienced mixed trend patterns.

Hat Imports

Imports into Nigeria

In 2018, the amount of hats and other headgear imported into Nigeria stood at X units, rising by X% against the previous year. Overall, hat imports continue to indicate a mild expansion. The pace of growth was the most pronounced in 2013 with an increase of X% against the previous year. In that year, hat imports attained their peak of X units. From 2014 to 2018, the growth of hat imports remained at a lower figure.

In value terms, hat imports totaled $X in 2018. In general, hat imports continue to indicate a strong increase. The most prominent rate of growth was recorded in 2016 with an increase of X% y-o-y. In that year, hat imports attained their peak of $X. From 2017 to 2018, the growth of hat imports failed to regain its momentum.

Imports by Country

In 2018, China (X units) constituted the largest supplier of hat to Nigeria, accounting for a X% share of total imports. Moreover, hat imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X units), more than tenfold. The third position in this ranking was occupied by the U.S. (X units), with a X% share.

From 2007 to 2018, the average annual rate of growth in terms of volume from China totaled +X%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+X% per year) and the U.S. (+X% per year).

In value terms, China ($X) constituted the largest supplier of hat to Nigeria, comprising X% of total hat imports. The second position in the ranking was occupied by South Korea ($X), with a X% share of total imports. It was followed by the U.S., with a X% share.

From 2007 to 2018, the average annual rate of growth in terms of value from China totaled +X%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+X% per year) and the U.S. (+X% per year).

Import Prices by Country

The average hat import price stood at $X per unit in 2018, rising by X% against the previous year. Over the period under review, the hat import price continues to indicate a resilient increase. The pace of growth appeared the most rapid in 2014 an increase of X% y-o-y. Over the period under review, the average import prices for hats and other headgear attained their maximum in 2018 and is likely to continue its growth in the near future.

Prices varied noticeably by the country of origin; the country with the highest price was the U.S. ($X per unit), while the price for Botswana ($X per unit) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by Taiwan, Chinese, while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox AI Platform