Nigeria: Wooden Furniture Treatments Market 2023

Wooden Furniture Treatments Market Size in Nigeria

In 2021, the Nigerien wooden furniture treatments market was finally on the rise to reach $X after two years of decline. Over the period under review, consumption recorded a moderate increase. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market failed to regain momentum.

Wooden Furniture Treatments Exports

Exports from Nigeria

In 2021, exports of polishes and creams for wooden furniture and floors from Nigeria surged to X kg, jumping by 62% compared with the previous year. In general, exports continue to indicate significant growth. The growth pace was the most rapid in 2019 when exports increased by 8,600%. As a result, the exports attained the peak of X kg. From 2020 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, wooden furniture treatments exports skyrocketed to $X in 2021. Over the period under review, exports posted a significant expansion. The most prominent rate of growth was recorded in 2019 with an increase of 3,325%. The exports peaked at $X in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Benin (X kg) was the main destination for wooden furniture treatments exports from Nigeria, accounting for a 78% share of total exports. Moreover, wooden furniture treatments exports to Benin exceeded the volume sent to the second major destination, Canada (X kg), sixfold. Niger (X kg) ranked third in terms of total exports with a 4.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Benin amounted to +45.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+116.9% per year) and Niger (+28.2% per year).

In value terms, Benin ($X) remains the key foreign market for wooden furniture treatments exports from Nigeria, comprising 64% of total exports. The second position in the ranking was held by Canada ($X), with a 17% share of total exports. It was followed by Ghana, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Benin totaled +22.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+65.5% per year) and Ghana (+16.1% per year).

Export Prices by Country

In 2021, the average wooden furniture treatments export price amounted to $X per ton, waning by -28.8% against the previous year. Over the period under review, the export price faced a abrupt slump. The most prominent rate of growth was recorded in 2020 when the average export price increased by 93% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Ghana ($X per ton), while the average price for exports to Benin ($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 Niger (+3.1%), while the prices for the other major destinations experienced a decline.

Wooden Furniture Treatments Imports

Imports into Nigeria

After two years of decline, overseas purchases of polishes and creams for wooden furniture and floors increased by 17% to X tons in 2021. Over the period under review, imports showed a perceptible increase. The most prominent rate of growth was recorded in 2018 when imports increased by 595%. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, wooden furniture treatments imports surged to $X in 2021. Overall, imports saw tangible growth. The most prominent rate of growth was recorded in 2018 when imports increased by 454% against the previous year. As a result, imports attained the peak of $X. From 2019 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, India (X tons) constituted the largest supplier of wooden furniture treatments to Nigeria, accounting for a 77% share of total imports. Moreover, wooden furniture treatments imports from India exceeded the figures recorded by the second-largest supplier, China (X tons), ninefold. The third position in this ranking was held by South Africa (X tons), with a 6.2% share.

From 2012 to 2021, the average annual growth rate of volume from India totaled +25.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-11.2% per year) and South Africa (+32.3% per year).

In value terms, the largest wooden furniture treatments suppliers to Nigeria were India ($X), South Africa ($X) and China ($X), together accounting for 89% of total imports.

South Africa, with a CAGR of +37.5%, recorded the highest growth rate of the value of imports, among 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 2021, the average wooden furniture treatments import price amounted to $X per ton, increasing by 7.8% against the previous year. Over the period under review, the import price, however, continues to indicate a pronounced downturn. The pace of growth was the most pronounced in 2013 when the average import price increased by 29% against the previous year. The import price peaked at $X per ton in 2016; however, from 2017 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was South Africa ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Jordan (+187.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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