Nigeria: Tufted Carpet Market 2024

Tufted Carpet Market Size in Nigeria

The Nigerien tufted carpet market soared to $X in 2022, rising by 21% 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, however, saw a pronounced slump. As a result, consumption reached the peak level of $X. From 2016 to 2022, the growth of the market remained at a somewhat lower figure.

Tufted Carpet Exports

Exports from Nigeria

After four years of decline, shipments abroad of tufted carpets and other tufted textile floor coverings increased by 1.6% to X square meters in 2022. Overall, exports, however, showed a deep slump. The pace of growth was the most pronounced in 2013 with an increase of 93% against the previous year. Over the period under review, the exports hit record highs at X square meters in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, tufted carpet exports amounted to $X in 2022. In general, exports, however, showed a abrupt setback. The most prominent rate of growth was recorded in 2013 with an increase of 72%. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Ghana (X square meters) was the main destination for tufted carpet exports from Nigeria, with a 84% share of total exports. Moreover, tufted carpet exports to Ghana exceeded the volume sent to the second major destination, Benin (X square meters), sevenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Ghana totaled -12.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (+31.7% per year) and Cote d'Ivoire (+23.6% per year).

In value terms, Ghana ($X) remains the key foreign market for tufted carpets and other tufted textile floor coverings exports from Nigeria, comprising 89% of total exports. The second position in the ranking was taken by Benin ($X), with a 5.2% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Ghana stood at -12.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (+24.8% per year) and Cote d'Ivoire (+23.0% per year).

Export Prices by Country

In 2022, the average tufted carpet export price amounted to $X per square meter, approximately mirroring the previous year. Overall, the export price, however, saw a slight curtailment. The growth pace was the most rapid in 2016 when the average export price increased by 47%. Over the period under review, the average export prices reached the peak figure at $X per square meter in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Ghana ($X per square meter), while the average price for exports to Benin ($X per square meter) 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 (-0.5%), while the prices for the other major destinations experienced a decline.

Tufted Carpet Imports

Imports into Nigeria

In 2022, approx. X square meters of tufted carpets and other tufted textile floor coverings were imported into Nigeria; rising by 23% on the previous year. Over the period under review, imports, however, continue to indicate a perceptible curtailment. The most prominent rate of growth was recorded in 2015 with an increase of 535% against the previous year. As a result, imports reached the peak of X square meters. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, tufted carpet imports surged to $X in 2022. In general, imports, however, showed a noticeable downturn. The most prominent rate of growth was recorded in 2015 with an increase of 255% against the previous year. As a result, imports attained the peak of $X. From 2016 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Vietnam (X square meters), Turkey (X square meters) and Belgium (X square meters) were the main suppliers of tufted carpet imports to Nigeria, with a combined 28% share of total imports. Germany, Italy, China, Saudi Arabia, South Africa, Denmark, the UK, the Netherlands, Spain and South Korea lagged somewhat behind, together comprising a further 24%.

From 2012 to 2022, the biggest increases were recorded for Denmark (with a CAGR of +32.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X), Turkey ($X) and China ($X) were the largest tufted carpet suppliers to Nigeria, together comprising 29% of total imports.

Vietnam, with a CAGR of +23.2%, saw the highest rates of growth with regard to 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 2022, the average tufted carpet import price amounted to $X per square meter, reducing by -4.4% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 44%. As a result, import price attained the peak level of $X per square meter. From 2015 to 2022, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the UK ($X per square meter), while the price for Germany ($X per square meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+13.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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