Nigeria: Market for Leather of Bovine and Equine Animals 2024

Market Size for Leather of Bovine and Equine Animals in Nigeria

The Nigerien bovine and equine leather market rose modestly to $X in 2022, increasing by X% against the previous year. Over the period under review, consumption posted a strong increase. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Production of Leather of Bovine and Equine Animals in Nigeria

In value terms, bovine and equine leather production shrank modestly to $X in 2022 estimated in export price. Overall, production saw strong growth. The pace of growth appeared the most rapid in 2018 with an increase of X%. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Exports of Leather of Bovine and Equine Animals

Exports from Nigeria

In 2022, overseas shipments of leather of bovine and equine animals were finally on the rise to reach X square meters for the first time since 2016, thus ending a five-year declining trend. In general, exports, however, recorded a precipitous shrinkage. The pace of growth was the most pronounced in 2014 when exports increased by X%. Over the period under review, the exports hit record highs at X square meters in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, bovine and equine leather exports expanded slightly to $X in 2022. Overall, exports, however, saw a abrupt downturn. The growth pace was the most rapid in 2014 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

India (X square meters), China (X square meters) and Italy (X square meters) were the main destinations of bovine and equine leather exports from Nigeria, with a combined X% share of total exports.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of X%), while shipments for the other leaders experienced a decline.

In value terms, the largest markets for bovine and equine leather exported from Nigeria were India ($X), Italy ($X) and Hong Kong SAR ($X).

Among the main countries of destination, Italy, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2022, the average bovine and equine leather export price amounted to $X per square meter, with a decrease of X% against the previous year. Overall, the export price, however, continues to indicate a prominent expansion. The most prominent rate of growth was recorded in 2018 an increase of X% against the previous year. Over the period under review, the average export prices reached the maximum at $X per square meter in 2021, and then shrank significantly in the following year.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per square meter), while the average price for exports to Turkey ($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 Turkey (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Leather of Bovine and Equine Animals

Imports into Nigeria

In 2022, bovine and equine leather imports into Nigeria soared to X square meters, growing by X% on the previous year. Over the period under review, imports recorded strong growth. The most prominent rate of growth was recorded in 2019 when imports increased by X%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, bovine and equine leather imports skyrocketed to $X in 2022. In general, imports continue to indicate a buoyant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Lebanon (X square meters), Italy (X square meters) and China (X square meters) were the main suppliers of bovine and equine leather imports to Nigeria, together comprising X% of total imports. Sudan, France, Spain, Kenya, Portugal, South Africa and Germany lagged somewhat behind, together accounting for a further X%.

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 X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest bovine and equine leather suppliers to Nigeria were Italy ($X), China ($X) and France ($X), with a combined X% share of total imports. Lebanon, Germany, Spain, Sudan, South Africa, Portugal and Kenya lagged somewhat behind, together comprising a further X%.

South Africa, with a CAGR of X%, saw the highest growth rate of 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

The average bovine and equine leather import price stood at $X per square meter in 2022, jumping by X% against the previous year. In general, the import price, however, continues to indicate a slight shrinkage. The most prominent rate of growth was recorded in 2016 when the average import price increased by X% against the previous year. The import price peaked at $X per square meter in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($X per square meter), while the price for Lebanon ($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 France (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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