Based on the available data, Nigeria's import volume of synthetic organic pigments and preparations based thereon is expected to see a decreasing trend from 2024 through 2028. Specifically, the volume is forecasted to decline from 1.5087 million kilograms in 2024 to 1.1172 million kilograms in 2028. Comparing these figures to the actual import volume of 1.6112 million kilograms in 2023, the year-on-year variation reflects a consistent decrease.
Key year-on-year variations include:
- 2024-2025: -6.68%
- 2025-2026: -6.98%
- 2026-2027: -7.40%
- 2027-2028: -7.84%
Analyzing the last two years, the average year-on-year decrease stands close to 7.44%. The 5-year Compound Annual Growth Rate (CAGR) shows an average annual decline of around 8.50%.
Future trends to watch for include potential policy changes, shifts in local manufacturing capabilities, and advancements in alternative pigments. These factors will significantly impact the import dynamics in Nigeria's synthetic organic pigments market.
