Nigeria: Breakfast Cereal Market 2022

Breakfast Cereal Market Size in Nigeria

The Nigerien breakfast cereal market dropped notably to $X in 2021, with a decrease of -19.2% against the previous year. In general, consumption, however, showed a buoyant increase. Breakfast cereal consumption peaked at $X in 2020, and then fell dramatically in the following year.

Breakfast Cereal Production in Nigeria

In value terms, breakfast cereal production plummeted to $X in 2021 estimated in export price. Over the period under review, production, however, enjoyed resilient growth. The most prominent rate of growth was recorded in 2016 with an increase of 86%. Over the period under review, production hit record highs at $X in 2020, and then shrank rapidly in the following year.

Breakfast Cereal Exports

Exports from Nigeria

In 2021, overseas shipments of breakfast cereals decreased by -96.4% to X tons, falling for the second consecutive year after three years of growth. In general, exports continue to indicate a precipitous setback. The pace of growth appeared the most rapid in 2019 when exports increased by 107%. As a result, the exports attained the peak of X tons. From 2020 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, breakfast cereal exports shrank remarkably to $X in 2021. Over the period under review, exports saw a sharp downturn. The growth pace was the most rapid in 2019 when exports increased by 163% against the previous year. Over the period under review, the exports hit record highs at $X in 2020, and then fell rapidly in the following year.

Exports by Country

Ghana (X tons) was the main destination for breakfast cereal exports from Nigeria, accounting for a 66% share of total exports. Moreover, breakfast cereal exports to Ghana exceeded the volume sent to the second major destination, Canada (X tons), threefold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Ghana stood at -24.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (-9.5% per year) and the UK (-25.6% per year).

In value terms, the largest markets for breakfast cereal exported from Nigeria were Ghana ($X), Canada ($X) and the UK ($X).

Ghana, with a CAGR of -22.6%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2021, the average breakfast cereal export price amounted to $X per ton, shrinking by -9.3% against the previous year. Over the period under review, the export price continues to indicate a perceptible slump. The most prominent rate of growth was recorded in 2020 an increase of 73%. Over the period under review, the average export prices reached the maximum at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Canada ($X per ton), while the average price for exports to the UK ($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 (+17.3%), while the prices for the other major destinations experienced mixed trend patterns.

Breakfast Cereal Imports

Imports into Nigeria

In 2021, after two years of decline, there was significant growth in overseas purchases of breakfast cereals, when their volume increased by 410% to X tons. In general, imports showed buoyant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, breakfast cereal imports soared to $X in 2021. Overall, imports posted pronounced growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest breakfast cereal supplier to Nigeria, accounting for a 43% share of total imports. Moreover, breakfast cereal imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), twofold. The UK (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +106.1%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+28.0% per year) and the UK (-3.0% per year).

In value terms, China ($X), the UK ($X) and India ($X) were the largest breakfast cereal suppliers to Nigeria, together accounting for 70% of total imports.

Among the main suppliers, China, with a CAGR of +83.8%, saw the highest growth rate of the value of imports, 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 breakfast cereal import price amounted to $X per ton, which is down by -27.2% against the previous year. In general, the import price recorded a abrupt decrease. The growth pace was the most rapid in 2019 an increase of 20%. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was the UK ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+2.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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