Nigeria: Caramel Market 2025

Caramel Market Size in Nigeria

In 2022, the Nigerien caramel market decreased by X% to $X, falling for the second consecutive year after three years of growth. In general, consumption saw a noticeable decrease. Over the period under review, the market reached the maximum level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Caramel Exports

Exports from Nigeria

In 2019, shipments abroad of caramel increased by X% to X tons, rising for the third consecutive year after two years of decline. Over the period under review, exports saw a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, caramel exports skyrocketed to $X in 2019. Overall, exports saw significant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Cameroon (X tons), Niger (X tons) and Cote d'Ivoire (X tons) were the main destinations of caramel exports from Nigeria, with a combined X% share of total exports.

From 2014 to 2019, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Cameroon (with a CAGR of X.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for caramel exported from Nigeria were Cameroon ($X), Singapore ($X) and Cote d'Ivoire ($X), with a combined X% share of total exports.

Cameroon, with a CAGR of X.9%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average caramel export price stood at $X per ton in 2019, picking up by X% against the previous year. In general, the export price posted modest growth. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to Canada ($X per ton) was amongst the lowest.

From 2014 to 2019, the most notable rate of growth in terms of prices was recorded for supplies to Japan (X%), while the prices for the other major destinations experienced a decline.

Caramel Imports

Imports into Nigeria

In 2022, purchases abroad of caramel decreased by X% to X tons, falling for the second year in a row after three years of growth. Overall, imports saw a perceptible reduction. The most prominent rate of growth was recorded in 2019 when imports increased by X%. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, caramel imports reduced rapidly to $X in 2022. In general, imports recorded a noticeable slump. The pace of growth appeared the most rapid in 2020 with an increase of X%. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

China (X tons), France (X tons) and India (X tons) were the main suppliers of caramel imports to Nigeria, together comprising X% of total imports. Swaziland, Turkey, Russia, Belgium, South Africa and the UK lagged somewhat behind, together accounting for a further X%.

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

In value terms, China ($X), France ($X) and Swaziland ($X) appeared to be the largest caramel suppliers to Nigeria, together comprising X% of total imports. India, Turkey, Russia, Belgium, South Africa and the UK lagged somewhat behind, together accounting for a further X%.

In terms of the main suppliers, Russia, with a CAGR of X%, recorded the highest rates of growth with regard to 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

The average caramel import price stood at $X per ton in 2022, declining by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2014 when the average import price increased by X%. The import price peaked at $X per ton in 2015; however, from 2016 to 2022, import prices stood 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 South Africa ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform