Nigeria: Cheese Market 2024

Cheese Market Size in Nigeria

In 2021, the Nigerien cheese market decreased by -19.6% to $X, falling for the third year in a row after two years of growth. Overall, consumption recorded a noticeable descent. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market failed to regain momentum.

Cheese Production in Nigeria

In value terms, cheese production declined rapidly to $X in 2021 estimated in export price. Overall, production showed a abrupt decrease. The most prominent rate of growth was recorded in 2018 with an increase of 48%. As a result, production reached the peak level of $X. From 2019 to 2021, production growth remained at a somewhat lower figure.

Cheese Exports

Exports from Nigeria

Cheese exports from Nigeria dropped notably to X kg in 2021, waning by -34.7% compared with the year before. Over the period under review, exports continue to indicate a precipitous slump. The most prominent rate of growth was recorded in 2018 when exports increased by 757%. Over the period under review, the exports reached the maximum at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, cheese exports contracted dramatically to $X in 2021. In general, exports showed a dramatic setback. The growth pace was the most rapid in 2018 with an increase of 1,596%. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Benin (X kg) was the main destination for cheese exports from Nigeria, accounting for a 96% share of total exports. It was followed by Cote d'Ivoire (X kg), with a 2.6% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Benin totaled -25.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cote d'Ivoire (-35.7% per year) and the United Arab Emirates (-53.9% per year).

In value terms, Benin ($X) emerged as the key foreign market for cheese exports from Nigeria, comprising 93% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 6.6% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Benin amounted to -23.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cote d'Ivoire (-33.7% per year) and the United Arab Emirates (-59.1% per year).

Export Prices by Country

In 2021, the average cheese export price amounted to $X per ton, waning by -35.4% against the previous year. In general, the export price saw a abrupt descent. The growth pace was the most rapid in 2018 when the average export price increased by 98% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2019 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while the average price for exports to Benin ($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 Cote d'Ivoire (+3.1%), while the prices for the other major destinations experienced mixed trend patterns.

Cheese Imports

Imports into Nigeria

After three years of growth, supplies from abroad of cheese decreased by -48.8% to X tons in 2021. Overall, imports, however, posted perceptible growth. The pace of growth was the most pronounced in 2018 when imports increased by 68% against the previous year. Imports peaked at X tons in 2020, and then dropped dramatically in the following year.

In value terms, cheese imports fell sharply to $X in 2021. In general, imports, however, posted a resilient expansion. The pace of growth was the most pronounced in 2016 when imports increased by 75% against the previous year. Over the period under review, imports reached the maximum at $X in 2020, and then plummeted in the following year.

Imports by Country

In 2021, Denmark (X tons) constituted the largest cheese supplier to Nigeria, accounting for a 47% share of total imports. Moreover, cheese imports from Denmark exceeded the figures recorded by the second-largest supplier, France (X tons), twofold. Belgium (X tons) ranked third in terms of total imports with a 4.6% share.

From 2012 to 2021, the average annual growth rate of volume from Denmark stood at +49.0%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+11.7% per year) and Belgium (+19.6% per year).

In value terms, the largest cheese suppliers to Nigeria were Denmark ($X), France ($X) and Belgium ($X), together accounting for 83% of total imports. These countries were followed by Malaysia, Morocco, South Africa, Germany, Lebanon, Poland and China, which together accounted for a further 12%.

In terms of the main suppliers, Malaysia, with a CAGR of +172,392.0%, recorded 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

The average cheese import price stood at $X per ton in 2021, growing by 17% against the previous year. Over the period under review, import price indicated modest growth from 2012 to 2021: its price increased at an average annual rate of +1.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 when the average import price increased by 69% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2021, the average import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+5.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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