Nigeria: Market for Condensed Or Evaporated Milk (Unsweetened) 2024

Market Size for Condensed Or Evaporated Milk (Unsweetened) in Nigeria

The Nigerien market for condensed or evaporated milk (unsweetened) declined dramatically to $X in 2021, reducing by -66.5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption showed a dramatic decline. Over the period under review, the market attained the maximum level at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Exports of Condensed Or Evaporated Milk (Unsweetened)

Exports from Nigeria

In 2021, after three years of growth, there was significant decline in shipments abroad of condensed or evaporated milk (unsweetened), when their volume decreased by -99.5% to X tons. Over the period under review, exports faced a dramatic decline. The growth pace was the most rapid in 2018 with an increase of 1,163%. The exports peaked at X tons in 2020, and then declined sharply in the following year.

In value terms, unsweetened condensed and evaporated milk exports fell dramatically to $X in 2021. In general, exports saw a dramatic contraction. The pace of growth appeared the most rapid in 2016 with an increase of 1,105%. The exports peaked at $X in 2020, and then contracted rapidly in the following year.

Exports by Country

Ghana (X tons) was the main destination for unsweetened condensed and evaporated milk exports from Nigeria, with a 96% share of total exports. It was followed by Burkina Faso (X kg), with a 2.5% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Ghana stood at -24.0%.

In value terms, Ghana ($X) remains the key foreign market for condensed or evaporated milk (unsweetened) exports from Nigeria, comprising 94% of total exports. The second position in the ranking was taken by Burkina Faso ($X), with a 0.3% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Ghana totaled -27.0%.

Export Prices by Country

In 2021, the average export price for condensed or evaporated milk (unsweetened) amounted to $X per ton, rising by 40% against the previous year. Overall, the export price, however, continues to indicate a perceptible contraction. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Ghana ($X per ton), while the average price for exports to Burkina Faso amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Ghana (-3.9%).

Imports of Condensed Or Evaporated Milk (Unsweetened)

Imports into Nigeria

In 2021, imports of condensed or evaporated milk (unsweetened) into Nigeria fell remarkably to X tons, which is down by -82.6% against the previous year. Over the period under review, imports showed a precipitous contraction. The pace of growth was the most pronounced in 2019 with an increase of 281% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, unsweetened condensed and evaporated milk imports dropped dramatically to $X in 2021. Overall, imports faced a precipitous setback. The pace of growth was the most pronounced in 2019 with an increase of 375%. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Barbados (X tons) constituted the largest unsweetened condensed and evaporated milk supplier to Nigeria, with a 47% share of total imports. Moreover, unsweetened condensed and evaporated milk imports from Barbados exceeded the figures recorded by the second-largest supplier, Belgium (X tons), threefold. The third position in this ranking was held by the Netherlands (X tons), with a 17% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Barbados amounted to -15.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (-25.8% per year) and the Netherlands (-24.6% per year).

In value terms, Barbados ($X) constituted the largest supplier of condensed or evaporated milk (unsweetened) to Nigeria, comprising 63% of total imports. The second position in the ranking was held by Belgium ($X), with a 14% share of total imports. It was followed by the Netherlands, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Barbados stood at -22.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (-34.8% per year) and the Netherlands (-35.8% per year).

Import Prices by Country

In 2021, the average import price for condensed or evaporated milk (unsweetened) amounted to $X per ton, shrinking by -13.7% against the previous year. Overall, the import price continues to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2019 when the average import price increased by 25% against the previous year. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, 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 Barbados ($X per ton), while the price for Bolivia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+1.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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