Nigeria: Dairy Spread Market 2024

Dairy Spread Market Size in Nigeria

The Nigerien dairy spread market shrank slightly to $X in 2022, therefore, remained relatively stable against the previous year. In general, the total consumption indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +7.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -1.7% against 2019 indices. Dairy spread consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Dairy Spread Production in Nigeria

In value terms, dairy spread production shrank slightly to $X in 2022 estimated in export price. Overall, the total production indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +8.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +15.9% against 2018 indices. The pace of growth was the most pronounced in 2015 with an increase of 63%. As a result, production attained the peak level of $X. From 2016 to 2022, production growth remained at a lower figure.

Dairy Spread Exports

Exports from Nigeria

In 2022, after five years of decline, there was significant growth in shipments abroad of dairy spreads, when their volume increased by 14% to X tons. In general, exports, however, faced a abrupt decrease. The pace of growth was the most pronounced in 2016 when exports increased by 38% against the previous year. As a result, the exports attained the peak of X tons. From 2017 to 2022, the growth of the exports failed to regain momentum.

In value terms, dairy spread exports skyrocketed to $X in 2022. Overall, exports, however, recorded a abrupt decline. The pace of growth was the most pronounced in 2015 when exports increased by 65%. Over the period under review, the exports reached the peak figure at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

Niger (X tons) was the main destination for dairy spread exports from Nigeria, accounting for a 99% share of total exports. It was followed by South Africa (X kg), with a 1.2% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Niger was relatively modest.

In value terms, Niger ($X) emerged as the key foreign market for dairy spreads exports from Nigeria, comprising 100% of total exports. The second position in the ranking was taken by South Africa ($X), with a 0.3% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Niger was relatively modest.

Export Prices by Country

The average dairy spread export price stood at $X per ton in 2022, with an increase of 11% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 33% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2018 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Niger ($X per ton), while the average price for exports to South Africa amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Togo (+11.2%), while the prices for the other major destinations experienced mixed trend patterns.

Dairy Spread Imports

Imports into Nigeria

In 2022, after two years of decline, there was significant growth in overseas purchases of dairy spreads, when their volume increased by 28% to X tons. Over the period under review, imports, however, continue to indicate a abrupt decline. The pace of growth appeared the most rapid in 2014 when imports increased by 949% against the previous year. Imports peaked at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, dairy spread imports soared to $X in 2022. Overall, imports, however, showed a deep downturn. The most prominent rate of growth was recorded in 2014 when imports increased by 680% against the previous year. Imports peaked at $X in 2016; however, from 2017 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the United States (X kg) constituted the largest dairy spread supplier to Nigeria, with a 34% share of total imports. Moreover, dairy spread imports from the United States exceeded the figures recorded by the second-largest supplier, the UK (X kg), twofold. The third position in this ranking was held by China (X kg), with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States amounted to +60.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+10.7% per year) and China (-22.0% per year).

In value terms, Germany ($X), Luxembourg ($X) and France ($X) were the largest dairy spread suppliers to Nigeria, with a combined 72% share of total imports. The United States, Denmark, the UK and China lagged somewhat behind, together accounting for a further 28%.

The United States, with a CAGR of +21.0%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average dairy spread import price amounted to $X per ton, falling by -3.1% against the previous year. Over the period under review, the import price showed a noticeable decline. The pace of growth was the most pronounced in 2021 an increase of 72%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+45.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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