Nigeria: Market for Powdered, Evaporated And Condensed Milk 2024

Market Size for Powdered, Evaporated And Condensed Milk in Nigeria

In 2022, the Nigerien market for powdered, evaporated and condensed milk decreased by X% to $X, falling for the second year in a row after two years of growth. Overall, consumption, however, saw a relatively flat trend pattern. Powdered, evaporated and condensed milk consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Exports of Powdered, Evaporated And Condensed Milk

Exports from Nigeria

In 2022, overseas shipments of powdered, evaporated and condensed milk increased by X% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports, however, faced a sharp curtailment. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, powdered, evaporated and condensed milk exports surged to $X in 2022. Overall, exports, however, showed a precipitous contraction. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Ghana (X tons) was the main destination for powdered, evaporated and condensed milk exports from Nigeria, accounting for a X% share of total exports. It was followed by the United Arab Emirates (X tons), with a X% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Ghana totaled X%.

In value terms, Ghana ($X) remains the key foreign market for powdered, evaporated and condensed milk exports from Nigeria, comprising X% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Ghana stood at X%.

Export Prices by Country

In 2022, the average export price for powdered, evaporated and condensed milk amounted to $X per ton, with an increase of X% against the previous year. In general, export price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, powdered, evaporated and condensed milk export price increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2020 when the average export price increased by X%. The export price peaked at $X per ton in 2013; afterwards, it flattened through to 2022.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Ghana amounted to $X per ton.

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

Imports of Powdered, Evaporated And Condensed Milk

Imports into Nigeria

In 2022, supplies from abroad of powdered, evaporated and condensed milk decreased by X% to X tons, falling for the second consecutive year after two years of growth. Overall, imports showed a noticeable curtailment. The pace of growth appeared the most rapid in 2014 with an increase of X%. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, powdered, evaporated and condensed milk imports declined markedly to $X in 2022. Over the period under review, imports showed a noticeable setback. The most prominent rate of growth was recorded in 2020 when imports increased by X%. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, New Zealand (X tons) constituted the largest powdered, evaporated and condensed milk supplier to Nigeria, with a X% share of total imports. Moreover, powdered, evaporated and condensed milk imports from New Zealand exceeded the figures recorded by the second-largest supplier, Germany (X tons), eightfold. The third position in this ranking was taken by Australia (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from New Zealand amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (X% per year) and Australia (X% per year).

In value terms, New Zealand ($X) constituted the largest supplier of powdered, evaporated and condensed milk to Nigeria, comprising X% of total imports. The second position in the ranking was held by Australia ($X), with a X% share of total imports. It was followed by Germany, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from New Zealand stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (X% per year) and Germany (X% per year).

Import Prices by Country

The average import price for powdered, evaporated and condensed milk stood at $X per ton in 2022, jumping by X% against the previous year. Over the period under review, import price indicated a measured increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, powdered, evaporated and condensed milk import price increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2020 an increase of X%. The import price peaked in 2022 and is likely to continue growth in years to come.

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

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

Source: IndexBox Platform

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