Nigeria: Market for Flours, Meals And Pellets Of Meat Or Meat Offal 2024

Market Size for Flours, Meals And Pellets Of Meat Or Meat Offal in Nigeria

In 2021, the Nigerien meat meals and pellets market increased by 0.6% to $X, rising for the sixth consecutive year after three years of decline. Over the period under review, the total consumption indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +2.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +98.7% against 2015 indices. Over the period under review, the market hit record highs in 2021 and is likely to see gradual growth in the immediate term.

Production of Flours, Meals And Pellets Of Meat Or Meat Offal in Nigeria

In value terms, meat meals and pellets production reached $X in 2021 estimated in export price. In general, the total production indicated a mild expansion from 2012 to 2021: its value increased at an average annual rate of +1.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -0.8% against 2019 indices. The pace of growth appeared the most rapid in 2018 when the production volume increased by 41% against the previous year. Meat meals and pellets production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Exports of Flours, Meals And Pellets Of Meat Or Meat Offal

Exports from Nigeria

In 2021, exports of flours, meals and pellets of meat or meat offal from Nigeria contracted markedly to X tons, falling by -58.3% on the previous year's figure. Overall, exports, however, continue to indicate a significant expansion. Over the period under review, the exports attained the peak figure at X tons in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

In value terms, meat meals and pellets exports shrank sharply to $X in 2021. In general, exports, however, continue to indicate a significant increase. Over the period under review, the exports reached the maximum at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

Niger (X tons) was the main destination for meat meals and pellets exports from Nigeria, with a 88% share of total exports. Moreover, meat meals and pellets exports to Niger exceeded the volume sent to the second major destination, the UK (X tons), eightfold.

From 2013 to 2021, the average annual rate of growth in terms of volume to Niger was relatively modest.

In value terms, the UK ($X) emerged as the key foreign market for flours, meals and pellets of meat or meat offal exports from Nigeria, comprising 91% of total exports. The second position in the ranking was held by Niger ($X), with a 9.2% share of total exports.

From 2013 to 2021, the average annual rate of growth in terms of value to the UK amounted to -21.6%.

Export Prices by Country

In 2021, the average meat meals and pellets export price amounted to $X per ton, growing by 6.5% against the previous year. Overall, the export price, however, recorded a perceptible slump. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

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

From 2013 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+52.9%).

Imports of Flours, Meals And Pellets Of Meat Or Meat Offal

Imports into Nigeria

For the third consecutive year, Nigeria recorded growth in supplies from abroad of flours, meals and pellets of meat or meat offal, which increased by 110% to X tons in 2021. Overall, imports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2013 with an increase of 7,529%. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in years to come.

In value terms, meat meals and pellets imports surged to $X in 2021. Over the period under review, imports posted significant growth. The pace of growth was the most pronounced in 2013 when imports increased by 7,469%. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, Lithuania (X tons) constituted the largest supplier of meat meals and pellets to Nigeria, with a 33% share of total imports. Moreover, meat meals and pellets imports from Lithuania exceeded the figures recorded by the second-largest supplier, Greece (X tons), eightfold. The third position in this ranking was taken by the UK (X tons), with a 3.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Lithuania totaled +48.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Greece (0.0% per year) and the UK (+232.0% per year).

In value terms, Lithuania ($X) constituted the largest supplier of flours, meals and pellets of meat or meat offal to Nigeria, comprising 25% of total imports. The second position in the ranking was held by Denmark ($X), with a 6.3% share of total imports. It was followed by Greece, with a 6.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Lithuania amounted to +79.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Denmark (+115.0% per year) and Greece (0.0% per year).

Import Prices by Country

The average meat meals and pellets import price stood at $X per ton in 2021, picking up by 11% against the previous year. Overall, the import price, however, recorded a perceptible setback. The growth pace was the most rapid in 2019 an increase of 26% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Denmark ($X per ton), while the price for Lithuania ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Lithuania (+21.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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