Nigeria: Frozen Potato Market 2024

Frozen Potato Market Size in Nigeria

The Nigerien frozen potato market surged to $X in 2021, increasing by 84% 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). Overall, consumption showed strong growth. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Frozen Potato Exports

Exports from Nigeria

In 2021, overseas shipments of frozen potatoes decreased by -48% to X tons, falling for the second year in a row after two years of growth. Over the period under review, exports recorded a abrupt decline. The pace of growth was the most pronounced in 2015 with an increase of 1,162%. Over the period under review, the exports reached the peak figure at X tons in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, frozen potato exports reduced markedly to $X in 2021. In general, exports recorded a abrupt setback. The pace of growth appeared the most rapid in 2013 when exports increased by 1,423%. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Niger (X tons) was the main destination for frozen potato exports from Nigeria, with a 97% share of total exports. It was followed by Benin (X kg), with a 1.6% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Niger totaled -1.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (-16.4% per year) and South Africa (-42.9% per year).

In value terms, Niger ($X) remains the key foreign market for frozen potatoes exports from Nigeria, comprising 89% of total exports. The second position in the ranking was held by Benin ($X), with a 4% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Niger amounted to +4.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (-4.8% per year) and South Africa (-39.9% per year).

Export Prices by Country

In 2021, the average frozen potato export price amounted to $X per ton, stabilizing at the previous year. Over the period under review, export price indicated a mild increase from 2012 to 2021: its price increased at an average annual rate of +1.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, frozen potato export price increased by +10.9% against 2019 indices. The most prominent rate of growth was recorded in 2013 an increase of 52%. The export price peaked at $X per ton in 2018; however, from 2019 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 Benin ($X per ton), while the average price for exports to Niger ($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 Benin (+13.9%), while the prices for the other major destinations experienced more modest paces of growth.

Frozen Potato Imports

Imports into Nigeria

For the fourth year in a row, Nigeria recorded growth in purchases abroad of frozen potatoes, which increased by 94% to X tons in 2021. Over the period under review, imports showed prominent growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, frozen potato imports surged to $X in 2021. Overall, imports saw a resilient increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Belgium (X tons) constituted the largest frozen potato supplier to Nigeria, with a 29% share of total imports. Moreover, frozen potato imports from Belgium exceeded the figures recorded by the second-largest supplier, Barbados (X tons), twofold. Lebanon (X tons) ranked third in terms of total imports with an 8.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Belgium amounted to +20.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Barbados (+13.4% per year) and Lebanon (+53.8% per year).

In value terms, Belgium ($X) constituted the largest supplier of frozen potatoes to Nigeria, comprising 33% of total imports. The second position in the ranking was held by Barbados ($X), with a 15% share of total imports. It was followed by the Netherlands, with a 6.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Belgium totaled +19.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Barbados (+12.2% per year) and the Netherlands (-5.4% per year).

Import Prices by Country

The average frozen potato import price stood at $X per ton in 2021, shrinking by -15.5% against the previous year. Over the period under review, the import price continues to indicate a perceptible downturn. The most prominent rate of growth was recorded in 2014 an increase of 17%. As a result, import price reached the peak level of $X per ton. From 2015 to 2021, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Netherlands ($X per ton), while the price for China ($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 (+0.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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