Nigeria: Canned Food Market 2024

Canned Food Market Size in Nigeria

In 2021, after three years of growth, there was decline in the Nigerien canned food market, when its value decreased by -3.5% to $X. The market value increased at an average annual rate of +2.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2016 to 2021, the growth of the market remained at a lower figure.

Canned Food Production in Nigeria

In value terms, canned food production reduced modestly to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 60% against the previous year. As a result, production reached the peak level of $X. From 2016 to 2021, production growth remained at a somewhat lower figure.

Canned Food Exports

Exports from Nigeria

In 2021, overseas shipments of canned food decreased by -13.9% to X tons, falling for the second consecutive year after three years of growth. Overall, exports, however, saw a resilient expansion. The pace of growth appeared the most rapid in 2018 when exports increased by 142%. Over the period under review, the exports attained the maximum at X tons in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, canned food exports fell modestly to $X in 2021. In general, exports continue to indicate a slight contraction. The growth pace was the most rapid in 2015 when exports increased by 90% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for canned food exports from Nigeria, with a 12% share of total exports. Moreover, canned food exports to the United States exceeded the volume sent to the second major destination, the Netherlands (X tons), threefold. The third position in this ranking was held by South Africa (X tons), with a 2% share.

From 2012 to 2020, the average annual growth rate of volume to the United States totaled +33.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+126.2% per year) and South Africa (+29.0% per year).

In value terms, the United States ($X), the Netherlands ($X) and Qatar ($X) appeared to be the largest markets for canned food exported from Nigeria worldwide, together accounting for 19% of total exports. These countries were followed by Spain, Senegal, China and South Africa, which together accounted for a further 3.4%.

China, with a CAGR of +57,323.6%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2020, the average canned food export price amounted to $X per ton, falling by -3.3% against the previous year. Overall, the export price recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2013 when the average export price increased by 54%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2020, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2020, the country with the highest price was Spain ($X per ton), while the average price for exports to South Africa ($X per ton) was amongst the lowest.

From 2012 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to Guinea (+28.1%), while the prices for the other major destinations experienced more modest paces of growth.

Canned Food Imports

Imports into Nigeria

In 2021, after five years of growth, there was significant decline in overseas purchases of canned food, when their volume decreased by -69.7% to X tons. In general, imports, however, continue to indicate a tangible expansion. The most prominent rate of growth was recorded in 2018 with an increase of 390% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2020, and then shrank rapidly in the following year.

In value terms, canned food imports contracted significantly to $X in 2021. Over the period under review, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 93% against the previous year. Over the period under review, imports attained the peak figure at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

In 2020, the UK (X tons) constituted the largest canned food supplier to Nigeria, with a 9.8% share of total imports. Moreover, canned food imports from the UK exceeded the figures recorded by the second-largest supplier, Senegal (X tons), threefold. The third position in this ranking was held by China (X tons), with a 3.3% share.

From 2012 to 2020, the average annual rate of growth in terms of volume from the UK totaled +4.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Senegal (+12.8% per year) and China (+22.5% per year).

In value terms, the UK ($X) constituted the largest supplier of canned food to Nigeria, comprising 21% of total imports. The second position in the ranking was taken by the Netherlands ($X), with a 4.3% share of total imports. It was followed by Senegal, with a 3.4% share.

From 2012 to 2020, the average annual rate of growth in terms of value from the UK amounted to +3.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-8.6% per year) and Senegal (+1.5% per year).

Import Prices by Country

The average canned food import price stood at $X per ton in 2020, shrinking by -7.4% against the previous year. In general, the import price recorded a abrupt downturn. The most prominent rate of growth was recorded in 2014 an increase of 258%. As a result, import price attained the peak level of $X per ton. From 2015 to 2020, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2020, 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 2020, the most notable rate of growth in terms of prices was attained by the UK (-1.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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