Nigeria: Maize Starch Market 2024

Maize Starch Market Size in Nigeria

In 2021, after three years of growth, there was significant decline in the Nigerien maize starch market, when its value decreased by -12.1% to $X. In general, consumption, however, saw resilient growth. Maize starch consumption peaked at $X in 2020, and then declined in the following year.

Maize Starch Production in Nigeria

In value terms, maize starch production fell to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a buoyant expansion. The most prominent rate of growth was recorded in 2019 when the production volume increased by 72%. Maize starch production peaked at $X in 2020, and then reduced in the following year.

Maize Starch Exports

Exports from Nigeria

In 2021, shipments abroad of maize (corn) starch increased by 163% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, exports recorded a significant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, maize starch exports soared to $X in 2021. Overall, exports showed a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Ghana (X tons), Cameroon (X tons) and Canada (X tons) were the main destinations of maize starch exports from Nigeria, together accounting for 90% of total exports.

From 2012 to 2021, the biggest increases were recorded for Canada (with a CAGR of +163.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X) emerged as the key foreign market for maize (corn) starch exports from Nigeria, comprising 64% of total exports. The second position in the ranking was taken by Canada ($X), with an 11% share of total exports. It was followed by Cameroon, with an 8.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Ghana amounted to +101.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+147.8% per year) and Cameroon (+42.1% per year).

Export Prices by Country

The average maize starch export price stood at $X per ton in 2021, surging by 31% against the previous year. Over the period under review, the export price continues to indicate strong growth. The pace of growth was the most pronounced in 2018 an increase of 159%. Over the period under review, the average export prices hit record highs at $X per ton in 2019; however, from 2020 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 Canada ($X per ton), while the average price for exports to Cameroon ($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 France (+12.2%), while the prices for the other major destinations experienced mixed trend patterns.

Maize Starch Imports

Imports into Nigeria

In 2021, after two years of growth, there was significant decline in purchases abroad of maize (corn) starch, when their volume decreased by -17.6% to X tons. Over the period under review, imports, however, posted a strong increase. The most prominent rate of growth was recorded in 2019 when imports increased by 91%. Over the period under review, imports reached the maximum at X tons in 2020, and then dropped sharply in the following year.

In value terms, maize starch imports contracted modestly to $X in 2021. In general, imports, however, showed resilient growth. The most prominent rate of growth was recorded in 2019 when imports increased by 84% against the previous year. Over the period under review, imports hit record highs at $X in 2020, and then contracted in the following year.

Imports by Country

In 2021, Turkey (X tons) constituted the largest supplier of maize starch to Nigeria, accounting for a 53% share of total imports. Moreover, maize starch imports from Turkey exceeded the figures recorded by the second-largest supplier, Ukraine (X tons), fivefold. India (X tons) ranked third in terms of total imports with an 8.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Turkey totaled +53.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Ukraine (+1,175.2% per year) and India (-2.2% per year).

In value terms, Turkey ($X) constituted the largest supplier of maize (corn) starch to Nigeria, comprising 60% of total imports. The second position in the ranking was taken by Ukraine ($X), with a 9.9% share of total imports. It was followed by China, with a 7.2% share.

From 2012 to 2021, the average annual growth rate of value from Turkey stood at +58.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Ukraine (+1,492.0% per year) and China (-3.2% per year).

Import Prices by Country

The average maize starch import price stood at $X per ton in 2021, picking up by 18% against the previous year. Over the last nine years, it increased at an average annual rate of +2.6%. The most prominent rate of growth was recorded in 2020 when the average import price increased by 30%. Over the period under review, average import prices hit record highs in 2021 and is expected to retain growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ukraine (+24.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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