Nigeria: Market for Malt Extract And Food Preparations Of Flour, Meal, And Starch 2024

Market Size for Malt Extract And Food Preparations Of Flour, Meal, And Starch in Nigeria

The Nigerien market for malt extract and food preparations of flour, meal, and starches surged to $X in 2022, with an increase of 38% 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). In general, consumption continues to indicate a temperate increase. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Exports of Malt Extract And Food Preparations Of Flour, Meal, And Starch

Exports from Nigeria

Exports of malt extract and food preparations of flour, meal, and starches from Nigeria surged to X tons in 2022, with an increase of 22% against the year before. Overall, exports saw resilient growth. The pace of growth appeared the most rapid in 2013 with an increase of 1,503% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports of remained at a lower figure.

In value terms, exports of malt extract and food preparations of flour, meal, and starches contracted to $X in 2022. In general, exports, however, continue to indicate a noticeable shrinkage. The growth pace was the most rapid in 2013 with an increase of 1,477%. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports of remained at a lower figure.

Exports by Country

The United States (X tons), the UK (X tons) and Germany (X tons) were the main destinations of exports of malt extract and food preparations of flour, meal, and starches from Nigeria, with a combined 100% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United States (with a CAGR of +48.2%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), the UK ($X) and Germany ($X) constituted the largest markets for malt extract and food preparations of flour, meal, and starch exported from Nigeria worldwide, together comprising 100% of total exports.

Among the main countries of destination, the United States, with a CAGR of +31.3%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average export price for malt extract and food preparations of flour, meal, and starches stood at $X per ton in 2022, with a decrease of -23.7% against the previous year. Overall, the export price faced a deep setback. The pace of growth was the most pronounced in 2014 when the average export price increased by 35% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2022, the average export prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Ghana (-3.0%), while the prices for the other major destinations experienced a decline.

Imports of Malt Extract And Food Preparations Of Flour, Meal, And Starch

Imports into Nigeria

In 2022, the amount of malt extract and food preparations of flour, meal, and starches imported into Nigeria soared to X tons, picking up by 17% compared with 2021. In general, imports posted a perceptible expansion. The most prominent rate of growth was recorded in 2014 with an increase of 92% against the previous year. As a result, imports attained the peak of X tons. From 2015 to 2022, the growth of imports of remained at a somewhat lower figure.

In value terms, imports of malt extract and food preparations of flour, meal, and starches soared to $X in 2022. Over the period under review, imports continue to indicate temperate growth. The pace of growth appeared the most rapid in 2020 when imports increased by 63%. Over the period under review, imports of reached the maximum at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Ireland (X tons) constituted the largest supplier of malt extract and food preparations of flour, meal, and starch to Nigeria, with a 44% share of total imports. Moreover, imports of malt extract and food preparations of flour, meal, and starches from Ireland exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), threefold. The third position in this ranking was held by Germany (X tons), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Ireland totaled +8.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+65.5% per year) and Germany (+59.9% per year).

In value terms, Ireland ($X) constituted the largest supplier of malt extract and food preparations of flour, meal, and starches to Nigeria, comprising 48% of total imports. The second position in the ranking was held by Malaysia ($X), with a 14% share of total imports. It was followed by Germany, with a 13% share.

From 2012 to 2022, the average annual growth rate of value from Ireland totaled +10.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+64.9% per year) and Germany (+71.3% per year).

Import Prices by Country

In 2022, the average import price for malt extract and food preparations of flour, meal, and starches amounted to $X per ton, jumping by 25% against the previous year. Overall, import price indicated slight growth from 2012 to 2022: its price increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, import price for malt extract and food preparations of flour, meal, and starches increased by +62.9% against 2019 indices. Over the period under review, average import prices hit record highs at $X per ton in 2013; afterwards, it flattened through to 2022.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for China ($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 (+10.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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