Nigeria: Malt Market 2024

Malt Market Size in Nigeria

In 2022, after six years of growth, there was significant decline in the Nigerien malt market, when its value decreased by -40.3% to $X. Overall, the total consumption indicated modest growth from 2012 to 2022: its value increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2021, and then declined significantly in the following year.

Malt Exports

Exports from Nigeria

In 2022, approx. X tons of malt were exported from Nigeria; remaining relatively unchanged against the previous year. Over the period under review, total exports indicated a resilient expansion from 2012 to 2022: its volume increased at an average annual rate of +7.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -0.8% against 2020 indices. The most prominent rate of growth was recorded in 2017 when exports increased by 32%. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, malt exports amounted to $X in 2022. Overall, exports saw resilient growth. The growth pace was the most rapid in 2018 with an increase of 36% against the previous year. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

Belgium (X tons) was the main destination for malt exports from Nigeria, with a 89% share of total exports. Moreover, malt exports to Belgium exceeded the volume sent to the second major destination, South Africa (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Belgium amounted to +22.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Africa (+4.7% per year) and the UK (-16.1% per year).

In value terms, Belgium ($X) remains the key foreign market for malt exports from Nigeria, comprising 97% of total exports. The second position in the ranking was held by the UK ($X), with a 1.6% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Belgium totaled +12.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+31.0% per year) and South Africa (+12.5% per year).

Export Prices by Country

In 2022, the average malt export price amounted to $X per ton, leveling off at the previous year. Over the period under review, export price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, malt export price decreased by +0.4% against 2020 indices. The most prominent rate of growth was recorded in 2018 when the average export price increased by 83%. As a result, the export price attained the peak level of $X per ton. From 2019 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Belgium ($X per ton), while the average price for exports to South Africa ($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 Cameroon (+232.1%), while the prices for the other major destinations experienced more modest paces of growth.

Malt Imports

Imports into Nigeria

In 2022, after six years of growth, there was significant decline in purchases abroad of malt, when their volume decreased by -60% to X tons. In general, imports showed a slight decrease. The pace of growth was the most pronounced in 2021 with an increase of 54% against the previous year. As a result, imports attained the peak of X tons, and then shrank notably in the following year.

In value terms, malt imports declined to $X in 2022. Over the period under review, total imports indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +69.1% against 2015 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 70%. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Belgium (X tons), France (X tons) and Antigua and Barbuda (X tons) were the main suppliers of malt imports to Nigeria, together comprising 41% of total imports. Germany, Denmark, the Netherlands, Portugal and Sweden lagged somewhat behind, together comprising a further 9.4%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Portugal (with a CAGR of +50.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest malt suppliers to Nigeria were Belgium ($X), France ($X) and Antigua and Barbuda ($X), together comprising 43% of total imports.

Antigua and Barbuda, with a CAGR of +17.3%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average malt import price amounted to $X per ton, with an increase of 118% against the previous year. In general, import price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 Antigua and Barbuda ($X per ton), while the price for Denmark ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Antigua and Barbuda (+20.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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