Nigeria: Malt Market 2024

Malt Market Size in Nigeria

In 2021, the Nigerien malt market decreased by -1% to $X for the first time since 2017, thus ending a three-year rising trend. Over the period under review, consumption recorded a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Malt Production in Nigeria

In value terms, malt production rose slightly to $X in 2021 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of 53% against the previous year. Malt production peaked at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Malt Exports

Exports from Nigeria

In 2021, overseas shipments of malt (not roasted) increased by 237% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports posted a slight increase. The pace of growth was the most pronounced in 2020 with an increase of 483% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, malt exports expanded significantly to $X in 2021. Overall, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 332%. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

Belgium (X tons), the United Arab Emirates (X tons) and the UK (X tons) were the main destinations of malt exports from Nigeria, with a combined 96% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Belgium (with a CAGR of +11.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Belgium ($X) remains the key foreign market for malt (not roasted) exports from Nigeria, comprising 86% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with an 8.2% share of total exports. It was followed by the UK, with a 4.9% share.

From 2012 to 2021, the average annual growth rate of value to Belgium was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (0.0% per year) and the UK (0.0% per year).

Export Prices by Country

The average malt export price stood at $X per ton in 2021, dropping by -66.8% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when the average export price increased by 386% against the previous year. Over the period under review, the average export prices attained the maximum 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 Belgium ($X per ton), while the average price for exports to South Africa ($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 Cameroon (+365.8%), while the prices for the other major destinations experienced mixed trend patterns.

Malt Imports

Imports into Nigeria

In 2021, malt imports into Nigeria reduced to X tons, with a decrease of -12.7% on the previous year's figure. Overall, imports, however, enjoyed strong growth. The most prominent rate of growth was recorded in 2014 with an increase of 189% against the previous year. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports failed to regain momentum.

In value terms, malt imports rose modestly to $X in 2021. In general, imports, however, saw a strong increase. The most prominent rate of growth was recorded in 2014 when imports increased by 74%. Over the period under review, imports reached the peak figure in 2021 and are likely to see steady growth in the near future.

Imports by Country

In 2021, Belgium (X tons) constituted the largest malt supplier to Nigeria, accounting for a 22% share of total imports. Moreover, malt imports from Belgium exceeded the figures recorded by the second-largest supplier, France (X tons), threefold. Antigua and Barbuda (X tons) ranked third in terms of total imports with a 5.6% share.

From 2012 to 2021, the average annual growth rate of volume from Belgium was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: France (+0.6% per year) and Antigua and Barbuda (+13.6% per year).

In value terms, the largest malt suppliers to Nigeria were Belgium ($X), France ($X) and Antigua and Barbuda ($X), with a combined 49% share of total imports. These countries were followed by Portugal, Germany, the Czech Republic, Denmark, the UK and Sweden, which together accounted for a further 7.2%.

The Czech Republic, with a CAGR of +51.9%, saw 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 2021, the average malt import price amounted to $X per ton, rising by 20% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average import price increased by 50%. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Portugal (+16.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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