Nigeria: Molasse Market 2024

Molasse Market Size in Nigeria

The Nigerien molasse market expanded modestly to $X in 2022, surging by 2.9% against the previous year. Over the period under review, consumption, however, posted a prominent increase. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Molasse Production in Nigeria

In value terms, molasse production reached $X in 2022 estimated in export price. Over the period under review, production, however, enjoyed a significant expansion. The growth pace was the most rapid in 2014 when the production volume increased by 194% against the previous year. Molasse production peaked at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Molasse Exports

Exports from Nigeria

In 2022, after two years of growth, there was significant decline in shipments abroad of molasses, when their volume decreased by -5.1% to X tons. In general, exports, however, enjoyed a modest expansion. The growth pace was the most rapid in 2018 with an increase of 91%. Over the period under review, the exports reached the peak figure at X tons in 2021, and then fell in the following year.

In value terms, molasse exports dropped to $X in 2022. Over the period under review, exports, however, continue to indicate resilient growth. The most prominent rate of growth was recorded in 2017 when exports increased by 106% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Ghana (X tons) was the main destination for molasse exports from Nigeria, accounting for a 95% share of total exports. Moreover, molasse exports to Ghana exceeded the volume sent to the second major destination, Niger (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Ghana totaled +42.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Niger (+8.7% per year) and the Netherlands (-52.5% per year).

In value terms, Ghana ($X) remains the key foreign market for molasses exports from Nigeria, comprising 84% of total exports. The second position in the ranking was taken by Niger ($X), with a 14% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Ghana amounted to +42.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Niger (+17.0% per year) and the Netherlands (-23.9% per year).

Export Prices by Country

The average molasse export price stood at $X per ton in 2022, falling by -2.4% against the previous year. In general, the export price, however, continues to indicate a notable increase. The growth pace was the most rapid in 2013 when the average export price increased by 122% against the previous year. The export price peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Ghana ($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 Togo (+271.2%), while the prices for the other major destinations experienced more modest paces of growth.

Molasse Imports

Imports into Nigeria

For the third year in a row, Nigeria recorded decline in supplies from abroad of molasses, which decreased by -47.3% to X tons in 2022. Overall, imports showed a abrupt descent. The growth pace was the most rapid in 2017 when imports increased by 232%. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, molasse imports reduced markedly to $X in 2022. Over the period under review, imports recorded a deep downturn. The most prominent rate of growth was recorded in 2017 when imports increased by 379% against the previous year. Over the period under review, imports reached the maximum at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

India (X tons), China (X tons) and the UK (X tons) were the main suppliers of molasse imports to Nigeria, with a combined 98% share of total imports.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +30.6%), while purchases for the other leaders experienced a decline.

In value terms, the largest molasse suppliers to Nigeria were India ($X), the UK ($X) and China ($X), with a combined 94% share of total imports.

In terms of the main suppliers, the UK, with a CAGR of +13.7%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2022, the average molasse import price amounted to $X per ton, shrinking by -11.5% against the previous year. Overall, the import price, however, saw a noticeable expansion. The pace of growth was the most pronounced in 2020 when the average import price increased by 81% against the previous year. The import price peaked at $X per ton in 2021, and then dropped in the following year.

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 Turkey ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Egypt (+73.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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