Nigeria: Market for Preparations Used In Animal Feeding 2024

Market Size for Preparations Used In Animal Feeding in Nigeria

The Nigerien preparations for animal feeding market reduced to $X in 2022, with a decrease of -2.5% against the previous year. In general, consumption, however, posted a resilient increase. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Production of Preparations Used In Animal Feeding in Nigeria

In value terms, preparations for animal feeding production declined to $X in 2022 estimated in export price. Over the period under review, production, however, saw a prominent expansion. The most prominent rate of growth was recorded in 2014 with an increase of 39% against the previous year. Preparations for animal feeding production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Exports of Preparations Used In Animal Feeding

Exports from Nigeria

For the third consecutive year, Nigeria recorded decline in shipments abroad of preparations used in animal feeding, which decreased by -15.2% to X tons in 2022. Overall, exports continue to indicate a sharp setback. The growth pace was the most rapid in 2019 when exports increased by 65%. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, preparations for animal feeding exports reduced to $X in 2022. In general, exports continue to indicate a drastic downturn. The most prominent rate of growth was recorded in 2019 when exports increased by 55%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons) was the main destination for preparations for animal feeding exports from Nigeria, with a 67% share of total exports. Moreover, preparations for animal feeding exports to the United States exceeded the volume sent to the second major destination, Togo (X tons), twofold.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at -32.4%.

In value terms, the United States ($X) remains the key foreign market for preparations used in animal feeding exports from Nigeria, comprising 75% of total exports. The second position in the ranking was taken by Togo ($X), with a 22% share of total exports.

From 2012 to 2022, the average annual growth rate of value to the United States stood at -20.0%.

Export Prices by Country

In 2022, the average preparations for animal feeding export price amounted to $X per ton, surging by 4.7% against the previous year. Overall, the export price saw a resilient expansion. The pace of growth appeared the most rapid in 2013 an increase of 94%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2016; however, from 2017 to 2022, the 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 the United States ($X per ton), while the average price for exports to Togo amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+18.3%).

Imports of Preparations Used In Animal Feeding

Imports into Nigeria

In 2022, purchases abroad of preparations used in animal feeding decreased by -1.3% to X tons, falling for the second year in a row after four years of growth. Over the period under review, imports, however, posted buoyant growth. The pace of growth was the most pronounced in 2020 when imports increased by 51%. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, preparations for animal feeding imports expanded modestly to $X in 2022. Overall, imports, however, showed strong growth. The pace of growth appeared the most rapid in 2020 when imports increased by 83% against the previous year. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Lithuania (X tons), Barbados (X tons) and Italy (X tons) were the main suppliers of preparations for animal feeding imports to Nigeria, with a combined 27% share of total imports. Brazil, France, Greece, the Netherlands, the UK, Belgium, Andorra, Israel, the Czech Republic and Latvia lagged somewhat behind, together accounting for a further 44%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Greece (with a CAGR of +73.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Lithuania ($X) constituted the largest supplier of preparations used in animal feeding to Nigeria, comprising 14% of total imports. The second position in the ranking was taken by Belgium ($X), with a 6.4% share of total imports. It was followed by Greece, with a 6.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Lithuania stood at +66.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+10.2% per year) and Greece (+102.7% per year).

Import Prices by Country

In 2022, the average preparations for animal feeding import price amounted to $X per ton, picking up by 5.9% against the previous year. In general, import price indicated a slight increase from 2012 to 2022: its price increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, preparations for animal feeding import price increased by +37.7% against 2019 indices. The pace of growth was the most pronounced in 2014 an increase of 35%. Over the period under review, average import prices reached the maximum at $X per ton in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

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 Belgium ($X per ton), while the price for Barbados ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Greece (+16.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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