Nigeria: Market for Protein Concentrates and Flavoured or Coloured Sugar Syrups 2024

Market Size for Protein Concentrates and Flavoured or Coloured Sugar Syrups in Nigeria

In 2021, the Nigerien market for protein concentrates and flavoured or coloured sugar syrups increased by 2.3% to $X for the first time since 2017, thus ending a three-year declining trend. In general, consumption, however, showed a deep reduction. Over the period under review, the market reached the maximum level at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Production of Protein Concentrates and Flavoured or Coloured Sugar Syrups in Nigeria

In value terms, production of protein concentrates and flavoured or coloured sugar syrups totaled $X in 2021 estimated in export price. Overall, production, however, continues to indicate a deep contraction. The most prominent rate of growth was recorded in 2014 when the production volume increased by 30% against the previous year. Production of peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Exports of Protein Concentrates and Flavoured or Coloured Sugar Syrups

Exports from Nigeria

In 2021, overseas shipments of protein concentrates and flavoured or coloured sugar syrups increased by 202% to X tons, rising for the fifth consecutive year after two years of decline. In general, exports showed significant growth. The most prominent rate of growth was recorded in 2020 with an increase of 3,967% against the previous year. Over the period under review, the exports of reached the maximum in 2021 and are likely to continue growth in the near future.

In value terms, exports of protein concentrates and flavoured or coloured sugar syrups surged to $X in 2021. Overall, exports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2020 when exports increased by 2,037% against the previous year. The exports peaked in 2021 and are expected to retain growth in years to come.

Exports by Country

The UK (X tons) was the main destination for exports of protein concentrates and flavoured or coloured sugar syrups from Nigeria, accounting for a 78% share of total exports. Moreover, exports of protein concentrates and flavoured or coloured sugar syrups to the UK exceeded the volume sent to the second major destination, Australia (X tons), ninefold. The third position in this ranking was taken by Benin (X tons), with a 3.2% share.

From 2014 to 2021, the average annual growth rate of volume to the UK amounted to +133.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (0.0% per year) and Benin (+84.6% per year).

In value terms, the UK ($X) remains the key foreign market for protein concentrates and flavoured or coloured sugar syrups exports from Nigeria, comprising 70% of total exports. The second position in the ranking was held by Cote d'Ivoire ($X), with an 8.1% share of total exports. It was followed by Ghana, with a 2.7% share.

From 2014 to 2021, the average annual rate of growth in terms of value to the UK amounted to +71.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cote d'Ivoire (+187.1% per year) and Ghana (+95.5% per year).

Export Prices by Country

The average export price for protein concentrates and flavoured or coloured sugar syrups stood at $X per ton in 2021, shrinking by -10.2% against the previous year. Over the period under review, the export price continues to indicate a abrupt setback. The most prominent rate of growth was recorded in 2015 an increase of 23% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2016 to 2021, 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 Cote d'Ivoire ($X per ton), while the average price for exports to Australia ($X per ton) was amongst the lowest.

From 2014 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Ghana (-4.1%), while the prices for the other major destinations experienced a decline.

Imports of Protein Concentrates and Flavoured or Coloured Sugar Syrups

Imports into Nigeria

In 2021, the amount of protein concentrates and flavoured or coloured sugar syrups imported into Nigeria fell markedly to X tons, dropping by -84.5% on the previous year. Over the period under review, imports, however, showed a prominent increase. The growth pace was the most rapid in 2016 with an increase of 583%. Over the period under review, imports of attained the maximum at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, imports of protein concentrates and flavoured or coloured sugar syrups reduced remarkably to $X in 2021. In general, imports, however, saw a remarkable increase. The pace of growth was the most pronounced in 2016 with an increase of 547% against the previous year. Over the period under review, imports of reached the peak figure at $X in 2017; however, from 2018 to 2021, imports failed to regain momentum.

Imports by Country

Indonesia (X tons), Argentina (X tons) and Belgium (X tons) were the main suppliers of imports of protein concentrates and flavoured or coloured sugar syrups to Nigeria, with a combined 88% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Belgium (with a CAGR of +91.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X) constituted the largest supplier of protein concentrates and flavoured or coloured sugar syrups to Nigeria, comprising 71% of total imports. The second position in the ranking was taken by Belgium ($X), with a 13% share of total imports. It was followed by Argentina, with a 7.9% share.

From 2012 to 2021, the average annual growth rate of value from Indonesia stood at +2.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+88.9% per year) and Argentina (+58.6% per year).

Import Prices by Country

In 2021, the average import price for protein concentrates and flavoured or coloured sugar syrups amounted to $X per ton, picking up by 25% against the previous year. In general, the import price, however, showed a abrupt descent. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Indonesia ($X per ton), while the price for Argentina ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+19.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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