Nigeria: Roasted Malt Market 2024

Roasted Malt Market Size in Nigeria

The Nigerien roasted malt market reduced slightly to $X in 2022, falling by -1.9% against the previous year. Over the period under review, consumption showed a mild shrinkage. Roasted malt consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Roasted Malt Production in Nigeria

In value terms, roasted malt production declined slightly to $X in 2022 estimated in export price. Over the period under review, production showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 25%. Roasted malt production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Roasted Malt Exports

Exports from Nigeria

In 2022, shipments abroad of roasted malt was finally on the rise to reach X tons after two years of decline. Overall, exports showed a mild expansion. The most prominent rate of growth was recorded in 2019 with an increase of 3,773%. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, roasted malt exports contracted markedly to $X in 2022. Over the period under review, exports posted a buoyant expansion. The pace of growth was the most pronounced in 2019 when exports increased by 390% against the previous year. The exports peaked at $X in 2021, and then dropped remarkably in the following year.

Exports by Country

The UK (X tons) was the main destination for roasted malt exports from Nigeria, accounting for a 74% share of total exports. Moreover, roasted malt exports to the UK exceeded the volume sent to the second major destination, the Netherlands (X kg), sevenfold.

From 2012 to 2022, the average annual growth rate of volume to the UK stood at -9.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (-19.3% per year) and South Africa (-23.3% per year).

In value terms, the UK ($X) emerged as the key foreign market for roasted malt exports from Nigeria, comprising 82% of total exports. The second position in the ranking was held by the Netherlands ($X), with an 8.1% share of total exports.

From 2012 to 2022, the average annual growth rate of value to the UK amounted to +29.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (-14.9% per year) and South Africa (-24.9% per year).

Export Prices by Country

In 2022, the average roasted malt export price amounted to $X per ton, shrinking by -65.8% against the previous year. Overall, the export price, however, showed resilient growth. The pace of growth was the most pronounced in 2018 an increase of 396% against the previous year. 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 somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to South Africa ($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 the UK (+43.2%), while the prices for the other major destinations experienced mixed trend patterns.

Roasted Malt Imports

Imports into Nigeria

In 2022, the amount of roasted malt imported into Nigeria soared to X tons, growing by 51% against 2021. Overall, imports, however, recorded a deep slump. The most prominent rate of growth was recorded in 2016 when imports increased by 13,487%. As a result, imports reached the peak of X tons. From 2017 to 2022, the growth of imports failed to regain momentum.

In value terms, roasted malt imports soared to $X in 2022. In general, imports, however, continue to indicate a deep slump. The growth pace was the most rapid in 2016 with an increase of 13,478% against the previous year. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

China (X tons), the United States (X tons) and Poland (X tons) were the main suppliers of roasted malt imports to Nigeria, with a combined 70% share of total imports.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +92.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($X), the United States ($X) and Poland ($X) constituted the largest roasted malt suppliers to Nigeria, with a combined 58% share of total imports.

In terms of the main suppliers, Poland, with a CAGR of +53.7%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average roasted malt import price stood at $X per ton in 2022, growing by 2.3% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.0%. The pace of growth was the most pronounced in 2019 when the average import price increased by 21% against the previous year. The import price peaked at $X per ton in 2020; however, from 2021 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+24.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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