Nigeria: Soups Market 2024

Soups Market Size in Nigeria

After four years of growth, the Nigerien soups market decreased by -0.9% to $X in 2021. Over the period under review, the total consumption indicated measured growth from 2012 to 2021: its value increased at an average annual rate of +2.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the peak level at $X in 2013; however, from 2014 to 2021, consumption remained at a lower figure.

Soups Production in Nigeria

In value terms, soups production dropped modestly to $X in 2021 estimated in export price. Overall, the total production indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +2.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -0.3% against 2018 indices. The pace of growth appeared the most rapid in 2017 with an increase of 55% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Soups Exports

Exports from Nigeria

In 2021, overseas shipments of soups and broths decreased by -11.9% to X tons, falling for the second year in a row after three years of growth. In general, exports, however, continue to indicate a resilient expansion. The pace of growth appeared the most rapid in 2015 when exports increased by 119% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, soups exports stood at $X in 2021. Over the period under review, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 91%. As a result, the exports attained the peak of $X. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Niger (X tons), Cote d'Ivoire (X tons) and Ghana (X tons) were the main destinations of soups exports from Nigeria, with a combined 80% share of total exports. These countries were followed by Senegal, Mali and Togo, which together accounted for a further 18%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Mali (with a CAGR of +62.3%), while the other leaders experienced more modest paces of growth.

In value terms, Niger ($X), Cote d'Ivoire ($X) and Ghana ($X) were the largest markets for soups exported from Nigeria worldwide, with a combined 78% share of total exports. These countries were followed by Senegal, Mali and Togo, which together accounted for a further 20%.

Mali, with a CAGR of +48.8%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2021, the average soups export price amounted to $X per ton, with an increase of 17% against the previous year. Overall, the export price, however, continues to indicate a abrupt decrease. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

Average prices varied somewhat for the major foreign markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Mali ($X per ton) and Cote d'Ivoire ($X per ton), while the average price for exports to Niger ($X per ton) and Ghana ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Togo (-3.4%), while the prices for the other major destinations experienced a decline.

Soups Imports

Imports into Nigeria

In 2021, purchases abroad of soups and broths decreased by -26.5% to X tons, falling for the second consecutive year after three years of growth. Over the period under review, imports, however, posted a significant expansion. The pace of growth appeared the most rapid in 2013 with an increase of 7,894%. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports failed to regain momentum.

In value terms, soups imports plummeted to $X in 2021. Overall, imports, however, posted a significant expansion. The growth pace was the most rapid in 2013 with an increase of 11,861% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Senegal (X tons) was the main soups supplier to Nigeria, with a 96% share of total imports. It was followed by South Africa (X tons), with a 2.6% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from Senegal stood at +47.1%. The remaining supplying countries recorded the following average annual rates of imports growth: South Africa (+18.9% per year) and China (-27.3% per year).

In value terms, Senegal ($X) constituted the largest supplier of soups and broths to Nigeria, comprising 96% of total imports. The second position in the ranking was taken by South Africa ($X), with a 2.3% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Senegal amounted to +27.8%. The remaining supplying countries recorded the following average annual rates of imports growth: South Africa (+13.9% per year) and China (-32.1% per year).

Import Prices by Country

The average soups import price stood at $X per ton in 2021, stabilizing at the previous year. In general, the import price saw a slight contraction. The pace of growth was the most pronounced in 2014 when the average import price increased by 58%. As a result, import price attained the peak level of $X per ton. From 2015 to 2021, the average 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 Senegal ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Africa (-4.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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