Nigeria: Market for Sweet Biscuits, Waffles and Wafers 2024

Market Size for Sweet Biscuits, Waffles and Wafers in Nigeria

The Nigerien market for sweet biscuits, waffles and wafers shrank to $X in 2021, declining by -14.7% against the previous year. Over the period under review, the total consumption indicated a noticeable increase from 2012 to 2021: its value increased at an average annual rate of +3.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +20.1% against 2019 indices. Over the period under review, the market reached the peak level at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Production of Sweet Biscuits, Waffles and Wafers in Nigeria

In value terms, sweet biscuit, waffle and wafer production reduced rapidly to $X in 2021 estimated in export price. Overall, the total production indicated notable growth from 2012 to 2021: its value increased at an average annual rate of +2.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +22.6% against 2019 indices. The pace of growth appeared the most rapid in 2015 with an increase of 72% against the previous year. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Exports of Sweet Biscuits, Waffles and Wafers

Exports from Nigeria

In 2021, approx. X tons of sweet biscuits, waffles and wafers were exported from Nigeria; with an increase of 8.5% against the previous year's figure. Overall, exports, however, recorded a abrupt decrease. The growth pace was the most rapid in 2016 with an increase of 144% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, sweet biscuit, waffle and wafer exports fell sharply to $X in 2021. Over the period under review, exports, however, faced a abrupt contraction. The most prominent rate of growth was recorded in 2016 with an increase of 123%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Ghana (X tons) was the main destination for sweet biscuit, waffle and wafer exports from Nigeria, with a 87% share of total exports. Moreover, sweet biscuit, waffle and wafer exports to Ghana exceeded the volume sent to the second major destination, Togo (X tons), more than tenfold. Sierra Leone (X tons) ranked third in terms of total exports with a 2.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Ghana amounted to -1.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Togo (-18.2% per year) and Sierra Leone (-18.7% per year).

In value terms, Ghana ($X) remains the key foreign market for sweet biscuits, waffles and wafers exports from Nigeria, comprising 88% of total exports. The second position in the ranking was held by Togo ($X), with a 3.5% share of total exports. It was followed by Sierra Leone, with a 2.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Ghana amounted to -11.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Togo (-16.5% per year) and Sierra Leone (-26.0% per year).

Export Prices by Country

The average export price for sweet biscuits, waffles and wafers stood at $X per ton in 2021, dropping by -31.8% against the previous year. Over the period under review, the export price continues to indicate a deep slump. The growth pace was the most rapid in 2015 an increase of 39% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Sierra Leone ($X per ton), while the average price for exports to Liberia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Togo (+2.2%), while the prices for the other major destinations experienced a decline.

Imports of Sweet Biscuits, Waffles and Wafers

Imports into Nigeria

After two years of growth, overseas purchases of sweet biscuits, waffles and wafers decreased by -39.8% to X tons in 2021. Overall, imports continue to indicate a drastic downturn. The pace of growth was the most pronounced in 2013 when imports increased by 72%. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, sweet biscuit, waffle and wafer imports dropped remarkably to $X in 2021. Over the period under review, imports showed a abrupt setback. The most prominent rate of growth was recorded in 2020 with an increase of 67% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, the UK (X tons) constituted the largest sweet biscuit, waffle and wafer supplier to Nigeria, with a 48% share of total imports. Moreover, sweet biscuit, waffle and wafer imports from the UK exceeded the figures recorded by the second-largest supplier, India (X tons), fourfold. China (X tons) ranked third in terms of total imports with an 8.1% share.

From 2012 to 2021, the average annual growth rate of volume from the UK stood at -1.3%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+5.8% per year) and China (-18.5% per year).

In value terms, the UK ($X) constituted the largest supplier of sweet biscuits, waffles and wafers to Nigeria, comprising 63% of total imports. The second position in the ranking was held by China ($X), with a 5.3% share of total imports. It was followed by the United Arab Emirates, with a 5.2% share.

From 2012 to 2021, the average annual growth rate of value from the UK was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: China (-12.1% per year) and the United Arab Emirates (+0.1% per year).

Import Prices by Country

The average import price for sweet biscuits, waffles and wafers stood at $X per ton in 2021, with an increase of 4.9% against the previous year. Over the period under review, import price indicated a mild increase from 2012 to 2021: its price increased at an average annual rate of +1.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, sweet biscuit, waffle and wafer import price increased by +13.6% against 2019 indices. The pace of growth was the most pronounced in 2014 when the average import price increased by 33% against the previous year. The import price peaked at $X per ton in 2016; however, from 2017 to 2021, 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 the UK ($X per ton), while the price for Lebanon ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+7.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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