Nigeria: Sugary Soft Drink Market 2024

Sugary Soft Drink Market Size in Nigeria

The Nigerien sugary soft drink market declined to $X in 2022, therefore, remained relatively stable against the previous year. Overall, consumption enjoyed a buoyant expansion. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Sugary Soft Drink Production in Nigeria

In value terms, sugary soft drink production declined to $X in 2022 estimated in export price. Overall, production showed a buoyant increase. The most prominent rate of growth was recorded in 2015 with an increase of 55% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Sugary Soft Drink Exports

Exports from Nigeria

In 2022, the amount of sugary soft drinks exported from Nigeria shrank significantly to X litres, with a decrease of -34.5% compared with the previous year's figure. In general, exports saw a precipitous decrease. The most prominent rate of growth was recorded in 2021 with an increase of 242% against the previous year. The exports peaked at X litres in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, sugary soft drink exports fell to $X in 2022. Overall, exports faced a deep downturn. The pace of growth appeared the most rapid in 2021 with an increase of 332%. Over the period under review, the exports reached the peak figure at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Ghana (X litres) was the main destination for sugary soft drink exports from Nigeria, accounting for a 89% share of total exports. Moreover, sugary soft drink exports to Ghana exceeded the volume sent to the second major destination, the UK (X litres), eightfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Ghana amounted to -16.4%.

In value terms, Ghana ($X) remains the key foreign market for sugary soft drinks exports from Nigeria, comprising 91% of total exports. The second position in the ranking was taken by the UK ($X), with a 9.2% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Ghana totaled -11.6%.

Export Prices by Country

The average sugary soft drink export price stood at $X per litre in 2022, surging by 44% against the previous year. In general, export price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sugary soft drink export price increased by +82.0% against 2020 indices. The export price peaked at $X per litre in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Ghana ($X per litre), while the average price for exports to the UK stood at $X per litre.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Ghana (+5.8%), while the prices for the other major destinations experienced mixed trend patterns.

Sugary Soft Drink Imports

Imports into Nigeria

In 2022, the amount of sugary soft drinks imported into Nigeria expanded notably to X litres, increasing by 7.8% on 2021 figures. Overall, imports posted a resilient increase. The most prominent rate of growth was recorded in 2013 with an increase of 360% against the previous year. Imports peaked at X litres in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, sugary soft drink imports skyrocketed to $X in 2022. Over the period under review, imports enjoyed a buoyant increase. The pace of growth appeared the most rapid in 2013 with an increase of 623%. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, the United Arab Emirates (X litres) constituted the largest supplier of sugary soft drink to Nigeria, accounting for a 51% share of total imports. Moreover, sugary soft drink imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Poland (X litres), twofold. The third position in this ranking was taken by Germany (X litres), with a 17% share.

From 2012 to 2022, the average annual growth rate of volume from the United Arab Emirates totaled +16.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+42.9% per year) and Germany (+20.9% per year).

In value terms, the largest sugary soft drink suppliers to Nigeria were Germany ($X), the United Arab Emirates ($X) and Poland ($X), with a combined 74% share of total imports. The United States and China lagged somewhat behind, together comprising a further 16%.

The United States, with a CAGR of +30.4%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average sugary soft drink import price stood at $X per litre in 2022, with an increase of 32% against the previous year. Overall, the import price, however, continues to indicate a drastic downturn. The pace of growth was the most pronounced in 2013 when the average import price increased by 57% against the previous year. As a result, import price reached the peak level of $X per litre. From 2014 to 2022, the average import prices remained 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 the United States ($X per litre), while the price for the United Arab Emirates ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+6.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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