Nigeria: Market for Spirits, Liqueurs And Other Spirituous Beverages 2024

Exports of Spirits, Liqueurs And Other Spirituous Beverages

Exports from Nigeria

In 2022, approx. X litres of spirits, liqueurs and other spirituous beverages were exported from Nigeria; waning by -8% against the previous year's figure. In general, exports, however, enjoyed buoyant growth. The most prominent rate of growth was recorded in 2021 with an increase of 319%. Over the period under review, the exports of hit record highs at X litres in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, exports of spirits, liqueurs and other spirituous beverages shrank remarkably to $X in 2022. Overall, exports, however, showed strong growth. The most prominent rate of growth was recorded in 2021 with an increase of 495% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Benin (X litres), Liberia (X litres) and Niger (X litres) were the main destinations of exports of spirits, liqueurs and other spirituous beverages from Nigeria, together accounting for 74% of total exports.

From 2012 to 2022, the biggest increases were recorded for Niger (with a CAGR of +97.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for spirits, liqueurs and other spirituous beverages exported from Nigeria were Cambodia ($X), Benin ($X) and Liberia ($X), with a combined 48% share of total exports. These countries were followed by Niger, Austria, Ireland and Germany, which together accounted for a further 25%.

In terms of the main countries of destination, Niger, with a CAGR of +90.7%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average export price for spirits, liqueurs and other spirituous beverages amounted to $X per litre, reducing by -38.5% against the previous year. Over the period under review, the export price showed a abrupt slump. The pace of growth appeared the most rapid in 2017 when the average export price increased by 143% against the previous year. The export price peaked at $X per litre in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Cambodia ($X per litre), while the average price for exports to Benin ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Cambodia (+6.1%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Spirits, Liqueurs And Other Spirituous Beverages

Imports into Nigeria

In 2022, after three years of decline, there was significant growth in overseas purchases of spirits, liqueurs and other spirituous beverages, when their volume increased by 968% to X litres. In general, imports posted a remarkable increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, imports of spirits, liqueurs and other spirituous beverages surged to $X in 2022. Overall, imports posted a strong increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Belgium (X litres) constituted the largest supplier of spirits, liqueurs and other spirituous beverages to Nigeria, with a 56% share of total imports. Moreover, imports of spirits, liqueurs and other spirituous beverages from Belgium exceeded the figures recorded by the second-largest supplier, India (X litres), more than tenfold. Spain (X litres) ranked third in terms of total imports with a 2.8% share.

From 2012 to 2022, the average annual growth rate of volume from Belgium amounted to +41.0%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+37.3% per year) and Spain (+22.9% per year).

In value terms, Belgium ($X) constituted the largest supplier of spirits, liqueurs and other spirituous beverages to Nigeria, comprising 25% of total imports. The second position in the ranking was taken by the UK ($X), with a 4.4% share of total imports. It was followed by Italy, with a 3.8% share.

From 2012 to 2022, the average annual growth rate of value from Belgium stood at +17.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+16.6% per year) and Italy (+44.5% per year).

Import Prices by Country

The average import price for spirits, liqueurs and other spirituous beverages stood at $X per litre in 2022, shrinking by -13.3% against the previous year. Overall, import price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2020 when the average import price increased by 35% against the previous year. The import price peaked at $X per litre in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

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 France ($X per litre), while the price for India ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+13.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform