Nigeria: Waffle And Wafer Market 2024

Waffle And Wafer Market Size in Nigeria

The Nigerien waffle and wafer market shrank remarkably to $X in 2021, with a decrease of -19.8% against the previous year. Overall, the total consumption indicated temperate 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, consumption increased by +31.7% against 2019 indices. As a result, consumption attained the peak level of $X, and then shrank rapidly in the following year.

Waffle And Wafer Production in Nigeria

In value terms, waffle and wafer production shrank significantly to $X in 2021 estimated in export price. In general, the total production indicated a perceptible increase from 2012 to 2021: its value increased at an average annual rate of +2.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +32.3% against 2019 indices. The pace of growth appeared the most rapid in 2020 when the production volume increased by 65% against the previous year. Waffle and wafer production peaked at $X in 2017; however, from 2018 to 2021, production failed to regain momentum.

Waffle And Wafer Exports

Exports from Nigeria

In 2021, shipments abroad of waffles and wafers was finally on the rise to reach X tons after two years of decline. Over the period under review, exports, however, faced a abrupt curtailment. The pace of growth appeared the most rapid in 2016 with an increase of 591%. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, waffle and wafer exports surged to $X in 2021. Overall, exports, however, showed a abrupt shrinkage. The growth pace was the most rapid in 2016 when exports increased by 347% against the previous year. As a result, the exports attained the peak of $X. From 2017 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Togo (X tons) was the main destination for waffle and wafer exports from Nigeria, accounting for a 76% share of total exports. Moreover, waffle and wafer exports to Togo exceeded the volume sent to the second major destination, Benin (X tons), threefold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Togo stood at -14.4%.

In value terms, Togo ($X) emerged as the key foreign market for waffles and wafers exports from Nigeria, comprising 68% of total exports. The second position in the ranking was held by Benin ($X), with a 30% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Togo totaled -17.7%.

Export Prices by Country

In 2021, the average waffle and wafer export price amounted to $X per ton, rising by 9.7% against the previous year. In general, the export price, however, continues to indicate a pronounced setback. The most prominent rate of growth was recorded in 2015 when the average export price increased by 74% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2016 to 2021, the average export prices remained at a somewhat lower figure.

Average prices varied somewhat for the major external markets. In 2021, the country with the highest price was Benin ($X per ton), while the average price for exports to Togo stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Benin (+19.0%), while the prices for the other major destinations experienced a decline.

Waffle And Wafer Imports

Imports into Nigeria

After four years of growth, supplies from abroad of waffles and wafers decreased by -44.2% to X tons in 2021. Over the period under review, imports showed a abrupt setback. The pace of growth was the most pronounced in 2013 with an increase of 78%. 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, waffle and wafer imports contracted rapidly to $X in 2021. Overall, imports saw a abrupt decrease. The pace of growth was the most pronounced in 2020 with an increase of 73%. Imports peaked at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, India (X tons) constituted the largest waffle and wafer supplier to Nigeria, accounting for a 44% share of total imports. Moreover, waffle and wafer imports from India exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. Lebanon (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from India amounted to +10.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-2.2% per year) and Lebanon (+5.8% per year).

In value terms, India ($X), China ($X) and Niger ($X) appeared to be the largest waffle and wafer suppliers to Nigeria, with a combined 68% share of total imports.

In terms of the main suppliers, Niger, with a CAGR of +34.1%, recorded the highest growth rate of 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 waffle and wafer import price stood at $X per ton in 2021, growing by 33% against the previous year. Over the period under review, the import price, however, showed a abrupt decline. The most prominent rate of growth was recorded in 2014 an increase of 43%. Over the period under review, average import prices reached the peak figure at $X per ton in 2016; however, from 2017 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Niger ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+2.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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