Nigeria: Bread And Bakery Market 2024

Bread And Bakery Market Size in Nigeria

The Nigerien bread and bakery market was estimated at $X in 2023, therefore, remained relatively stable against the previous year. In general, the total consumption indicated a prominent increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption increased by X% against 2014 indices. Over the period under review, the market attained the maximum level in 2023 and is likely to see steady growth in the immediate term.

Bread And Bakery Production in Nigeria

In value terms, bread and bakery production stood at $X in 2023 estimated in export price. In general, the total production indicated a resilient expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production decreased by X% against 2021 indices. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. Over the period under review, production attained the maximum level at $X in 2021; however, from 2022 to 2023, production failed to regain momentum.

Bread And Bakery Exports

Exports from Nigeria

In 2023, exports of bread and bakery from Nigeria surged to X tons, picking up by X% on the previous year. In general, exports, however, saw a abrupt curtailment. The pace of growth appeared the most rapid in 2018 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2023, the exports remained at a lower figure.

In value terms, bread and bakery exports skyrocketed to $X in 2023. Overall, exports, however, saw a abrupt decline. The exports peaked at $X in 2015; however, from 2016 to 2023, the exports remained at a lower figure.

Exports by Country

Ghana (X tons), Togo (X tons) and the United States (X tons) were the main destinations of bread and bakery exports from Nigeria, together accounting for X% of total exports. Cote d'Ivoire and Saudi Arabia lagged somewhat behind, together accounting for a further X%.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Cote d'Ivoire (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X) emerged as the key foreign market for bread and bakery exports from Nigeria, comprising X% of total exports. The second position in the ranking was held by the United States ($X), with a X% share of total exports. It was followed by Togo, with a X% share.

From 2012 to 2023, the average annual growth rate of value to Ghana amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Togo (X% per year).

Export Prices by Country

The average bread and bakery export price stood at $X per ton in 2023, surging by X% against the previous year. Over the period under review, the export price, however, recorded a perceptible curtailment. The pace of growth appeared the most rapid in 2015 an increase of X%. As a result, the export price attained the peak level of $X per ton. From 2016 to 2023, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2023, amid the top suppliers, the country with the highest price was Ghana ($X per ton), while the average price for exports to Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Togo (X%), while the prices for the other major destinations experienced a decline.

Bread And Bakery Imports

Imports into Nigeria

In 2023, overseas purchases of bread and bakery increased by X% to X tons, rising for the second consecutive year after two years of decline. In general, imports showed a significant expansion. The growth pace was the most rapid in 2022 with an increase of X%. Imports peaked in 2023 and are likely to see steady growth in years to come.

In value terms, bread and bakery imports skyrocketed to $X in 2023. Overall, imports saw a significant increase. The most prominent rate of growth was recorded in 2022 when imports increased by X%. Over the period under review, imports hit record highs in 2023 and are likely to continue growth in years to come.

Imports by Country

In 2023, China (X tons) constituted the largest supplier of bread and bakery to Nigeria, accounting for a X% share of total imports. Moreover, bread and bakery imports from China exceeded the figures recorded by the second-largest supplier, the UK (X tons), threefold. South Africa (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2023, the average annual growth rate of volume from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (X% per year) and South Africa (X% per year).

In value terms, China ($X) constituted the largest supplier of bread and bakery to Nigeria, comprising X% of total imports. The second position in the ranking was held by the UK ($X), with a X% share of total imports. It was followed by India, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (X% per year) and India (X% per year).

Import Prices by Country

The average bread and bakery import price stood at $X per ton in 2023, declining by X% against the previous year. Overall, the import price showed a noticeable descent. The pace of growth appeared the most rapid in 2020 when the average import price increased by X%. The import price peaked at $X per ton in 2016; however, from 2017 to 2023, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Indonesia ($X per ton), while the price for South Africa ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform