Report Update: Apr 1, 2024

Nigeria - Beef (Cattle Meat) - Market Analysis, Forecast, Size, Trends and Insights

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Beef Price in Nigeria - 2022

Beef Price in Nigeria (FOB) - 2022

In 2022, the average beef export price amounted to $1,289 per ton, jumping by 17% against the previous year. Over the period under review, the export price, however, saw a deep contraction. Over the period under review, the average export prices reached the peak figure at $3,572 per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for South Africa.

From 2012 to 2022, the rate of growth in terms of prices for South Africa amounted to +14.4% per year.

Beef Price in Nigeria (CIF) - 2022

In 2022, the average beef import price amounted to $5,734 per ton, falling by -4.8% against the previous year. Overall, the import price recorded a noticeable slump. The growth pace was the most rapid in 2015 an increase of 18% against the previous year. The import price peaked at $8,515 per ton in 2013; however, from 2014 to 2022, import prices remained at a 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 ($11,069 per ton), while the price for Niger ($408 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+3.9%), while the prices for the other major suppliers experienced a decline.

Beef Exports in Nigeria

In 2022, shipments abroad of beef (cattle meat) decreased by -23.4% to 40 tons for the first time since 2018, thus ending a three-year rising trend. Overall, exports, however, recorded a strong expansion. The growth pace was the most rapid in 2021 when exports increased by 88%. As a result, the exports attained the peak of 53 tons, and then contracted notably in the following year.

In value terms, beef exports fell to $52K in 2022. The total export value increased at an average annual rate of +7.2% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when exports increased by 27%. As a result, the exports reached the peak of $58K, and then dropped in the following year.

Export of Beef in Nigeria (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
South Africa	0.1	31.1	0.1	32.2	585.4%
Hong Kong SAR	N/A	N/A	47.5	N/A	0%
Vietnam	14.3	N/A	N/A	N/A	0%
Myanmar	14.3	N/A	N/A	N/A	0%
Others	13.5	14.9	10.7	19.9	13.8%
Total	42.3	46.0	58.3	52.2	7.3%

Top Export Markets for Beef from Nigeria in 2022:

South Africa (34.8 tons)

Beef Imports in Nigeria

In 2022, approx. 209 tons of beef (cattle meat) were imported into Nigeria; which is down by -19.4% against the year before. Over the period under review, imports continue to indicate a deep contraction. The growth pace was the most rapid in 2021 when imports increased by 64%. As a result, imports reached the peak of 260 tons, and then declined notably in the following year.

In value terms, beef imports contracted significantly to $1.2M in 2022. Overall, imports recorded a deep downturn. The most prominent rate of growth was recorded in 2021 when imports increased by 88% against the previous year.

Import of Beef in Nigeria (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
South Africa	780	308	410	371	-21.9%
Netherlands	99.5	70.4	222	175	20.7%
Italy	105	85.0	183	131	7.7%
Brazil	76.5	66.8	144	93.4	6.9%
United States	265	151	118	78.9	-33.2%
Germany	34.0	17.2	16.6	30.8	-3.2%
Niger	14.1	11.4	9.4	10.1	-10.5%
Luxembourg	67.5	N/A	0.1	N/A	-96.2%
Others	224	125	462	310	11.4%
Total	1,666	835	1,565	1,200	-10.4%

Top Suppliers of Beef to Nigeria in 2022:

Luxembourg (undefined tons)
South Africa (61.2 tons)
Netherlands (35.0 tons)
Niger (24.7 tons)
Brazil (22.1 tons)
Italy (18.1 tons)
United States (7.1 tons)
Germany (5.3 tons)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the beef market in Nigeria. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

FCL 947 - Buffalo meat
FCL 867 - Meat of cattle

Country coverage:

Nigeria

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Nigeria
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. COUNTRIES WITH TOP YIELDS
4. TOP EXPORTING COUNTRIES
5. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION, PRODUCING ANIMALS AND YIELD
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Yield And Growth
16. Exports And Growth
17. Export Prices And Growth
18. Market Size And Growth
19. Per Capita Consumption
20. Imports And Growth
21. Import Prices
22. Production, In Physical Terms, 2012–2023
23. Production, In Value Terms, 2012–2023
24. Producing Animals Slaughtered, 2012–2023
25. Yield, 2012–2023
26. Imports, In Physical Terms, 2012–2023
27. Imports, In Value Terms, 2012–2023
28. Imports, In Physical Terms, By Country, 2023
29. Imports, In Physical Terms, By Country, 2012–2023
30. Imports, In Value Terms, By Country, 2012–2023
31. Import Prices, By Country Of Origin, 2012–2023
32. Exports, In Physical Terms, 2012–2023
33. Exports, In Value Terms, 2012–2023
34. Exports, In Physical Terms, By Country, 2023
35. Exports, In Physical Terms, By Country, 2012–2023
36. Exports, In Value Terms, By Country, 2012–2023
37. Export Prices, By Country Of Destination, 2012–2023