Nigeria - Beef (Cattle Meat) - Market Analysis, Forecast, Size, Trends and Insights
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View PricingBeef Price in Nigeria - 2022
Contents:
- Beef Price in Nigeria (FOB) - 2022
- Beef Price in Nigeria (CIF) - 2022
- Beef Exports in Nigeria
- Beef Imports in Nigeria
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)
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.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
-
2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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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- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- COUNTRIES WITH TOP YIELDS
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION, PRODUCING ANIMALS AND YIELD
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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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
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Yield And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Producing Animals Slaughtered, 2012–2023
- Yield, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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