Nigeria: Preserved Beef Market 2024

Preserved Beef Market Size in Nigeria

The Nigerien preserved beef market rose sharply to $X in 2022, increasing by X% against the previous year. Overall, the total consumption indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by X% against 2020 indices. Preserved beef consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Preserved Beef Production in Nigeria

In value terms, preserved beef production totaled $X in 2022 estimated in export price. Over the period under review, production continues to indicate a buoyant increase. The growth pace was the most rapid in 2016 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2022, production growth remained at a lower figure.

Preserved Beef Exports

Exports from Nigeria

In 2022, shipments abroad of beef and veal (salted, in brine, dried or smoked) increased by X% to X kg, rising for the second year in a row after two years of decline. Over the period under review, exports recorded a strong expansion. The growth pace was the most rapid in 2018 with an increase of X% against the previous year. As a result, the exports reached the peak of X kg. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, preserved beef exports surged to $X in 2022. In general, exports posted a significant increase. The most prominent rate of growth was recorded in 2017 with an increase of X%. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates (X kg), Botswana (X kg) and Ireland (X kg) were the main destinations of preserved beef exports from Nigeria, together comprising X% of total exports. Moreover, preserved beef exports in the United Arab Emirates exceeded the figures recorded by the second-largest exporter, Botswana, twofold.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United Arab Emirates (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) remains the key foreign market for beef and veal (salted, in brine, dried or smoked) exports from Nigeria, comprising X% of total exports. The second position in the ranking was taken by Ireland ($X), with a X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the United Arab Emirates stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ireland (X% per year) and Botswana (X% per year).

Export Prices by Country

In 2022, the average preserved beef export price amounted to $X per ton, declining by X% against the previous year. Over the period under review, the export price, however, saw prominent growth. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Botswana ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (X%).

Preserved Beef Imports

Imports into Nigeria

In 2022, approx. X kg of beef and veal (salted, in brine, dried or smoked) were imported into Nigeria; declining by X% compared with 2021 figures. Over the period under review, imports recorded a precipitous decline. The pace of growth was the most pronounced in 2017 with an increase of X%. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, preserved beef imports shrank significantly to $X in 2022. In general, imports saw a sharp downturn. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the United States (X kg) was the main supplier of preserved beef to Nigeria, accounting for a approx. X% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from the United States totaled X%.

In value terms, the United States ($X) constituted the largest supplier of beef and veal (salted, in brine, dried or smoked) to Nigeria.

From 2012 to 2022, the average annual growth rate of value from the United States amounted to X%.

Import Prices by Country

In 2022, the average preserved beef import price amounted to $X per ton, which is down by X% against the previous year. Over the period under review, the import price saw a mild decline. The pace of growth appeared the most rapid in 2014 an increase of X%. Over the period under review, average import prices attained the peak figure at $X per ton in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

As there is only one major supplying country, the average price level is determined by prices for the United States.

From 2012 to 2022, the rate of growth in terms of prices for Italy amounted to X% per year.

Source: IndexBox Platform

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