Nigeria: Beef Market 2024

Beef Market Size in Nigeria

The Nigerien beef market rose slightly to $X in 2022, surging by X% against the previous year. The market value increased at an average annual rate of X% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Beef Production in Nigeria

In value terms, beef production soared to $X in 2022 estimated in export price. In general, production enjoyed a significant expansion. The growth pace was the most rapid in 2020 when the production volume increased by X% against the previous year. Over the period under review, production reached the maximum level at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

In 2022, the average beef yield in Nigeria stood at X kg per head, approximately equating 2021. Over the period under review, the yield continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 with an increase of X% against the previous year. As a result, the yield attained the peak level of X kg per head. From 2014 to 2022, the growth of the average beef yield remained at a somewhat lower figure.

In 2022, approx. X heads of animals slaughtered for beef production in Nigeria; standing approx. at the previous year. Overall, the number of producing animals, however, saw a slight increase. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. Over the period under review, this number reached the maximum level at X heads in 2021, and then reduced slightly in the following year.

Join Us at HANNOVER MESSE 2024

Don’t miss your chance to connect with us directly. Schedule a personal meeting to dive deeper into how solutions.
Hall 002, Stand C10. 22 - 26 April 2024 | Hannover, Germany

Book Your Meeting

Beef Exports

Exports from Nigeria

In 2022, after three years of decline, there was significant decline in overseas shipments of beef (cattle meat), when their volume decreased by X% to X tons. Overall, exports, however, continue to indicate a strong increase. The pace of growth appeared the most rapid in 2017 with an increase of X%. The exports peaked at X tons in 2021, and then reduced dramatically in the following year.

In value terms, beef exports dropped markedly to $X in 2022. Over the period under review, exports, however, recorded resilient growth. The pace of growth was the most pronounced in 2013 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

South Africa (X tons) was the main destination for beef exports from Nigeria, with a approx. X% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to South Africa stood at X%.

In value terms, South Africa ($X) emerged as the key foreign market for beef (cattle meat) exports from Nigeria.

From 2012 to 2022, the average annual rate of growth in terms of value to South Africa totaled X%.

Export Prices by Country

The average beef export price stood at $X per ton in 2022, increasing by X% against the previous year. In general, the export price posted a strong expansion. The most prominent rate of growth was recorded in 2013 an increase of X% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat 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 X% per year.

Beef Imports

Imports into Nigeria

In 2022, beef imports into Nigeria fell remarkably to X tons, waning by X% on the previous year's figure. In general, imports recorded a sharp shrinkage. The pace of growth appeared the most rapid in 2021 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, beef imports reduced notably to $X in 2022. Over the period under review, imports continue to indicate a significant curtailment. The pace of growth was the most pronounced in 2021 with an increase of X%. Over the period under review, imports attained the peak figure at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

Germany (X tons), South Africa (X tons) and the United States (X kg) were the main suppliers of beef imports to Nigeria, with a combined X% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Germany (with a CAGR of X%), while imports for the other leaders experienced a decline.

In value terms, the largest beef suppliers to Nigeria were Germany ($X), South Africa ($X) and the United States ($X), with a combined X% share of total imports.

In terms of the main suppliers, Germany, with a CAGR of X%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2022, the average beef import price amounted to $X per ton, with an increase of X% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 ($X per ton), while the price for the Netherlands ($X 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 (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :