Nigeria: Breakfast Cereal Market 2024

Breakfast Cereal Market Size in Nigeria

The Nigerien breakfast cereal market reached $X in 2022, increasing by X% against the previous year. In general, the total consumption indicated strong 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. Breakfast cereal consumption peaked at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Breakfast Cereal Production in Nigeria

In value terms, breakfast cereal production rose modestly to $X in 2022 estimated in export price. Over the period under review, the total production indicated a resilient increase 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, production increased by X% against 2019 indices. The growth pace was the most rapid in 2014 with an increase of X%. Over the period under review, production reached the maximum level at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

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Breakfast Cereal Exports

Exports from Nigeria

After two years of decline, shipments abroad of breakfast cereals decreased by X% to X tons in 2022. In general, exports, however, continue to indicate a remarkable increase. The growth pace was the most rapid in 2019 with an increase of X%. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, breakfast cereal exports skyrocketed to $X in 2022. Overall, exports, however, posted a strong expansion. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

The UK (X tons), Ghana (X tons) and Angola (X tons) were the main destinations of breakfast cereal exports from Nigeria, together accounting for X% of total exports.

From 2012 to 2022, the biggest increases were recorded for the UK (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X) emerged as the key foreign market for breakfast cereals exports from Nigeria, comprising X% of total exports. The second position in the ranking was held by the UK ($X), with a X% share of total exports. It was followed by Benin, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Ghana stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (X% per year) and Benin (X% per year).

Export Prices by Country

In 2022, the average breakfast cereal export price amounted to $X per ton, growing by X% against the previous year. Overall, the export price continues to indicate a tangible expansion. The most prominent rate of growth was recorded in 2014 an increase of X%. Over the period under review, the average export prices attained the maximum at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Benin ($X per ton), while the average price for exports to the United States ($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 South Africa (X%), while the prices for the other major destinations experienced more modest paces of growth.

Breakfast Cereal Imports

Imports into Nigeria

In 2022, purchases abroad of breakfast cereals decreased by X% to X tons, falling for the second consecutive year after three years of growth. In general, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, breakfast cereal imports soared to $X in 2022. Overall, imports, however, showed mild growth. The pace of growth was the most pronounced in 2013 with an increase of X% against the previous year. Over the period under review, imports reached the peak figure at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), the UK (X tons) and India (X tons) were the main suppliers of breakfast cereal imports to Nigeria, together comprising X% of total imports. Ghana, Germany, the United States, Egypt and France lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Ghana (with a CAGR of X.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest breakfast cereal suppliers to Nigeria were China ($X), the UK ($X) and India ($X), together accounting for X% of total imports. Ghana, the United States, Egypt, Germany and France lagged somewhat behind, together accounting for a further X%.

Ghana, with a CAGR of X.1%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average breakfast cereal import price amounted to $X per ton, increasing by X% against the previous year. Over the period under review, the import price posted a slight increase. Over the period under review, average import prices reached the peak figure at $X per ton in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Ghana ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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