Report Update Apr 1, 2024

Nigeria - Butter - Market Analysis, Forecast, Size, Trends and Insights

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Nigeria: Butter Market 2024

Butter Market Size in Nigeria

The Nigerien butter market totaled $X in 2022, approximately mirroring the previous year. In general, consumption continues to indicate a abrupt setback. Butter consumption peaked at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Butter Production in Nigeria

In value terms, butter production expanded remarkably to $X in 2022 estimated in export price. In general, production, however, faced a abrupt descent. The most prominent rate of growth was recorded in 2020 when the production volume increased by X% against the previous year. Butter production peaked at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

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Butter Exports

Exports from Nigeria

In 2022, the amount of butter exported from Nigeria surged to X tons, increasing by X% compared with 2021. Overall, exports recorded resilient growth. The pace of growth was the most pronounced in 2019 when exports increased by X%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, butter exports soared to $X in 2022. In general, exports recorded a perceptible increase. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are likely to see gradual growth in the near future.

Exports by Country

The United States (X tons) was the main destination for butter exports from Nigeria, with a approx. X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States amounted to X%.

In value terms, the United States ($X) also remains the key foreign market for butter exports from Nigeria.

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

Export Prices by Country

The average butter export price stood at $X per ton in 2022, growing by X% against the previous year. In general, the export price, however, showed a deep contraction. The pace of growth appeared the most rapid in 2020 when the average export price increased by X%. Over the period under review, the average export prices hit record highs at $X per ton in 2015; however, from 2016 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 the United States.

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

Butter Imports

Imports into Nigeria

In 2022, purchases abroad of butter decreased by X% to X tons, falling for the second consecutive year after four years of growth. Overall, imports saw a abrupt decrease. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, butter imports reduced to $X in 2022. Over the period under review, imports showed a abrupt slump. The pace of growth appeared the most rapid in 2020 with an increase of X% against the previous year. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, France (X tons) constituted the largest butter supplier to Nigeria, accounting for a X% share of total imports. Moreover, butter imports from France exceeded the figures recorded by the second-largest supplier, China (X tons), fourfold. The third position in this ranking was taken by Denmark (X tons), with an X% share.

From 2012 to 2022, the average annual growth rate of volume from France totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Denmark (X% per year).

In value terms, France ($X) constituted the largest supplier of butter to Nigeria, comprising X% of total imports. The second position in the ranking was held by Denmark ($X), with a X% share of total imports. It was followed by Italy, with a X% share.

From 2012 to 2022, the average annual growth rate of value from France stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Denmark (X% per year) and Italy (X% per year).

Import Prices by Country

The average butter import price stood at $X per ton in 2022, growing by X% against the previous year. In general, the import price recorded a modest increase. The pace of growth appeared the most rapid in 2014 an increase of X%. As a result, import price reached the peak level of $X per ton. From 2015 to 2022, the average 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 Italy ($X per ton), while the price for China ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for butter in the world?

The countries with the highest volumes of consumption in 2023 were the United States, France and Germany, with a combined 33% share of global consumption. Russia, New Zealand, Turkey, the UK, Iran, China, Poland, Canada, the Netherlands and Brazil lagged somewhat behind, together comprising a further 33%.

What are the largest producers of butter in the world?

The countries with the highest volumes of production in 2022 were the United States, Germany and New Zealand, with a combined 32% share of global production. France, Ireland, Russia, Turkey, Poland, the Netherlands, the UK, Iran, Belgium and Belarus lagged somewhat behind, together accounting for a further 38%.

What are the leading suppliers of butter to Nigeria?

In value terms, France constituted the largest supplier of butter to Nigeria, comprising 57% of total imports. The second position in the ranking was held by Denmark, with a 21% share of total imports. It was followed by Italy, with a 6.7% share.

What are the leading importers of butter from Nigeria?

In value terms, the United States remains the key foreign market for butter exports from Nigeria.

What is the average export price for butter in Nigeria?

In 2022, the average butter export price amounted to $1,754 per ton, jumping by 31% against the previous year.

What is the average import price for butter in Nigeria?

In 2022, the average butter import price amounted to $2,707 per ton, increasing by 29% against the previous year.

This report provides an in-depth analysis of the butter 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 886 - Butter of Cow Milk

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. TOP EXPORTING COUNTRIES
4. 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 VOLUME AND VALUE
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. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023