Nigeria: Market for Cereal Grain Products (Including Corn Flakes) 2024

Market Size for Cereal Grain Products (Including Corn Flakes) in Nigeria

The Nigerien market for cereal grain products (including corn flakes) stood at $X in 2022, rising by X% against the previous year. Overall, consumption recorded a prominent increase. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Production of Cereal Grain Products (Including Corn Flakes) in Nigeria

In value terms, corn flakes and cereal products production rose remarkably to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a strong increase. The growth pace was the most rapid in 2018 when the production volume increased by X%. Corn flakes and cereal products production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Exports of Cereal Grain Products (Including Corn Flakes)

Exports from Nigeria

In 2022, approx. X tons of cereal grain products (including corn flakes) were exported from Nigeria; with an increase of X% against the previous year. In general, exports saw a resilient increase. The pace of growth was the most pronounced in 2015 when exports increased by X% against the previous year. As a result, the exports reached the peak of X tons. From 2016 to 2022, the growth of the exports remained at a lower figure.

In value terms, corn flakes and cereal products exports surged to $X in 2022. Overall, exports posted prominent growth. The pace of growth was the most pronounced in 2015 with an increase of X%. As a result, the exports attained the peak of $X. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

South Africa (X tons) was the main destination for corn flakes and cereal products exports from Nigeria, accounting for a X% share of total exports. Moreover, corn flakes and cereal products exports to South Africa exceeded the volume sent to the second major destination, the UK (X tons), sixfold. Ghana (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to South Africa totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (X% per year) and Ghana (X% per year).

In value terms, South Africa ($X) emerged as the key foreign market for cereal grain products (including corn flakes) exports from Nigeria, comprising X% of total exports. The second position in the ranking was held by Ghana ($X), with a X% share of total exports. It was followed by the UK, with a X% share.

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

Export Prices by Country

In 2022, the average export price for cereal grain products (including corn flakes) amounted to $X per ton, with a decrease of X% against the previous year. Overall, the export price saw a deep downturn. 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 peak figure at $X per ton in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Ghana ($X per ton), while the average price for exports to the United States ($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 a decline.

Imports of Cereal Grain Products (Including Corn Flakes)

Imports into Nigeria

In 2022, supplies from abroad of cereal grain products (including corn flakes) decreased by X% to X tons, falling for the second year in a row after five years of growth. Over the period under review, imports, however, showed a prominent increase. The pace of growth appeared the most rapid in 2020 when imports increased by X% against the previous year. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, corn flakes and cereal products imports soared to $X in 2022. Overall, imports, however, saw a significant increase. The most prominent rate of growth was recorded in 2020 when imports increased by X%. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

In 2022, the UK (X tons) constituted the largest supplier of corn flakes and cereal products to Nigeria, accounting for a X% share of total imports. Moreover, corn flakes and cereal products imports from the UK exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. The third position in this ranking was held by the United States (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from the UK stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and the United States (X% per year).

In value terms, the UK ($X) constituted the largest supplier of cereal grain products (including corn flakes) to Nigeria, comprising X% of total imports. The second position in the ranking was taken by China ($X), with a X% share of total imports. It was followed by the United States, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the UK totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and the United States (X% per year).

Import Prices by Country

In 2022, the average import price for cereal grain products (including corn flakes) amounted to $X per ton, rising by X% against the previous year. Over the period under review, import price indicated a notable expansion from 2012 to 2022: its price 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, corn flakes and cereal products import price increased by X% against 2019 indices. 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 UK ($X per ton), while the price for Australia ($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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