Nigeria: Market for Condensed Or Evaporated Milk (Sweetened) 2024

Market Size for Condensed Or Evaporated Milk (Sweetened) in Nigeria

The Nigerien market for condensed or evaporated milk (sweetened) surged to $X in 2022, jumping by 85% against the previous year. In general, consumption, however, continues to indicate a abrupt decrease. Sweetened condensed and evaporated milk consumption peaked at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Production of Condensed Or Evaporated Milk (Sweetened) in Nigeria

In value terms, sweetened condensed and evaporated milk production reduced to $X in 2022 estimated in export price. Overall, production, however, showed a slight reduction. The growth pace was the most rapid in 2013 with an increase of 21%. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

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

Exports of Condensed Or Evaporated Milk (Sweetened)

Exports from Nigeria

In 2022, shipments abroad of condensed or evaporated milk (sweetened) was finally on the rise to reach X tons for the first time since 2018, thus ending a three-year declining trend. Overall, exports, however, continue to indicate a abrupt contraction. Over the period under review, the exports reached the maximum at X tons in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, sweetened condensed and evaporated milk exports skyrocketed to $X in 2022. In general, exports, however, faced a deep contraction. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Ghana (X tons) was the main destination for sweetened condensed and evaporated milk exports from Nigeria, accounting for a 96% share of total exports. It was followed by Cote d'Ivoire (X tons), with a 1.2% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Ghana stood at +6.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cote d'Ivoire (-33.5% per year) and Burkina Faso (-36.7% per year).

In value terms, Ghana ($X) remains the key foreign market for condensed or evaporated milk (sweetened) exports from Nigeria, comprising 88% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 10% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Ghana amounted to -5.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cote d'Ivoire (-23.1% per year) and Burkina Faso (-45.1% per year).

Export Prices by Country

In 2022, the average export price for condensed or evaporated milk (sweetened) amounted to $X per ton, with a decrease of -18.2% against the previous year. In general, the export price recorded a deep setback. The most prominent rate of growth was recorded in 2013 an increase of 27%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per ton), while the average price for exports to Burkina Faso ($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 Cote d'Ivoire (+15.6%), while the prices for the other major destinations experienced a decline.

Imports of Condensed Or Evaporated Milk (Sweetened)

Imports into Nigeria

In 2022, the amount of condensed or evaporated milk (sweetened) imported into Nigeria surged to X tons, increasing by 160% against 2021 figures. In general, imports, however, continue to indicate a abrupt downturn. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, sweetened condensed and evaporated milk imports surged to $X in 2022. Overall, imports, however, faced a deep setback. The pace of growth appeared the most rapid in 2020 when imports increased by 252% against the previous year. Over the period under review, imports reached the maximum at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

Barbados (X tons), Saudi Arabia (X tons) and the Netherlands (X tons) were the main suppliers of sweetened condensed and evaporated milk imports to Nigeria, together comprising 91% of total imports. Indonesia, Togo, Niger and Belgium lagged somewhat behind, together comprising a further 5%.

From 2012 to 2022, the biggest increases were recorded for Niger (with a CAGR of +26.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Barbados ($X) constituted the largest supplier of condensed or evaporated milk (sweetened) to Nigeria, comprising 63% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a 21% share of total imports. It was followed by the Netherlands, with a 7.5% share.

From 2012 to 2022, the average annual growth rate of value from Barbados was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Saudi Arabia (+20.2% per year) and the Netherlands (-17.4% per year).

Import Prices by Country

In 2022, the average import price for condensed or evaporated milk (sweetened) amounted to $X per ton, reducing by -2.6% against the previous year. In general, the import price recorded a noticeable decrease. The most prominent rate of growth was recorded in 2020 when the average import price increased by 75% against the previous year. The import price peaked at $X per ton in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

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 Belgium ($X per ton), while the price for Niger ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Niger (+1.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :