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

Nigeria: Ghee Market Overview 2019

Ghee Market Size in Nigeria

The revenue of the ghee market in Nigeria amounted to $X in 2017, jumping by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, ghee consumption continues to indicate an abrupt deduction. The growth pace was the most rapid in 2014, when it surged by X% against the previous year. Over the period under review, the ghee market reached its peak figure level of $X in 2007; however, from 2008 to 2017, it failed to regain its momentum.

Ghee Exports

Exports from Nigeria

In 2017, approx. X kg of ghee were exported from Nigeria; shrinking by -X% against the previous year. In general, ghee exports continue to indicate a dramatic contraction. The pace of growth appeared the most rapid in 2008, with an increase of -X% y-o-y. The exports peaked of X tonnes in 2007; however, from 2008 to 2017, it stood at a somewhat lower level.

In value terms, ghee exports totaled $X in 2017. Overall, ghee exports continue to indicate a sharp reduction. Over the period under review, the ghee exports attained its maximum level of $X in 2007; however, from 2008 to 2017, it failed to regain its momentum.

Exports by Country

The Netherlands (X kg) was the main destination of ghee exports from Nigeria, with a X% share of total exports. Moreover, ghee exports to the Netherlands exceeded the volume sent to the second major destination, Belgium (X kg), twofold.

From 2007 to 2017, the average annual rate of growth in terms of volume to the Netherlands stood at -X%.

In value terms, the Netherlands ($X) remains the key foreign market for ghee exports from Nigeria, making up X% of total ghee exports. The second position in the ranking was occupied by Belgium ($X), with a X% share of total exports.

From 2007 to 2017, the average annual growth rate of value to the Netherlands stood at -X%.

Export Prices by Country

The average ghee export price stood at $X per tonne in 2017, picking up by X% against the previous year. In general, ghee export price continues to indicate a strong increase. The growth pace was the most rapid in 2012, an increase of X% year-to-year. Over the period under review, the average export prices for ghee attained its maximum level in 2017, and is likely to see steady growth in the immediate term.

Average export prices varied somewhat for the major foreign markets. In 2017, the country with the highest export price was the Netherlands ($X per tonne), while average price for exports to Belgium totaled $X per tonne.

From 2007 to 2017, the most notable rate of growth in terms of export prices was recorded for supplies to the Netherlands (+X% per year).

Ghee Imports

Imports into Nigeria

In 2017, the amount of ghee imported into Nigeria amounted to X tonnes, dropping by -X% against the previous year. In general, ghee imports continue to indicate a drastic reduction. The pace of growth appeared the most rapid in 2014, when it surged by X% against the previous year. The imports peaked of X tonnes in 2007; however, from 2008 to 2017, it stood at a somewhat lower level.

In value terms, ghee imports stood at $X in 2017. Overall, ghee imports continue to indicate a drastic drop. Over the period under review, the ghee imports attained its maximum level of $X in 2007; however, from 2008 to 2017, it failed to regain its momentum.

Imports by Country

In 2017, New Zealand (X tonnes) constituted the largest ghee supplier to Nigeria, accounting for X% share of total imports. Moreover, ghee imports from New Zealand exceeded the figures recorded by the second largest supplier, the Netherlands (X tonnes), twofold. The third position in this ranking was occupied by Barbados (X tonnes), with a X% share.

From 2007 to 2017, the average annual rate of growth in terms of volume from New Zealand stood at -X%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-X% per year) and Barbados (-X% per year).

In value terms, largest ghee suppliers to Nigeria were New Zealand ($X), Barbados ($X) and the Netherlands ($X), together accounting for X% of total imports. These countries were followed by Indonesia, Belize, Pakistan and Austria, which together accounted for a further X%.

Belize (+X% per year) recorded the highest growth rate of imports,in terms of the main suppliers over the last decade, while the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2017, the average ghee import price amounted to $X per tonne, rising by X% against the previous year. In general, ghee import price continues to indicate a strong growth. The most prominent rate of growth was recorded in 2010, when the average import price increased by X% year-to-year. Over the period under review, the average import prices for ghee reached its peak figure level of $X per tonne in 2011; however, from 2012 to 2017, it stood at a somewhat lower level.

There were significant differences in the average import prices amongst the major supplying countries. In 2017, the country with the highest import price was Barbados ($X per tonne), while price for Indonesia ($X per tonne) was amongst the lowest.

From 2007 to 2017, the most notable rate of growth in terms of import prices was attained by Barbados (+X% per year), the import prices for other major suppliers experienced more modest paces of growth.

Source: IndexBox AI Platform