Nigeria: Market for Rusks, Toasted Bread and Similar Toasted Products 2023

Market Size for Rusks, Toasted Bread and Similar Toasted Products in Nigeria

In 2021, after four years of growth, there was significant decline in the Nigerien rusks and toasted bread market, when its value decreased by -15.7% to $X. In general, consumption, however, recorded a resilient increase. Over the period under review, the market reached the maximum level at $X in 2020, and then reduced markedly in the following year.

Production of Rusks, Toasted Bread and Similar Toasted Products in Nigeria

In value terms, rusks and toasted bread production declined significantly to $X in 2021 estimated in export price. In general, production, however, posted a strong expansion. The pace of growth appeared the most rapid in 2017 with an increase of 101%. Rusks and toasted bread production peaked at $X in 2020, and then declined sharply in the following year.

Exports of Rusks, Toasted Bread and Similar Toasted Products

Exports from Nigeria

In 2021, overseas shipments of rusks, toasted bread and similar toasted products increased by 52% to X tons, rising for the second year in a row after three years of decline. Over the period under review, exports showed a significant increase. The growth pace was the most rapid in 2016 with an increase of 2,473%. As a result, the exports reached the peak of X tons. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, rusks and toasted bread exports surged to $X in 2021. Overall, exports showed a significant increase. The pace of growth appeared the most rapid in 2016 when exports increased by 889% against the previous year. As a result, the exports attained the peak of $X. From 2017 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Niger (X tons) was the main destination for rusks and toasted bread exports from Nigeria, with a 94% share of total exports. It was followed by Estonia (X kg), with a 2.8% share of total exports. The third position in this ranking was taken by Georgia (X kg), with a 1.8% share.

From 2012 to 2021, the average annual growth rate of volume to Niger stood at +59.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (0.0% per year) and Georgia (+16.0% per year).

In value terms, Niger ($X) emerged as the key foreign market for rusks, toasted bread and similar toasted products exports from Nigeria, comprising 92% of total exports. The second position in the ranking was taken by Estonia ($X), with a 5.6% share of total exports. It was followed by Georgia, with a 1.4% share.

From 2012 to 2021, the average annual growth rate of value to Niger amounted to +66.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (0.0% per year) and Georgia (+17.5% per year).

Export Prices by Country

In 2021, the average rusks and toasted bread export price amounted to $X per ton, dropping by -18.8% against the previous year. Overall, the export price, however, posted a noticeable increase. The growth pace was the most rapid in 2014 when the average export price increased by 192%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Estonia ($X per ton), while the average price for exports to South Africa ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Cameroon (+342.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Rusks, Toasted Bread and Similar Toasted Products

Imports into Nigeria

In 2021, supplies from abroad of rusks, toasted bread and similar toasted products decreased by -29% to X tons, falling for the second year in a row after two years of growth. Overall, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when imports increased by 180%. As a result, imports reached the peak of X tons. From 2020 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, rusks and toasted bread imports shrank markedly to $X in 2021. In general, imports recorded a noticeable descent. The pace of growth appeared the most rapid in 2019 when imports increased by 139% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

The United States (X tons), France (X tons) and the Netherlands (X tons) were the main suppliers of rusks and toasted bread imports to Nigeria, with a combined 67% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by France (with a CAGR of +64.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, France ($X) constituted the largest supplier of rusks, toasted bread and similar toasted products to Nigeria, comprising 49% of total imports. The second position in the ranking was taken by the United States ($X), with a 19% share of total imports. It was followed by the Netherlands, with a 12% share.

From 2012 to 2021, the average annual growth rate of value from France stood at +69.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+42.6% per year) and the Netherlands (+51.3% per year).

Import Prices by Country

The average rusks and toasted bread import price stood at $X per ton in 2021, with an increase of 11% against the previous year. In general, the import price, however, continues to indicate a pronounced slump. The pace of growth appeared the most rapid in 2013 when the average import price increased by 13%. As a result, import price attained the peak level of $X per ton. From 2014 to 2021, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+2.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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