Butter And Ghee Market in Nigeria
In value terms, butter and ghee production soared to $ in estimated in export prices. Over the period under review, the total production indicated a measured expansion from 2007 to : its value increased at an average annual rate of +% over the last thirteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, production increased by +% against 2017 indices. As a result, production attained the peak level and is likely to continue growth in the immediate term.
The size of the butter and ghee market in Nigeria skyrocketed to $ in , surging by % 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, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market reached the peak level at $ in 2011; however, from 2012 to , consumption stood at a somewhat lower figure.
From 2007 to , the average annual rate of growth in terms of the volume of consumption of butter and dairy spreads stood at +%.
In value terms, butter and dairy spreads ($) led the market, alone. The second position in the ranking was occupied by ghee ($).
From 2007 to , the average annual rate of growth in terms of the market volume of butter and dairy spreads totaled +%.