Report Update: May 1, 2024

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

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Nuts Price in Nigeria - 2022

Nuts Price in Nigeria (FOB) - 2022

In 2022, the average nuts export price amounted to $939 per ton, approximately mirroring the previous year. In general, the export price recorded a abrupt descent. The pace of growth appeared the most rapid in 2020 an increase of 3.8% against the previous year. The export price peaked at $2,386 per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Vietnam ($1,074 per ton), while the average price for exports to India stood at $733 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to India (-8.2%).

Nuts Price in Nigeria (CIF) - 2022

In 2022, the average nuts import price amounted to $1,484 per ton, declining by -55.7% against the previous year. Over the period under review, the import price saw a deep reduction. The pace of growth appeared the most rapid in 2018 when the average import price increased by 49% against the previous year. Over the period under review, average import prices hit record highs at $6,396 per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Ghana ($2,653 per ton), while the price for Spain ($865 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (-6.1%), while the prices for the other major suppliers experienced a decline.

Nuts Exports in Nigeria

In 2022, approx. 172K tons of nuts were exported from Nigeria; increasing by 3.2% compared with 2021 figures. Over the period under review, exports posted a significant increase. The most prominent rate of growth was recorded in 2021 when exports increased by 77% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

In value terms, nuts exports expanded slightly to $162M in 2022. In general, exports enjoyed a significant expansion. The growth pace was the most rapid in 2021 with an increase of 56%. The exports peaked in 2022 and are likely to see gradual growth in the near future.

Export of Nuts in Nigeria (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Vietnam	44.8	61.6	40.1	86.0	24.3%
India	14.3	14.2	8.9	65.5	66.1%
Others	23.6	25.2	109	10.3	-24.1%
Total	82.7	101	158	162	25.1%

Top Export Markets for Nuts from Nigeria in 2022:

India (89.3K tons)
Vietnam (80.1K tons)

Nuts Imports in Nigeria

Nuts imports into Nigeria surged to 15K tons in 2022, jumping by 3,284% compared with 2021. Over the period under review, imports continue to indicate significant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, nuts imports surged to $22M in 2022. In general, imports showed significant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Import of Nuts in Nigeria (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
China	0.2	N/A	0.2	19.6	361.0%
South Africa	N/A	N/A	0.2	1.1	450.0%
Spain	N/A	N/A	N/A	0.4	0%
Ghana	0.9	N/A	N/A	0.3	-30.7%
Others	0.1	0.1	1.1	0.9	108.0%
Total	1.2	0.1	1.5	22.3	164.9%

Top Suppliers of Nuts to Nigeria in 2022:

China (13.6K tons)
South Africa (0.6K tons)
Spain (0.5K tons)
Ghana (0.1K tons)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the nuts market in Nigeria. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

FCL 221 - Almonds
FCL 223 - Pistachios
FCL 222 - Walnuts
FCL 220 - Chestnuts
FCL 217 - Cashew nuts
FCL 225 - Hazelnuts (Filberts)
FCL 216 - Brazil nuts
FCL 234 - Nuts nes
FCL 224 - Kolanuts
FCL 226 - Areca nuts

Country coverage:

Nigeria

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Nigeria
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. COUNTRIES WITH TOP YIELDS
4. TOP EXPORTING COUNTRIES
5. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION, HARVESTED AREA AND YIELD
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Yield And Growth
16. Exports And Growth
17. Export Prices And Growth
18. Market Size And Growth
19. Per Capita Consumption
20. Imports And Growth
21. Import Prices
22. Production, In Physical Terms, 2012–2023
23. Production, In Value Terms, 2012–2023
24. Area Harvested, 2012–2023
25. Yield, 2012–2023
26. Imports, In Physical Terms, 2012–2023
27. Imports, In Value Terms, 2012–2023
28. Imports, In Physical Terms, By Country, 2023
29. Imports, In Physical Terms, By Country, 2012–2023
30. Imports, In Value Terms, By Country, 2012–2023
31. Import Prices, By Country Of Origin, 2012–2023
32. Exports, In Physical Terms, 2012–2023
33. Exports, In Value Terms, 2012–2023
34. Exports, In Physical Terms, By Country, 2023
35. Exports, In Physical Terms, By Country, 2012–2023
36. Exports, In Value Terms, By Country, 2012–2023
37. Export Prices, By Country Of Destination, 2012–2023