Nigeria - Spices - Market Analysis, Forecast, Size, Trends and Insights
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View PricingSpice Price in Nigeria - 2022
Contents:
- Spice Price in Nigeria (CIF) - 2022
- Spice Price in Nigeria (FOB) - 2022
- Spice Imports in Nigeria
- Spice Exports in Nigeria
Spice Price in Nigeria (CIF) - 2022
The average spice import price stood at $1,676 per ton in 2022, reducing by -9.8% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 an increase of 49%. As a result, import price attained the peak level of $4,710 per ton. From 2017 to 2022, the average import prices remained at a somewhat lower figure.
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 Morocco ($3,974 per ton), while the price for the UK ($1,288 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Morocco (+13.1%), while the prices for the other major suppliers experienced more modest paces of growth.
Spice Price in Nigeria (FOB) - 2022
In 2022, the average spice export price amounted to $1,090 per ton, with an increase of 11% against the previous year. In general, the export price, however, saw a abrupt curtailment. The pace of growth was the most pronounced in 2020 when the average export price increased by 49%. Over the period under review, the average export prices reached the peak figure at $3,207 per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.
There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Vietnam ($1,895 per ton), while the average price for exports to Ghana ($115 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 South Africa (+1.3%), while the prices for the other major destinations experienced mixed trend patterns.
Spice Imports in Nigeria
Spice imports into Nigeria surged to 26K tons in 2022, growing by 89% against 2021. Overall, imports showed a remarkable increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.
In value terms, spice imports surged to $44M in 2022. In general, imports continue to indicate a significant increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.
| Import of Spice in Nigeria (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 6.1 | 2.9 | 4.1 | 13.0 | 28.7% |
| United Kingdom | 0.2 | 0.1 | 1.2 | 12.0 | 291.5% |
| India | 7.9 | 15.0 | 8.2 | 8.1 | 0.8% |
| France | 2.6 | 3.4 | 4.4 | 3.0 | 4.9% |
| Morocco | 1.9 | 2.8 | 2.1 | 2.4 | 8.1% |
| Spain | N/A | 0.2 | 1.0 | 1.3 | 155.0% |
| Lebanon | N/A | N/A | 0.2 | 0.6 | 200.0% |
| United Arab Emirates | 0.6 | 1.6 | 1.2 | N/A | 41.4% |
| Others | 1.9 | 2.9 | 3.6 | 3.7 | 24.9% |
| Total | 21.2 | 28.8 | 25.9 | 44.1 | 27.7% |
Top Suppliers of Spice to Nigeria in 2022:
- United Arab Emirates (undefinedK tons)
- China (9.5K tons)
- United Kingdom (9.3K tons)
- India (3.2K tons)
- France (0.9K tons)
- Spain (0.7K tons)
- Morocco (0.6K tons)
- Lebanon (0.4K tons)
Spice Exports in Nigeria
In 2022, approx. 49K tons of spices were exported from Nigeria; with an increase of 141% against the previous year. Overall, exports saw a significant expansion. The growth pace was the most rapid in 2020 when exports increased by 219% against the previous year. The exports peaked in 2022 and are likely to continue growth in the immediate term.
In value terms, spice exports soared to $54M in 2022. Over the period under review, exports showed a significant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 374%. Over the period under review, the exports attained the peak figure in 2022 and are likely to see steady growth in years to come.
| Export of Spice in Nigeria (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| India | 0.3 | 1.7 | 4.7 | 12.0 | 242.0% |
| United Arab Emirates | 1.5 | 6.6 | 6.8 | 8.8 | 80.4% |
| Sudan | N/A | 0.7 | 2.1 | 7.8 | 233.8% |
| Germany | N/A | 0.2 | 0.7 | 6.4 | 465.7% |
| Vietnam | 0.2 | 0.4 | 0.4 | 2.9 | 143.8% |
| Netherlands | N/A | 0.3 | 0.4 | 2.6 | 194.4% |
| United States | 0.2 | 0.2 | 0.5 | 2.0 | 115.4% |
| South Africa | N/A | 0.5 | 0.6 | 1.4 | 67.3% |
| Saudi Arabia | N/A | 0.3 | 0.5 | 1.3 | 108.2% |
| United Kingdom | N/A | 0.1 | 0.3 | 0.8 | 182.8% |
| Ghana | N/A | N/A | N/A | 0.1 | 0% |
| Others | 0.2 | 1.2 | 3.1 | 7.3 | 231.7% |
| Total | 2.6 | 12.2 | 20.0 | 53.5 | 174.0% |
Top Export Markets for Spice from Nigeria in 2022:
- India (14.1K tons)
- Sudan (9.2K tons)
- United Arab Emirates (6.0K tons)
- Germany (4.9K tons)
- Netherlands (2.5K tons)
- Vietnam (1.5K tons)
- United States (1.2K tons)
- Ghana (1.0K tons)
- Saudi Arabia (0.8K tons)
- South Africa (0.8K tons)
- United Kingdom (0.8K tons)
This report provides an in-depth analysis of the spice 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 687 - Pepper
- FCL 689 - Pimento
- FCL 692 - Vanilla
- FCL 693 - Cinnamon (canella)
- FCL 698 - Cloves
- FCL 702 - Nutmeg, mace, cardamoms
- FCL 711 - Anise, badian, fennel
- FCL 720 - Ginger
- FCL 723 - Spices nes
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.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
-
2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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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- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- COUNTRIES WITH TOP YIELDS
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION, HARVESTED AREA AND YIELD
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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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
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Yield And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Area Harvested, 2012–2023
- Yield, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
3757
This report provides an in-depth analysis of the spice market in Nigeria.
931
This report provides an in-depth analysis of the piper pepper market in Nigeria.
572
This report provides an in-depth analysis of the pimenta pepper market in Nigeria.
5027
This report provides an in-depth analysis of the global spice market.
6748
This report provides an in-depth analysis of the global piper pepper market.
901
This report provides an in-depth analysis of the global pimenta pepper market.
3757
This report provides an in-depth analysis of the spice market in Nigeria.
931
This report provides an in-depth analysis of the piper pepper market in Nigeria.
572
This report provides an in-depth analysis of the pimenta pepper market in Nigeria.
5027
This report provides an in-depth analysis of the global spice market.
502
Explore the top import markets for spice worldwide, including the United States, India, China, Germany, and the United Arab Emirates. Discover key statistics and market insights from the IndexBox market intelligence platform.
409
The global spice market is forecast to reach a value of $54.1 billion by 2030, growing at a CAGR of around 4.1% during 2022-2030.
3098
The global spice market is expected to grow at a CAGR of over 3.5% from 2022 to 2025.
1095
Among leading importers, China, India, and the U.S. saw the highest growth rates of imports over the past decade.
766
The lockdown caused a surge in household demand, and the costs of some spices were going through the roof during the pandemic.
1169
The global spice market amounted to $33.1B in 2019, leveling off at the previous year. This figure reflects the total...
1120
Driven by increasing demand for pepper worldwide, the market is expected to continue an upward consumption trend over the next seven-year period.
5004
Global pepper consumption amounted to X thousand tons in 2015, going down by -X% against the previous year level.
6413
Global pepper imports amounted to X thousand tons in 2015, picking up by +X% against the previous year level.
1167
The global pepper market showed steady growth, rising from X thousand tons in 2007 to X thousand tons in 2015.
