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

Nigeria: Almond Market Overview 2020

Almond Market Size in Nigeria

The revenue of the almond market in Nigeria amounted to $X in 2018, picking up by X% against the previous year. Overall, almond consumption, however, continues to indicate a sharp drop. The pace of growth appeared the most rapid in 2015 with an increase of X% y-o-y. Over the period under review, the almond market reached its maximum level at $X in 2007; however, from 2008 to 2018, consumption stood at a somewhat lower figure.

Almond Production in Nigeria

In value terms, almond production totaled $X in 2018 estimated in export prices. In general, the total output indicated a modest expansion from 2007 to 2018: its value increased at an average annual rate of +X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2018 figures, almond production decreased by -X% against 2014 indices. The pace of growth was the most pronounced in 2014 with an increase of X% year-to-year. In that year, almond production attained its peak level of $X. From 2015 to 2018, almond production growth failed to regain its momentum.

Average yield of almonds in Nigeria totaled X kg per ha in 2018, remaining relatively unchanged against the previous year. Over the period under review, the almond yield continues to indicate a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2018, the almond harvested area in Nigeria totaled X ha, therefore, remained relatively stable against the previous year. In general, the almond harvested area continues to indicate a relatively flat trend pattern.

Almond Exports

Exports from Nigeria

Almond exports from Nigeria amounted to X tonnes in 2018, standing approx. at the previous year. Over the period under review, almond exports continue to indicate a slight increase. The pace of growth appeared the most rapid in 2014 when exports increased by X% year-to-year. In that year, almond exports attained their peak of X tonnes. From 2015 to 2018, the growth of almond exports remained at a somewhat lower figure.

In value terms, almond exports stood at $X in 2018. Overall, almond exports continue to indicate a slight setback. The growth pace was the most rapid in 2014 when exports increased by X% year-to-year. In that year, almond exports attained their peak of $X. From 2015 to 2018, the growth of almond exports failed to regain its momentum.

Exports by Country

India (X tonnes) was the main destination for almond exports from Nigeria, with a X% share of total exports. Moreover, almond exports to India exceeded the volume sent to the second major destination, Belgium (X kg), threefold.

From 2007 to 2018, the average annual rate of growth in terms of volume to India amounted to +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (-X% per year) and Ireland (+X% per year).

In value terms, the largest markets for almond exported from Nigeria were India ($X), Belgium ($X) and Ireland ($X), with a combined X% share of total exports.

Among the main countries of destination, Ireland (+X% per year) recorded the highest growth rate of exports, over the last eleven years, while the other leaders experienced mixed trend patterns.

Export Prices by Country

The average almond export price stood at $X per tonne in 2018, waning by -X% against the previous year. Over the period under review, the almond export price continues to indicate a measured shrinkage. The pace of growth was the most pronounced in 2014 an increase of X% y-o-y. In that year, the average export prices for almonds attained their peak level of $X per tonne. From 2015 to 2018, the growth in terms of the average export prices for almonds remained at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2018, the country with the highest price was Belgium ($X per tonne), while the average price for exports to Ireland ($X per tonne) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was recorded for supplies to Belgium, while the prices for the other major destinations experienced a decline.

Almond Imports

Imports into Nigeria

In 2018, the amount of almonds imported into Nigeria amounted to X kg, jumping by X% against the previous year. Over the period under review, almond imports, however, continue to indicate a dramatic descent. The pace of growth appeared the most rapid in 2018 with an increase of X% y-o-y. Over the period under review, almond imports attained their peak figure at X tonnes in 2007; however, from 2008 to 2018, imports remained at a lower figure.

In value terms, almond imports totaled $X in 2018. In general, almond imports, however, continue to indicate a moderate decline. The most prominent rate of growth was recorded in 2018 when imports increased by X% year-to-year. Over the period under review, almond imports reached their peak figure at $X in 2007; however, from 2008 to 2018, imports failed to regain their momentum.

Imports by Country

In 2018, the UK (X kg) constituted the largest almond supplier to Nigeria, with a X% share of total imports. Moreover, almond imports from the UK exceeded the figures recorded by the second-largest supplier, Lebanon (X kg), threefold. India (X kg) ranked third in terms of total imports with a X% share.

From 2007 to 2018, the average annual rate of growth in terms of volume from the UK totaled -X%. The remaining supplying countries recorded the following average annual rates of imports growth: Lebanon (+X% per year) and India (-X% per year).

In value terms, the largest almond suppliers to Nigeria were Lebanon ($X), the UK ($X) and India ($X), together comprising X% of total imports.

In terms of the main suppliers, India (+X% per year) recorded the highest rates of growth with regard to imports, over the last eleven-year period, while the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2018, the average almond import price amounted to $X per tonne, waning by -X% against the previous year. In general, the almond import price, however, continues to indicate a skyrocketing expansion. The growth pace was the most rapid in 2009 an increase of X% against the previous year. The import price peaked at $X per tonne in 2017, and then declined slightly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2018, the country with the highest price was China ($X per tonne), while the price for the UK ($X per tonne) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by India (+X% per year), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox AI Platform