Nigeria: Areca Nut Market 2022

Areca Nut Market Size in Nigeria

For the third year in a row, the Nigerien areca nut market recorded decline in sales value, which decreased by -X% to $X in 2020. Over the period under review, consumption continues to indicate a significant decrease. The most prominent rate of growth was recorded in 2017 when the market value increased by X% against the previous year. As a result, consumption attained the peak level of $X. from 2018 to 2020, the growth of the market remained at a lower figure.

Areca Nut Production in Nigeria

In value terms, areca nut production fell to $X in 2020 estimated in export prices. In general, production showed a slight downturn. The pace of growth appeared the most rapid in 2017 with an increase of X% year-to-year. As a result, production attained the peak level of $X. from 2018 to 2020, production growth remained at a somewhat lower figure.

In 2020, the average yield of areca nuts in Nigeria stood at X kg per ha, stabilizing at the year before. Overall, the 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 2020, the harvested area of areca nuts in Nigeria stood at X ha, leveling off at 2019. Over the period under review, the harvested area continues to indicate a relatively flat trend pattern.

Areca Nut Exports

Exports from Nigeria

For the third year in a row, Nigeria recorded growth in overseas shipments of areca nuts, which increased by X% to X tonnes in 2020. Over the period under review, exports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2016 when exports increased by X% year-to-year. Over the period under review, exports attained the peak figure in 2020 and are likely to see steady growth in the near future.

In value terms, areca nut exports skyrocketed to $X in 2020. In general, exports continue to indicate significant growth. The pace of growth was the most pronounced in 2016 with an increase of X% year-to-year. Exports peaked in 2020 and are likely to continue growth in years to come.

Exports by Country

The UK (X tonnes) was the main destination for areca nut exports from Nigeria, with a approx. X% share of total exports.

From 2012 to 2020, the average annual rate of growth in terms of volume to the UK amounted to +X%.

In value terms, the UK ($X) also remains the key foreign market for areca nut exports from Nigeria.

From 2012 to 2020, the average annual growth rate of value to the UK totaled +X%.

Export Prices by Country

In 2020, the average areca nut export price amounted to $X per tonne, dropping by -X% against the previous year. Overall, the export price saw a abrupt curtailment. The most prominent rate of growth was recorded in 2017 an increase of X% year-to-year. Over the period under review, average export prices reached the peak figure at $X per tonne in 2012; however, from 2013 to 2020, export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for the UK.

From 2012 to 2020, the rate of growth in terms of prices for the UK amounted to -X% per year.

Areca Nut Imports

Imports into Nigeria

In 2020, the amount of areca nuts imported into Nigeria surged to X kg, picking up by X% against 2019 figures. In general, imports saw a significant increase. The most prominent rate of growth was recorded in 2018 when imports increased by X% year-to-year. Imports peaked in 2020 and are expected to retain growth in the immediate term.

In value terms, areca nut imports skyrocketed to $X in 2020. Overall, imports recorded a significant increase. The growth pace was the most rapid in 2018 when imports increased by X% against the previous year. Over the period under review, imports hit record highs in 2020 and are likely to continue growth in years to come.

Imports by Country

In 2020, India (X kg) was the main supplier of areca nut to Nigeria, accounting for a approx. X% share of total imports.

From 2012 to 2020, the average annual rate of growth in terms of volume from India totaled +X%.

In value terms, India ($X) constituted the largest supplier of areca nut to Nigeria.

From 2012 to 2020, the average annual growth rate of value from India stood at +X%.

Import Prices by Country

In 2020, the average areca nut import price amounted to $X per tonne, stabilizing at the previous year. In general, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of X% against the previous year. Over the period under review, average import prices hit record highs in 2020 and is expected to retain growth in the near future.

As there is only one major supplying country, the average price level is determined by prices for India.

From 2012 to 2020, the rate of growth in terms of prices for India amounted to +X% per year.

Source: IndexBox Platform