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Nigeria - Cashew Nuts - Market Analysis, Forecast, Size, Trends and Insights
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Nigeria: Cashew Nut Market Overview 2021

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Cashew Nut Market Size in Nigeria

In 2020, the Nigerien cashew nut market increased by X% to $X, rising for the second consecutive year after two years of decline. Over the period under review, consumption, however, continues to indicate a deep contraction. The most prominent rate of growth was recorded in 2014 with an increase of X% year-to-year. Cashew nut consumption peaked at $X in 2010; however, from 2011 to 2020, consumption failed to regain the momentum.

Cashew Nut Production in Nigeria

In value terms, cashew nut production shrank rapidly to $X in 2020 estimated in export prices. In general, production recorded a sharp curtailment. The pace of growth appeared the most rapid in 2010 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2011 to 2020, production growth failed to regain the momentum.

The average yield of cashew nuts in Nigeria dropped remarkably to X kg per ha in 2020, which is down by -X% against 2019. Overall, the yield continues to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. The cashew nut yield peaked at X tonnes per ha in 2009; however, from 2010 to 2020, the yield stood at a somewhat lower figure. 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 cashew nuts in Nigeria reduced to X ha, which is down by -X% on 2019 figures. Overall, the harvested area showed a deep setback. The pace of growth appeared the most rapid in 2009 with an increase of X% year-to-year. Over the period under review, the harvested area dedicated to cashew nut production reached the maximum at X ha in 2010; however, from 2011 to 2020, the harvested area stood at a somewhat lower figure.

Cashew Nut Exports

Exports from Nigeria

In 2020, after two years of growth, there was significant decline in overseas shipments of cashew nuts, when their volume decreased by -X% to X tonnes. Over the period under review, exports, however, showed a strong increase. The growth pace was the most rapid in 2012 with an increase of X% y-o-y. As a result, exports attained the peak of X tonnes. From 2013 to 2020, the growth exports remained at a lower figure.

In value terms, cashew nut exports contracted sharply to $X in 2020. In general, exports, however, enjoyed notable growth. The most prominent rate of growth was recorded in 2010 when exports increased by X% against the previous year. Over the period under review, exports attained the maximum at $X in 2012; however, from 2013 to 2020, exports stood at a somewhat lower figure.

Exports by Country

Viet Nam (X tonnes) was the main destination for cashew nut exports from Nigeria, accounting for a X% share of total exports. Moreover, cashew nut exports to Viet Nam exceeded the volume sent to the second major destination, India (X tonnes), fourfold.

From 2007 to 2020, the average annual growth rate of volume to Viet Nam totaled +X%.

In value terms, the largest markets for cashew nut exported from Nigeria were Viet Nam ($X) and India ($X), with a combined X% share of total exports.

Among the main countries of destination, India saw the highest growth rate of the value of exports, over the period under review.

Export Prices by Country

The average cashew nut export price stood at $X per tonne in 2020, declining by -X% against the previous year. Over the period under review, the export price saw a deep reduction. The most prominent rate of growth was recorded in 2009 when the average export price increased by X% year-to-year. As a result, export price reached the peak level of $X per tonne. From 2010 to 2020, the growth in terms of the average export prices remained at a lower figure.

Prices varied noticeably by the country of destination; the country with the highest price was India ($X per tonne), while the average price for exports to Viet Nam amounted to $X per tonne.

From 2007 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to India.

Cashew Nut Imports

Imports into Nigeria

In 2020, supplies from abroad of cashew nuts increased by X% to X tonnes, rising for the fifth year in a row after six years of decline. Overall, imports saw a prominent increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, cashew nut imports soared to $X in 2020. In general, imports showed a resilient expansion. The most prominent rate of growth was recorded in 2019 with an increase of X% y-o-y. Imports peaked in 2020 and are expected to retain growth in the near future.

Imports by Country

In 2020, Kenya (X tonnes) constituted the largest supplier of cashew nut to Nigeria, accounting for a X% share of total imports. Moreover, cashew nut imports from Kenya exceeded the figures recorded by the second-largest supplier, the U.S. (X tonnes), sixfold.

From 2007 to 2020, the average annual growth rate of volume from Kenya amounted to +X%.

In value terms, Kenya ($X) constituted the largest supplier of cashew nut to Nigeria, comprising X% of total imports. The second position in the ranking was occupied by the U.S. ($X), with a X% share of total imports.

From 2007 to 2020, the average annual rate of growth in terms of value from Kenya totaled +X%.

Import Prices by Country

In 2020, the average cashew nut import price amounted to $X per tonne, dropping by -X% against the previous year. Overall, the import price showed a abrupt slump. The growth pace was the most rapid in 2019 an increase of X% y-o-y. Over the period under review, average import prices reached the peak figure at $X per tonne in 2015; however, from 2016 to 2020, import prices failed to regain the momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2020, the country with the highest price was the U.S. ($X per tonne), while the price for Kenya amounted to $X per tonne.

From 2007 to 2020, the most notable rate of growth in terms of prices was attained by the U.S..

Source: IndexBox AI Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for cashew nuts in the world?
+
India (1.6M tonnes) remains the largest cashew nut consuming country worldwide, accounting for 44% of total volume. Moreover, cashew nut consumption in India exceeded the figures recorded by the second-largest consumer, Viet Nam (348K tonnes), fivefold. The Philippines (258K tonnes) ranked third in terms of total consumption with a 7% share.
What are the largest producers of cashew nuts in the world?
+
The countries with the highest volumes of cashew nut production in 2020 were Cote d'Ivoire (864K tonnes), India (754K tonnes) and Ghana (346K tonnes), together comprising 47% of global production. These countries were followed by Viet Nam, the Philippines, Tanzania, Benin, Mali, Guinea-Bissau, Burkina Faso, Brazil, Indonesia and Mozambique, which together accounted for a further 45%.
What are the leading suppliers of cashew nuts to Nigeria?
+
In value terms, Kenya ($24K) constituted the largest supplier of cashew nut to Nigeria, comprising 73% of total imports. The second position in the ranking was occupied by the U.S. ($8.9K), with a 27% share of total imports.
What are the leading importers of cashew nuts from Nigeria?
+
In value terms, Viet Nam ($25M) and India ($13M) constituted the largest markets for cashew nut exported from Nigeria worldwide, together comprising 94% of total exports.
What is the average export price for cashew nuts in Nigeria?
+
In 2020, the average cashew nut export price amounted to $1,087 per tonne, falling by -1.7% against the previous year.
What is the average import price for cashew nuts in Nigeria?
+
In 2020, the average cashew nut import price amounted to $992 per tonne, declining by -85.7% against the previous year.

Product coverage:
• FCL 217 - Cashew nuts

This report provides an in-depth analysis of the cashew nut 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 2025.


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:
1. How to diversify your business and benefit from new market opportunities
2. How to load your idle production capacity
3. How to boost your sales on overseas markets
4. How to increase your profit margins
5. How to make your supply chain more sustainable
6. How to reduce your production and supply chain costs
7. How to outsource production to other countries
8. 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

1.1
REPORT DESCRIPTION
1.2
RESEARCH METHODOLOGY AND AI PLATFORM
1.3
DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
1.4
GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance

2.1
KEY FINDINGS
2.2
MARKET TRENDS
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects

3.1
MARKET SIZE
3.2
MARKET STRUCTURE
3.3
TRADE BALANCE
3.4
PER CAPITA CONSUMPTION
3.5
MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCTS

Finding New Products to Diversify Your Business

4.1
TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
4.2
BEST-SELLING PRODUCTS
4.3
MOST CONSUMED PRODUCT
4.4
MOST TRADED PRODUCT
4.5
MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain

5.1
TOP COUNTRIES TO SOURCE YOUR PRODUCT
5.2
TOP PRODUCING COUNTRIES
5.3
COUNTRIES WITH TOP YIELDS
5.4
TOP EXPORTING COUNTRIES
5.5
LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports

6.1
TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
6.2
TOP CONSUMING MARKETS
6.3
UNSATURATED MARKETS
6.4
TOP IMPORTING MARKETS
6.5
MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry

7.1
PRODUCTION, HARVESTED AREA AND YIELD
8. IMPORTS

The Largest Import Supplying Countries

8.1
IMPORTS FROM 2007–2020
8.2
IMPORTS BY COUNTRY
8.3
IMPORT PRICES BY COUNTRY
9. EXPORTS

The Largest Destinations for Exports

9.1
EXPORTS FROM 2007–2020
9.2
EXPORTS BY COUNTRY
9.3
EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles

LIST OF TABLES
Table 1:
Key Findings In 2020
Table 2:
Market Volume, In Physical Terms, 2007–2020
Table 3:
Market Value, 2007–2020
Table 4:
Per Capita Consumption In 2007–2020
Table 5:
Imports, In Physical Terms, By Country, 2007–2020
Table 6:
Imports, In Value Terms, By Country, 2007–2020
Table 7:
Import Prices, By Country Of Origin, 2007–2020
Table 8:
Exports, In Physical Terms, By Country, 2007–2020
Table 9:
Exports, In Value Terms, By Country, 2007–2020
Table 10:
Export Prices, By Country Of Destination, 2007–2020
LIST OF FIGURES
Figure 1:
Market Volume, In Physical Terms, 2007–2020
Figure 2:
Market Value, 2007–2020
Figure 3:
Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2007–2020
Figure 4:
Market Structure – Domestic Supply vs. Imports, In Value Terms, 2007–2020
Figure 5:
Trade Balance, In Physical Terms, 2007–2020
Figure 6:
Trade Balance, In Value Terms, 2007–2020
Figure 7:
Per Capita Consumption, 2007–2020
Figure 8:
Market Forecast To 2025
Figure 9:
Products: Market Size And Growth, By Type
Figure 10:
Products: Average Per Capita Consumption, By Type
Figure 11:
Products: Exports And Growth, By Type
Figure 12:
Products: Export Prices And Growth, By Type
Figure 13:
Production Volume And Growth
Figure 14:
Yield And Growth
Figure 15:
Exports And Growth
Figure 16:
Export Prices And Growth
Figure 17:
Market Size And Growth
Figure 18:
Per Capita Consumption
Figure 19:
Imports And Growth
Figure 20:
Import Prices
Figure 21:
Production, In Physical Terms, 2007–2020
Figure 22:
Production, In Value Terms, 2007–2020
Figure 23:
Area Harvested, 2007–2020
Figure 24:
Yield, 2007–2020
Figure 25:
Imports, In Physical Terms, 2007–2020
Figure 26:
Imports, In Value Terms, 2007–2020
Figure 27:
Imports, In Physical Terms, By Country, 2020
Figure 28:
Imports, In Physical Terms, By Country, 2007–2020
Figure 29:
Imports, In Value Terms, By Country, 2007–2020
Figure 30:
Import Prices, By Country Of Origin, 2007–2020
Figure 31:
Exports, In Physical Terms, 2007–2020
Figure 32:
Exports, In Value Terms, 2007–2020
Figure 33:
Exports, In Physical Terms, By Country, 2020
Figure 34:
Exports, In Physical Terms, By Country, 2007–2020
Figure 35:
Exports, In Value Terms, By Country, 2007–2020
Figure 36:
Export Prices, By Country Of Destination, 2007–2020

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