Nigeria: Peanut Butter Market Overview 2021

Peanut Butter Market Size in Nigeria

The Nigerien peanut butter market dropped to $X in 2019, shrinking by -X% against the previous year. Over the period under review, consumption, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of X% year-to-year. As a result, consumption reached the peak level of $X. From 2018 to 2019, the growth of the market failed to regain the momentum.

Peanut Butter Production in Nigeria

In value terms, peanut butter production reduced to $X in 2019 estimated in export prices. In general, production, however, recorded a mild downturn. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Peanut butter production peaked at $X in 2014; however, from 2015 to 2019, production stood at a somewhat lower figure.

Peanut Butter Exports

Exports from Nigeria

In 2019, the amount of peanut butter and prepared or preserved groundnuts exported from Nigeria surged to X tonnes, jumping by X% against the previous year. In general, exports posted a significant increase. As a result, exports reached the peak and are likely to continue growth in the immediate term.

In value terms, peanut butter exports surged to $X in 2019. Overall, exports enjoyed a significant expansion. The pace of growth appeared the most rapid in 2011 when exports increased by X% y-o-y. Over the period under review, exports attained the peak figure in 2019 and are likely to see gradual growth in the immediate term.

Exports by Country

Canada (X tonnes) was the main destination for peanut butter exports from Nigeria, with a X% share of total exports. Moreover, peanut butter exports to Canada exceeded the volume sent to the second major destination, South Africa (X tonnes), twofold. The U.S. (X tonnes) ranked third in terms of total exports with a X% share.

From 2007 to 2019, the average annual growth rate of volume to Canada stood at +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Africa (+X% per year) and the U.S. (+X% per year).

In value terms, Canada ($X), the U.S. ($X) and Ghana ($X) were the largest markets for peanut butter exported from Nigeria worldwide, with a combined X% share of total exports.

Among the main countries of destination, Ghana (+X% per year) saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2019, the average peanut butter export price amounted to $X per tonne, falling by -X% against the previous year. Overall, the export price recorded a abrupt curtailment. The most prominent rate of growth was recorded in 2011 an increase of X% against the previous year. Over the period under review, average export prices reached the maximum at $X per tonne in 2007; however, from 2008 to 2019, export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2019, the country with the highest price was the U.S. ($X per tonne), while the average price for exports to South Africa ($X per tonne) was amongst the lowest.

From 2007 to 2019, the most notable rate of growth in terms of prices was recorded for supplies to South Africa, while the prices for the other major destinations experienced a decline.

Peanut Butter Imports

Imports into Nigeria

In 2019, overseas purchases of peanut butter and prepared or preserved groundnuts increased by X% to X tonnes, rising for the second year in a row after six years of decline. In general, imports, however, saw a abrupt setback. The growth pace was the most rapid in 2018 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum at X tonnes in 2011; however, from 2012 to 2019, imports stood at a somewhat lower figure.

In value terms, peanut butter imports soared to $X in 2019. Overall, imports, however, saw a drastic downturn. The most prominent rate of growth was recorded in 2010 when imports increased by X% y-o-y. As a result, imports reached the peak of $X. From 2011 to 2019, the growth imports failed to regain the momentum.

Imports by Country

India (X tonnes), South Africa (X tonnes) and Ghana (X tonnes) were the main suppliers of peanut butter imports to Nigeria, with a combined X% share of total imports.

From 2007 to 2019, the biggest increases were in India, while purchases for the other leaders experienced mixed trend patterns.

In value terms, South Africa ($X), Ghana ($X) and India ($X) were the largest peanut butter suppliers to Nigeria, together accounting for X% of total imports.

In terms of the main suppliers, India recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2019, the average peanut butter import price amounted to $X per tonne, rising by X% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2012 an increase of X% y-o-y. Over the period under review, average import prices hit record highs at $X per tonne in 2014; however, from 2015 to 2019, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2019, the country with the highest price was Ghana ($X per tonne), while the price for Japan ($X per tonne) was amongst the lowest.

From 2007 to 2019, the most notable rate of growth in terms of prices was attained by South Africa, while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox AI Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for peanut butter and prepared or preserved groundnuts in the world?

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China (859K tonnes) remains the largest peanut butter consuming country worldwide, accounting for 17% of total volume. Moreover, peanut butter consumption in China exceeded the figures recorded by the second-largest consumer, the U.S. (374K tonnes), twofold. India (332K tonnes) ranked third in terms of total consumption with a 6.5% share.

What are the largest producers of peanut butter and prepared or preserved groundnuts in the world?

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The country with the largest volume of peanut butter production was China (1.2M tonnes), comprising approx. 23% of total volume. Moreover, peanut butter production in China exceeded the figures recorded by the second-largest producer, the U.S. (408K tonnes), threefold. India (352K tonnes) ranked third in terms of total production with a 6.7% share.

What are the leading suppliers of peanut butter and prepared or preserved groundnuts to Nigeria?

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In value terms, the largest peanut butter suppliers to Nigeria were South Africa ($451K), Ghana ($372K) and India ($333K), together comprising 90% of total imports.

What are the leading importers of peanut butter and prepared or preserved groundnuts from Nigeria?

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In value terms, Canada ($75K), the U.S. ($69K) and Ghana ($7K) constituted the largest markets for peanut butter exported from Nigeria worldwide, with a combined 91% share of total exports.

What is the average export price for peanut butter and prepared or preserved groundnuts in Nigeria?

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The average peanut butter export price stood at $939 per tonne in 2019, dropping by -9.9% against the previous year.

What is the average import price for peanut butter and prepared or preserved groundnuts in Nigeria?

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The average peanut butter import price stood at $2,207 per tonne in 2019, increasing by 23% against the previous year.