Nigeria: Peanut Butter Market 2023

Peanut Butter Market Size in Nigeria

The Nigerien peanut butter market reduced sharply to $X in 2021, waning by -17.6% against the previous year. Overall, the total consumption indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +7.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +29.7% against 2019 indices. Peanut butter consumption peaked at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Peanut Butter Production in Nigeria

In value terms, peanut butter production dropped significantly to $X in 2021 estimated in export price. In general, production, however, showed a prominent increase. The pace of growth appeared the most rapid in 2013 when the production volume increased by 116%. Over the period under review, production attained the maximum level at $X in 2014; however, from 2015 to 2021, production stood at a somewhat lower figure.

Peanut Butter Exports

Exports from Nigeria

In 2021, approx. X tons of peanut butter and prepared or preserved groundnuts were exported from Nigeria; jumping by 278% compared with the previous year. In general, exports saw significant growth. The most prominent rate of growth was recorded in 2019 with an increase of 441% against the previous year. The exports peaked in 2021 and are expected to retain growth in years to come.

In value terms, peanut butter exports surged to $X in 2021. Overall, exports posted a significant increase. The pace of growth appeared the most rapid in 2019 when exports increased by 489% against the previous year. Over the period under review, the exports attained the maximum in 2021 and are likely to see gradual growth in the immediate term.

Exports by Country

The United States (X tons), Canada (X tons) and the UK (X tons) were the main destinations of peanut butter exports from Nigeria, together comprising 93% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United States (with a CAGR of +103.1%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) emerged as the key foreign market for peanut butter and prepared or preserved groundnuts exports from Nigeria, comprising 69% of total exports. The second position in the ranking was held by Canada ($X), with a 25% share of total exports. It was followed by the UK, with a 3.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States stood at +65.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+69.6% per year) and the UK (+75.6% per year).

Export Prices by Country

The average peanut butter export price stood at $X per ton in 2021, waning by -15.3% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 an increase of 112%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was the United States ($X per ton), while the average price for exports to South Africa ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Sao Tome and Principe (+58.4%), while the prices for the other major destinations experienced more modest paces of growth.

Peanut Butter Imports

Imports into Nigeria

In 2021, supplies from abroad of peanut butter and prepared or preserved groundnuts increased by 86% to X tons, rising for the third year in a row after six years of decline. In general, imports, however, showed a deep slump. The most prominent rate of growth was recorded in 2019 when imports increased by 171% against the previous year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, peanut butter imports soared to $X in 2021. Overall, imports, however, continue to indicate a drastic downturn. The growth pace was the most rapid in 2019 when imports increased by 648% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), Argentina (X tons) and India (X tons) were the main suppliers of peanut butter imports to Nigeria, together accounting for 74% of total imports.

From 2012 to 2021, the biggest increases were recorded for India (with a CAGR of +96.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest peanut butter suppliers to Nigeria were China ($X), Argentina ($X) and India ($X), together accounting for 60% of total imports.

Among the main suppliers, India, with a CAGR of +83.2%, saw the highest growth rate of 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

The average peanut butter import price stood at $X per ton in 2021, dropping by -3.3% against the previous year. Overall, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the average import price increased by 176% against the previous year. As a result, import price reached the peak level of $X per ton. From 2020 to 2021, the average import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+20.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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