Nigeria: Peanut Butter Market Overview 2021

Peanut Butter Market Size in Nigeria

In 2020, the Nigerien peanut butter market increased by X% to $X, rising for the fourth consecutive year after three years of decline. The market value increased at an average annual rate of +X% from 2007 to 2020; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2013 with an increase of X% year-to-year. Over the period under review, the market attained the maximum level in 2020 and is likely to see steady growth in the immediate term.

Peanut Butter Production in Nigeria

In value terms, peanut butter production expanded remarkably to $X in 2020 estimated in export prices. Overall, the total production indicated a slight expansion from 2007 to 2020: its value increased at an average annual rate of +X% over the last thirteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2020 figures, production increased by +X% against 2016 indices. The most prominent rate of growth was recorded in 2013 when the production volume increased by X% against the previous year. Peanut butter production peaked in 2020 and is expected to retain growth in the near future.

Peanut Butter Exports

Exports from Nigeria

In 2020, shipments abroad of peanut butter and prepared or preserved groundnuts increased by X% to X tonnes, rising for the second consecutive year after two years of decline. Over the period under review, exports recorded a significant increase. The most prominent rate of growth was recorded in 2016 when exports increased by X% y-o-y. As a result, exports reached the peak of X tonnes. from 2017 to 2020, the growth exports remained at a somewhat lower figure.

In value terms, peanut butter exports skyrocketed to $X in 2020. Overall, exports saw a significant increase. The most prominent rate of growth was recorded in 2016 when exports increased by X% y-o-y. Over the period under review, exports hit record highs in 2020 and are expected to retain growth in the near future.

Exports by Country

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

From 2007 to 2020, the average annual rate of growth in terms of volume to the United Arab Emirates amounted to +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+X% per year) and South Africa (+X% per year).

In value terms, the largest markets for peanut butter exported from Nigeria were the United Arab Emirates ($X), Canada ($X) and South Africa ($X), with a combined X% share of total exports.

Among the main countries of destination, Canada (+X% per year) recorded the highest rates of growth with regard to 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

The average peanut butter export price stood at $X per tonne in 2020, jumping by X% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2012 an increase of X% y-o-y. Over the period under review, average export prices hit record highs at $X per tonne in 2014; however, from 2015 to 2020, export prices stood at a somewhat lower figure.

Prices varied noticeably by the country of destination; the country with the highest price was Canada ($X per tonne), while the average price for exports to the UK ($X per tonne) was amongst the lowest.

From 2007 to 2020, 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 2020, after two years of growth, there was significant decline in supplies from abroad of peanut butter and prepared or preserved groundnuts, when their volume decreased by -X% to X tonnes. Over the period under review, imports recorded a abrupt decline. The pace of growth appeared the most rapid in 2018 with an increase of X% against the previous year. Over the period under review, imports hit record highs at X tonnes in 2011; however, from 2012 to 2020, imports stood at a somewhat lower figure.

In value terms, peanut butter imports dropped dramatically to $X in 2020. Overall, imports faced a abrupt setback. The most prominent rate of growth was recorded in 2010 when imports increased by X% against the previous year. As a result, imports reached the peak of $X. from 2011 to 2020, the growth imports remained at a somewhat lower figure.

Imports by Country

Ghana (X tonnes), Indonesia (X tonnes) and India (X tonnes) were the main suppliers of peanut butter imports to Nigeria, with a combined X% share of total imports. These countries were followed by South Africa, Viet Nam and the United Arab Emirates, which together accounted for a further X 2007 to 2020, the biggest increases were in South Africa, while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest peanut butter suppliers to Nigeria were Ghana ($X), South Africa ($X) and India ($X), with a combined X% share of total imports.

South Africa recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers 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 tonne in 2020, which is down by -X% against the previous year. Over the period under review, the import price continues to indicate a slight descent. The pace of growth appeared the most rapid in 2012 when the average import price increased by X% year-to-year. The import price peaked at $X per tonne in 2015; however, from 2016 to 2020, import prices failed to regain the momentum.

Prices varied noticeably by the country of origin; the country with the highest price was South Africa ($X per tonne), while the price for Indonesia ($X per tonne) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was attained by South Africa, while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox 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 (974K tonnes) remains the largest peanut butter consuming country worldwide, accounting for 19% of total volume. Moreover, peanut butter consumption in China exceeded the figures recorded by the second-largest consumer, the U.S. (389K tonnes), threefold. India (350K tonnes) ranked third in terms of total consumption with a 6.8% share.

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

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China (1.2M tonnes) remains the largest peanut butter producing country worldwide, comprising approx. 24% of total volume. Moreover, peanut butter production in China exceeded the figures recorded by the second-largest producer, the U.S. (418K tonnes), threefold. The third position in this ranking was occupied by India (397K tonnes), with a 7.6% 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 Ghana ($431K), South Africa ($231K) and India ($161K), with a combined 83% share 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, the United Arab Emirates ($49K), Canada ($35K) and South Africa ($848) appeared to be the largest markets for peanut butter exported from Nigeria worldwide, with a combined 84% share of total exports.

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

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In 2020, the average peanut butter export price amounted to $1,938 per tonne, rising by 20% 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 $1,997 per tonne in 2020, which is down by -5.5% against the previous year.