Nigeria - Areca Nuts - Market Analysis, Forecast, Size, Trends and Insights
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View PricingAreca Nut Price in Nigeria - 2022
Contents:
- Areca Nut Price in Nigeria (FOB) - 2022
- Areca Nut Price in Nigeria (CIF) - 2022
- Areca Nut Exports in Nigeria
- Areca Nut Imports in Nigeria
Areca Nut Price in Nigeria (FOB) - 2022
In 2022, the average areca nut export price amounted to $869 per ton, surging by 30% against the previous year. In general, the export price, however, saw a noticeable curtailment. The growth pace was the most rapid in 2017 when the average export price increased by 36% against the previous year. Over the period under review, the average export prices hit record highs at $1,251 per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.
As there is only one major export destination, the average price level is determined by prices for the UK.
From 2012 to 2022, the rate of growth in terms of prices for the UK amounted to -2.4% per year.
Areca Nut Price in Nigeria (CIF) - 2022
In 2022, the average areca nut import price amounted to $9,529 per ton, increasing by 31% against the previous year. Over the period under review, the import price showed prominent growth. The most prominent rate of growth was recorded in 2016 when the average import price increased by 41%. Over the period under review, average import prices hit record highs in 2022 and is likely to see gradual growth in years to come.
As there is only one major supplying country, the average price level is determined by prices for India.
From 2012 to 2022, the rate of growth in terms of prices for India amounted to +15.5% per year.
Areca Nut Exports in Nigeria
After three years of growth, overseas shipments of areca nuts decreased by -54.8% to 18 tons in 2022. In general, exports, however, showed a strong expansion. The most prominent rate of growth was recorded in 2020 when exports increased by 103% against the previous year.
In value terms, areca nut exports shrank rapidly to $16K in 2022. Overall, exports, however, recorded buoyant growth. The pace of growth was the most pronounced in 2020 when exports increased by 95% against the previous year.
| Export of Areca Nut in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United Kingdom | 5.8 | 23.6 | 26.9 | 15.9 | 40.0% |
| Others | 6.4 | 0.2 | 0.3 | 0.2 | -68.5% |
| Total | 12.2 | 23.8 | 27.2 | 16.1 | 9.7% |
Top Export Markets for Areca Nut from Nigeria in 2022:
- United Kingdom (18.3 tons)
Areca Nut Imports in Nigeria
In 2022, supplies from abroad of areca nuts decreased by -15.7% to 70 kg, falling for the second consecutive year after two years of growth. In general, imports showed a drastic downturn. The most prominent rate of growth was recorded in 2020 with an increase of 35%. As a result, imports reached the peak of 149 kg. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.
In value terms, areca nut imports expanded remarkably to $667 in 2022. Overall, imports continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2020 when imports increased by 29%. As a result, imports reached the peak of $1.2K. From 2021 to 2022, the growth of imports remained at a lower figure.
| Import of Areca Nut in Nigeria (USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| India | 909 | 1,175 | 603 | 667 | -9.8% |
| Others | N/A | N/A | N/A | N/A | 0% |
| Total | 909 | 1,175 | 603 | 667 | -9.8% |
Top Suppliers of Areca Nut to Nigeria in 2022:
- India (70.0 kg)
This report provides an in-depth analysis of the areca 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 2030.
Product coverage:
- FCL 226 - Areca nuts
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:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- 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.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
-
2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- COUNTRIES WITH TOP YIELDS
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION, HARVESTED AREA AND YIELD
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Yield And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Area Harvested, 2012–2023
- Yield, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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