Price for Spices; Nutmeg, Crushed or Ground in Nigeria - 2022
Contents:
- Price for Spices; Nutmeg, Crushed or Ground in Nigeria (CIF) - 2022
- Price for Spices; Nutmeg, Crushed or Ground in Nigeria (FOB) - 2022
- Imports of Spices; Nutmeg, Crushed or Ground in Nigeria
- Exports of Spices; Nutmeg, Crushed or Ground in Nigeria
Price for Spices; Nutmeg, Crushed or Ground in Nigeria (CIF) - 2022
In 2022, the average import price for spices; nutmeg, crushed or ground amounted to $6,069 per ton, declining by -10.8% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average import price increased by 36% against the previous year. The import price peaked at $6,976 per ton in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.
There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United Arab Emirates ($15,909 per ton), while the price for India amounted to $6,029 per ton.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+21.6%), while the prices for the other major suppliers experienced a decline.
Price for Spices; Nutmeg, Crushed or Ground in Nigeria (FOB) - 2022
In 2022, the average export price for spices; nutmeg, crushed or ground amounted to $23,298 per ton, picking up by 44% against the previous year. Over the period under review, the export price posted buoyant growth. The most prominent rate of growth was recorded in 2020 when the average export price increased by 96% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in years to come.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Africa ($35,825 per ton), while the average price for exports to Ghana ($4,958 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+232.4%), while the prices for the other major destinations experienced mixed trend patterns.
Imports of Spices; Nutmeg, Crushed or Ground in Nigeria
In 2022, the amount of spices; nutmeg, crushed or ground imported into Nigeria dropped dramatically to 252 tons, reducing by -15.8% against the previous year. Over the period under review, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 46%. As a result, imports reached the peak of 300 tons, and then declined significantly in the following year.
In value terms, spices; nutmeg, crushed or ground imports shrank rapidly to $1.5M in 2022. In general, total imports indicated measured growth from 2019 to 2022: its value increased at an average annual rate of +4.4% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +49.6% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 99% against the previous year. As a result, imports attained the peak of $2M, and then shrank significantly in the following year.
| Import of Spices; Nutmeg, Crushed or Ground in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| India | 1,278 | 837 | 1,830 | 1,514 | 5.8% |
| United Arab Emirates | 51.9 | 132 | 177 | 10.7 | -40.9% |
| China | 4.8 | N/A | N/A | N/A | 0% |
| Others | 12.4 | 54.4 | 31.8 | 5.9 | -21.9% |
| Total | 1,347 | 1,023 | 2,039 | 1,531 | 4.4% |
Top Suppliers of Spices; Nutmeg, Crushed or Ground to Nigeria in 2022:
- India (251.2 tons)
- United Arab Emirates (0.7 tons)
Exports of Spices; Nutmeg, Crushed or Ground in Nigeria
In 2022, approx. 362 kg of spices; nutmeg, crushed or ground were exported from Nigeria; growing by 331% against the previous year. In general, exports continue to indicate a prominent increase.
In value terms, spices; nutmeg, crushed or ground exports soared to $8.4K in 2022. Overall, exports enjoyed a significant expansion. The growth pace was the most rapid in 2020 when exports increased by 566% against the previous year. As a result, the exports attained the peak of $16K. From 2021 to 2022, the growth of the exports remained at a lower figure.
| Export of Spices; Nutmeg, Crushed or Ground in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| South Africa | N/A | 13.2 | 1.1 | 7.4 | -25.1% |
| Ghana | 2.3 | 1.7 | 0.1 | 0.7 | -32.7% |
| United Arab Emirates | N/A | 0.1 | N/A | 0.1 | 0.0% |
| Benin | N/A | 0.1 | N/A | N/A | 0% |
| Canada | N/A | 0.3 | N/A | N/A | 0% |
| Others | N/A | 0.1 | 0.1 | 0.2 | 41.4% |
| Total | 2.3 | 15.5 | 1.4 | 8.4 | 54.0% |
Top Export Markets for Spices; Nutmeg, Crushed or Ground from Nigeria in 2022:
- South Africa (206.0 kg)
- Ghana (142.0 kg)
- United Arab Emirates (7.0 kg)
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This report provides an in-depth analysis of the market for nutmeg, mace and cardamom in Nigeria.
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This report provides an in-depth analysis of the global market for nutmeg, mace and cardamom.
949
This report provides an in-depth analysis of the market for nutmeg, mace and cardamom in Nigeria.
4100
This report provides an in-depth analysis of the global market for nutmeg, mace and cardamom.
3876
In 2016, the nutmeg, mace and cardamom market peaked at X tons. Over the period from 2007 to 2016, consumption expanded with an annual average rate of growth of +X%. Following a slight decline in consumption from 2009-2010, the nutmeg, mace and
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In 2015, the countries with the highest levels of production in 2015 were Guatemala (X thousand tons), Indonesia (X thousand tons), India (X thousand tons), together accounting for X% of total output.
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Guatemala continued its dominance in the global trade of nutmeg, mace and cardamom. In 2014, Guatemala exported X thousand tons of nutmeg, mace and cardamoms totaling X USD, X% over the previous year. Its primary trading partner was Saudi Arabia,
3876
In 2016, the nutmeg, mace and cardamom market peaked at X tons. Over the period from 2007 to 2016, consumption expanded with an annual average rate of growth of +X%. Following a slight decline in consumption from 2009-2010, the nutmeg, mace and
8560
In 2015, the countries with the highest levels of production in 2015 were Guatemala (X thousand tons), Indonesia (X thousand tons), India (X thousand tons), together accounting for X% of total output.
3996
Guatemala continued its dominance in the global trade of nutmeg, mace and cardamom. In 2014, Guatemala exported X thousand tons of nutmeg, mace and cardamoms totaling X USD, X% over the previous year. Its primary trading partner was Saudi Arabia,
