Price for Spices; Vanilla, Not Crushed or Ground in Nigeria - 2023

Contents:

1. Price for Spices; Vanilla, Not Crushed or Ground in Nigeria (FOB) - 2022
2. Price for Spices; Vanilla, Not Crushed or Ground in Nigeria (CIF) - 2022
3. Exports of Spices; Vanilla, Not Crushed or Ground in Nigeria
4. Imports of Spices; Vanilla, Not Crushed or Ground in Nigeria

Price for Spices; Vanilla, Not Crushed or Ground in Nigeria (FOB) - 2022

In 2022, the average export price for vanilla amounted to $107,510 per ton, approximately reflecting the previous year. In general, the export price showed a notable increase. The most prominent rate of growth was recorded in 2017 when the average export price increased by 514%. The export price peaked at $698,000 per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Niger.

From 2013 to 2022, the rate of growth in terms of prices for Switzerland amounted to +16.3% per year.

Price for Spices; Vanilla, Not Crushed or Ground in Nigeria (CIF) - 2022

The average import price for vanilla stood at $35,000 per ton in 2021, waning by -79.9% against the previous year. Over the period under review, the import price showed a abrupt contraction. The pace of growth was the most pronounced in 2017 an increase of 339%. Over the period under review, average import prices hit record highs at $301,762 per ton in 2019; however, from 2020 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the UK ($77,000 per ton), while the price for France ($1,000 per ton) was amongst the lowest.

From 2015 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+264.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Exports of Spices; Vanilla, Not Crushed or Ground in Nigeria

After two years of decline, overseas shipments of vanilla decreased by 0% to 49 kg in 2022. Overall, exports enjoyed a significant increase. The smallest decline of 99.9% was in 2020. The exports peaked in 2022 and are likely to see gradual growth in years to come.

In value terms, exports of vanilla stood at $5.3K in 2022. Over the period under review, exports continue to indicate significant growth. The smallest decline of 99.9% was in 2020. Over the period under review, the exports of attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Top Export Markets for Spices; Vanilla, Not Crushed or Ground from Nigeria in 2022:

1. Niger (49.0 kg)

Imports of Spices; Vanilla, Not Crushed or Ground in Nigeria

After two years of growth, purchases abroad of vanilla decreased by -99.9% to 6 kg in 2021. Overall, imports faced a dramatic curtailment. The growth pace was the most rapid in 2020 with an increase of 1,773%. As a result, imports attained the peak of 9 tons, and then declined sharply in the following year.

In value terms, imports of vanilla contracted remarkably to $210 in 2021. Over the period under review, imports recorded a significant curtailment. The pace of growth appeared the most rapid in 2020 when imports increased by 979%. As a result, imports attained the peak of $1.6M, and then reduced rapidly in the following year.

Top Suppliers of Spices; Vanilla, Not Crushed or Ground to Nigeria in 2022:

1. United Kingdom (2.0 kg)
2. United States (1.0 kg)
3. China (1.0 kg)
4. Papua New Guinea (1.0 kg)
5. France (1.0 kg)

Source: IndexBox Market Intelligence Platform