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Nigeria - Spices - Market Analysis, Forecast, Size, Trends and Insights
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View PricingNigeria: Spice Market 2024
Spice Market Size in Nigeria
In 2023, the Nigerien spice market increased by X% to $X, rising for the fourth consecutive year after three years of decline. In general, consumption, however, continues to indicate a prominent expansion. Over the period under review, the market attained the peak level at $X in 2016; however, from 2017 to 2023, consumption remained at a lower figure.
Spice Production in Nigeria
In value terms, spice production reduced to $X in 2023 estimated in export price. In general, production, however, posted a perceptible increase. The most prominent rate of growth was recorded in 2015 with an increase of X%. Spice production peaked at $X in 2017; however, from 2018 to 2023, production remained at a lower figure.
In 2023, the average spice yield in Nigeria dropped modestly to X tons per ha, shrinking by X% on 2022. Over the period under review, the yield indicated pronounced growth from 2012 to 2023: its figure increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, spice yield increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2015 with an increase of X%. The spice yield peaked at X tons per ha in 2016; however, from 2017 to 2023, the yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.
In 2023, the harvested area of spices in Nigeria totaled X ha, rising by X% on the year before. Over the period under review, the harvested area saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the harvested area increased by X%. The spice harvested area peaked at X ha in 2013; however, from 2014 to 2023, the harvested area remained at a lower figure.
Spice Exports
Exports from Nigeria
In 2023, the amount of spices exported from Nigeria soared to X tons, with an increase of X% compared with 2022 figures. Overall, exports saw a resilient increase. The growth pace was the most rapid in 2018 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum in 2023 and are likely to continue growth in the immediate term.
In value terms, spice exports reduced to $X in 2023. Over the period under review, exports, however, recorded a abrupt slump. The most prominent rate of growth was recorded in 2018 when exports increased by X%. Over the period under review, the exports attained the peak figure at $X in 2013; however, from 2014 to 2023, the exports remained at a lower figure.
Exports by Country
India (X tons) was the main destination for spice exports from Nigeria, with a X% share of total exports. Moreover, spice exports to India exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), sevenfold. The third position in this ranking was taken by Sudan (X tons), with a X% share.
From 2012 to 2023, the average annual rate of growth in terms of volume to India totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (X% per year) and Sudan (X% per year).
In value terms, India ($X) remains the key foreign market for spices exports from Nigeria, comprising X% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with a X% share of total exports. It was followed by Sudan, with an X% share.
From 2012 to 2023, the average annual rate of growth in terms of value to India stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (X% per year) and Sudan (X% per year).
Export Prices by Country
In 2023, the average spice export price amounted to $X per ton, which is down by X% against the previous year. In general, the export price recorded a deep setback. The most prominent rate of growth was recorded in 2020 an increase of X%. Over the period under review, the average export prices reached the maximum at $X per ton in 2017; however, from 2018 to 2023, the export prices stood at a somewhat lower figure.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Belgium ($X per ton), while the average price for exports to India ($X per ton) was amongst the lowest.
From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Belgium (X%), while the prices for the other major destinations experienced a decline.
Spice Imports
Imports into Nigeria
In 2023, imports of spices into Nigeria skyrocketed to X tons, rising by X% on the previous year's figure. Overall, imports posted a buoyant increase. The most prominent rate of growth was recorded in 2018 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure in 2023 and are likely to continue growth in the near future.
In value terms, spice imports surged to $X in 2023. Over the period under review, imports continue to indicate buoyant growth. The most prominent rate of growth was recorded in 2022 when imports increased by X% against the previous year. Over the period under review, imports hit record highs in 2023 and are likely to continue growth in the near future.
Imports by Country
In 2023, the UK (X tons) constituted the largest supplier of spice to Nigeria, with a X% share of total imports. Moreover, spice imports from the UK exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. The third position in this ranking was taken by India (X tons), with a X% share.
From 2012 to 2023, the average annual rate of growth in terms of volume from the UK stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and India (X% per year).
In value terms, the UK ($X) constituted the largest supplier of spices to Nigeria, comprising X% of total imports. The second position in the ranking was taken by China ($X), with a X% share of total imports. It was followed by India, with an X% share.
From 2012 to 2023, the average annual rate of growth in terms of value from the UK amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and India (X% per year).
Import Prices by Country
The average spice import price stood at $X per ton in 2023, waning by X% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when the average import price increased by X%. As a result, import price reached the peak level of $X per ton. From 2017 to 2023, the average import prices remained at a lower figure.
There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was France ($X per ton), while the price for South Africa ($X per ton) was amongst the lowest.
From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Morocco (X%), while the prices for the other major suppliers experienced more modest paces of growth.
Source: IndexBox Platform
This report provides an in-depth analysis of the spice 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 687 - Pepper
- FCL 689 - Pimento
- FCL 692 - Vanilla
- FCL 693 - Cinnamon (canella)
- FCL 698 - Cloves
- FCL 702 - Nutmeg, mace, cardamoms
- FCL 711 - Anise, badian, fennel
- FCL 720 - Ginger
- FCL 723 - Spices nes
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
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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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