Report Update Nov 1, 2024

Nigeria - Areca Nuts - Market Analysis, Forecast, Size, Trends and Insights

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Nigeria: Areca Nut Market 2024

Areca Nut Market Size in Nigeria

In 2022, the Nigerien areca nut market was finally on the rise to reach $X after three years of decline. Over the period under review, consumption, however, recorded a deep setback. Areca nut consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Areca Nut Production in Nigeria

In value terms, areca nut production contracted modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.7% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2018 with an increase of 34% against the previous year. Areca nut production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

In 2022, the average areca nut yield in Nigeria amounted to less than X kg per ha, flattening at 2021 figures. Overall, the yield continues to indicate a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The areca nut harvested area in Nigeria amounted to less than X ha in 2022, approximately mirroring 2021. Overall, the harvested area showed a relatively flat trend pattern.

Areca Nut Exports

Exports from Nigeria

In 2022, after three years of growth, there was significant decline in shipments abroad of areca nuts, when their volume decreased by -10.5% to X tons. In general, exports, however, saw a significant expansion. The most prominent rate of growth was recorded in 2019 when exports increased by 241%. Over the period under review, the exports attained the maximum at X tons in 2021, and then declined in the following year.

In value terms, areca nut exports contracted to $X in 2022. Over the period under review, exports, however, saw a significant increase. The pace of growth appeared the most rapid in 2019 with an increase of 280%. Over the period under review, the exports attained the peak figure at $X in 2021, and then reduced in the following year.

Exports by Country

The UK (X tons) was the main destination for areca nut exports from Nigeria, accounting for a approx. 99% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to the UK stood at +28.2%.

In value terms, the UK ($X) also remains the key foreign market for areca nuts exports from Nigeria.

From 2012 to 2022, the average annual growth rate of value to the UK totaled +29.4%.

Export Prices by Country

In 2022, the average areca nut export price amounted to $X per ton, rising by 4.1% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 51% against the previous year. The export price peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

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 +1.0% per year.

Areca Nut Imports

Imports into Nigeria

In 2022, approx. X kg of areca nuts were imported into Nigeria; increasing by 37% against the previous year. Overall, imports showed a significant increase. The pace of growth appeared the most rapid in 2018 with an increase of 1,275%. Imports peaked at X kg in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, areca nut imports surged to $X in 2022. In general, imports posted a significant expansion. The pace of growth appeared the most rapid in 2018 when imports increased by 1,211%. Imports peaked at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, India (X kg) was the main areca nut supplier to Nigeria, accounting for a approx. 100% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from India stood at +21.0%.

In value terms, India ($X) constituted the largest supplier of areca nuts to Nigeria.

From 2012 to 2022, the average annual rate of growth in terms of value from India amounted to +20.7%.

Import Prices by Country

In 2022, the average areca nut import price amounted to $X per ton, increasing by 7.3% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. Over the period under review, average import prices hit record highs at $X per ton in 2019; however, from 2020 to 2022, import prices remained at a lower figure.

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 -0.3% per year.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for areca nuts in the world?

India constituted the country with the largest volume of areca nut consumption, comprising approx. 54% of total volume. Moreover, areca nut consumption in India exceeded the figures recorded by the second-largest consumer, Bangladesh, threefold. Myanmar ranked third in terms of total consumption with a 7.8% share.

What are the largest producers of areca nuts in the world?

The country with the largest volume of areca nut production was India, accounting for 45% of total volume. Moreover, areca nut production in India exceeded the figures recorded by the second-largest producer, Bangladesh, threefold. The third position in this ranking was occupied by Indonesia, with a 10% share.

What are the leading suppliers of areca nuts to Nigeria?

In value terms, India constituted the largest supplier of areca nut to Nigeria.

What are the leading importers of areca nuts from Nigeria?

In value terms, the UK remains the key foreign market for areca nut exports from Nigeria.

What is the average export price for areca nuts in Nigeria?

In 2020, the average areca nut export price amounted to $728 per ton, with a decrease of -13.1% against the previous year.

What is the average import price for areca nuts in Nigeria?

In 2020, the average areca nut import price amounted to $9,180 per ton, flattening at the previous year.

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.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
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
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. COUNTRIES WITH TOP YIELDS
4. TOP EXPORTING COUNTRIES
5. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION, HARVESTED AREA AND YIELD
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
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
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Yield And Growth
16. Exports And Growth
17. Export Prices And Growth
18. Market Size And Growth
19. Per Capita Consumption
20. Imports And Growth
21. Import Prices
22. Production, In Physical Terms, 2012–2023
23. Production, In Value Terms, 2012–2023
24. Area Harvested, 2012–2023
25. Yield, 2012–2023
26. Imports, In Physical Terms, 2012–2023
27. Imports, In Value Terms, 2012–2023
28. Imports, In Physical Terms, By Country, 2023
29. Imports, In Physical Terms, By Country, 2012–2023
30. Imports, In Value Terms, By Country, 2012–2023
31. Import Prices, By Country Of Origin, 2012–2023
32. Exports, In Physical Terms, 2012–2023
33. Exports, In Value Terms, 2012–2023
34. Exports, In Physical Terms, By Country, 2023
35. Exports, In Physical Terms, By Country, 2012–2023
36. Exports, In Value Terms, By Country, 2012–2023
37. Export Prices, By Country Of Destination, 2012–2023