Nigeria: Coconut Market 2024

Coconut Market Size in Nigeria

The Nigerien coconut market shrank slightly to $X in 2022, approximately mirroring the previous year. The market value increased at an average annual rate of +3.3% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Coconut Production in Nigeria

In value terms, coconut production fell to $X in 2022 estimated in export price. Over the period under review, the total production indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +1.3% against 2020 indices. The growth pace was the most rapid in 2018 when the production volume increased by 19% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

The average yield of coconuts in Nigeria shrank to X tons per ha in 2022, almost unchanged from the year before. The yield figure increased at an average annual rate of +1.4% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of 2.5% against the previous year. The coconut yield peaked at X tons per ha in 2021, and then shrank modestly in the following year. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the harvested area of coconuts in Nigeria totaled X ha, remaining constant against the previous year's figure. Overall, the harvested area, however, showed a noticeable descent. The most prominent rate of growth was recorded in 2016 with an increase of 4.4%. The coconut harvested area peaked at X ha in 2013; however, from 2014 to 2022, the harvested area remained at a lower figure.

Coconut Exports

Exports from Nigeria

In 2022, shipments abroad of coconuts decreased by -97.1% to X tons, falling for the fourth consecutive year after seven years of growth. Overall, exports faced a precipitous decrease. The most prominent rate of growth was recorded in 2018 when exports increased by 61%. As a result, the exports attained the peak of X tons. From 2019 to 2022, the growth of the exports remained at a lower figure.

In value terms, coconut exports shrank significantly to $X in 2022. In general, exports saw a significant decline. The most prominent rate of growth was recorded in 2018 when exports increased by 46% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Vietnam (X tons) was the main destination for coconut exports from Nigeria, accounting for a 87% share of total exports. Moreover, coconut exports to Vietnam exceeded the volume sent to the second major destination, India (X tons), sevenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Vietnam stood at -39.4%.

In value terms, Vietnam ($X) remains the key foreign market for coconuts exports from Nigeria, comprising 83% of total exports. The second position in the ranking was held by India ($X), with a 15% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Vietnam stood at -39.9%.

Export Prices by Country

The average coconut export price stood at $X per ton in 2022, with a decrease of -47.5% against the previous year. In general, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when the average export price increased by 21%. The export price peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the country with the highest price was India ($X per ton), while the average price for exports to Vietnam stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+24.2%), while the prices for the other major destinations experienced a decline.

Coconut Imports

Imports into Nigeria

In 2022, after four years of growth, there was significant decline in overseas purchases of coconuts, when their volume decreased by -97.7% to X tons. Overall, imports continue to indicate a pronounced setback. The most prominent rate of growth was recorded in 2018 when imports increased by 1,118% against the previous year. Over the period under review, imports hit record highs at X tons in 2021, and then dropped notably in the following year.

In value terms, coconut imports reduced remarkably to $X in 2022. In general, imports showed a abrupt shrinkage. The growth pace was the most rapid in 2021 with an increase of 790%. As a result, imports reached the peak of $X, and then declined significantly in the following year.

Imports by Country

The UK (X tons), Ghana (X tons) and China (X tons) were the main suppliers of coconut imports to Nigeria, together comprising 95% of total imports.

From 2012 to 2022, the biggest increases were recorded for Ghana (with a CAGR of +31.1%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the UK ($X) constituted the largest supplier of coconuts to Nigeria, comprising 57% of total imports. The second position in the ranking was taken by Ghana ($X), with a 23% share of total imports. It was followed by Niger, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the UK stood at +16.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Ghana (+33.9% per year) and Niger (+14.1% per year).

Import Prices by Country

In 2022, the average coconut import price amounted to $X per ton, shrinking by -9.8% against the previous year. Overall, the import price recorded a slight slump. The pace of growth was the most pronounced in 2020 an increase of 36% against the previous year. The import price peaked at $X per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Niger ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Niger (+31.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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