Report Update Nov 1, 2024

Western Africa - Areca Nuts - Market Analysis, Forecast, Size, Trends and Insights

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Western Africa: Areca Nut Market 2024

Areca Nut Market Size in Western Africa

In 2022, the West African areca nut market increased by 118% to $X for the first time since 2018, thus ending a three-year declining trend. Overall, consumption, however, saw a drastic downturn. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market remained at a lower figure.

Areca Nut Production in Western Africa

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 +3.4% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 when the production volume increased by 32%. The level of production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

The country with the largest volume of areca nut production was Nigeria (X tons), accounting for 95% of total volume. It was followed by Cote d'Ivoire (X kg), with a 2.8% share of total production.

From 2012 to 2022, the average annual rate of growth in terms of volume in Nigeria totaled +2.0%.

Areca Nut Exports

Exports in Western Africa

In 2022, overseas shipments of areca nuts decreased by -10.7% to X tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, exports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2019 when exports increased by 247% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021, and then fell in the following year.

In value terms, areca nut exports reduced to $X in 2022. In general, exports, however, showed significant growth. The most prominent rate of growth was recorded in 2019 with an increase of 204% against the previous year. Over the period under review, the exports attained the maximum at $X in 2021, and then contracted in the following year.

Exports by Country

The shipments of the one major exporters of areca nuts, namely Nigeria, represented more than two-thirds of total export.

Nigeria was also the fastest-growing in terms of the areca nuts exports, with a CAGR of +28.0% from 2012 to 2022. From 2012 to 2022, the share of Nigeria increased by +20 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) also remains the largest areca nut supplier in Western Africa.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria amounted to +27.7%.

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, surging by 2.5% against the previous year. In general, the export price, however, showed a slight curtailment. The growth pace was the most rapid in 2018 an increase of 42%. As a result, the export price reached the peak level of $X per ton. From 2019 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the rate of growth in terms of prices for Nigeria amounted to -0.2% per year.

Areca Nut Imports

Imports in Western Africa

In 2022, the amount of areca nuts imported in Western Africa dropped to X kg, waning by -9.5% compared with the previous year's figure. Over the period under review, imports continue to indicate a abrupt descent. The most prominent rate of growth was recorded in 2018 with an increase of 1,665%. As a result, imports attained the peak of X tons. From 2019 to 2022, the growth of imports failed to regain momentum.

In value terms, areca nut imports fell markedly to $X in 2022. In general, imports continue to indicate a deep setback. The most prominent rate of growth was recorded in 2018 with an increase of 1,896%. As a result, imports attained the peak of $X. From 2019 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Nigeria (X kg) and Sierra Leone (X kg) represented roughly 68% of total imports in 2022. It was distantly followed by Togo (X kg), Liberia (X kg) and Cote d'Ivoire (X kg), together comprising a 28% share of total imports. Ghana (X kg) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Cote d'Ivoire (with a CAGR of +34.2%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, Nigeria ($X), Sierra Leone ($X) and Togo ($X) were the countries with the highest levels of imports in 2022, with a combined 86% share of total imports. Cote d'Ivoire, Liberia and Ghana lagged somewhat behind, together comprising a further 14%.

In terms of the main importing countries, Cote d'Ivoire, with a CAGR of +35.7%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2022, falling by -13.6% against the previous year. Import price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, areca nut import price increased by +53.6% against 2017 indices. The most prominent rate of growth was recorded in 2021 when the import price increased by 30%. As a result, import price reached the peak level of $X per ton, and then reduced in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Sierra Leone ($X per ton), while Liberia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sierra Leone (+6.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for areca nuts in Western Africa?

Nigeria constituted the country with the largest volume of areca nut consumption, accounting for 67% of total volume. Moreover, areca nut consumption in Nigeria exceeded the figures recorded by the second-largest consumer, Cote d'Ivoire, threefold. The third position in this ranking was occupied by Benin, with a 3.2% share.

What are the largest producers of areca nuts in Western Africa?

Nigeria remains the largest areca nut producing country in Western Africa, comprising approx. 90% of total volume. Moreover, areca nut production in Nigeria exceeded the figures recorded by the second-largest producer, Cote d'Ivoire, more than tenfold.

What are the leading exporters of areca nuts in Western Africa?

In value terms, Nigeria remains the largest areca nut supplier in Western Africa, comprising 91% of total exports. The second position in the ranking was occupied by Sierra Leone, with a 4.9% share of total exports.

What are the leading importers of areca nuts in Western Africa?

In value terms, Nigeria constitutes the largest market for imported areca nuts in Western Africa, comprising 64% of total imports. The second position in the ranking was occupied by Togo $230), with a 13% share of total imports. It was followed by Benin, with a 11% share.

What is the average export price for areca nuts in Western Africa?

In 2020, the areca nut export price in Western Africa amounted to $729 per ton, falling by -11.2% against the previous year.

What is the average import price for areca nuts in Western Africa?

In 2020, the areca nut import price in Western Africa amounted to $6,408 per ton, rising by 16% against the previous year.

This report provides an in-depth analysis of the areca nut market in Western Africa. 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:

Benin
Burkina Faso
Cabo Verde
Gambia
Ghana
Guinea
Guinea-Bissau
Liberia
Mali
Mauritania
Niger
Nigeria
Saint Helena, Ascension and Tristan da Cunha
Senegal
Sierra Leone
Togo
Cote d'Ivoire

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Production in Western Africa, split by region and country
Trade (exports and imports) in Western Africa
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. CONSUMPTION BY COUNTRY
3. 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 VOLUME AND VALUE
2. PRODUCTION BY COUNTRY
3. HARVESTED AREA AND YIELD BY COUNTRY
8. IMPORTS
The Largest Importers on The Market and How They Succeed
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Exporters on The Market and How They Succeed
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
11. COUNTRY PROFILES

The Largest Markets And Their Profiles
This Chapter is Available Only for the Professional Edition PRO
- Benin
- Burkina Faso
- Cabo Verde
- Gambia
- Ghana
- Guinea
- Guinea-Bissau
- Liberia
- Mali
- Mauritania
- Niger
- Nigeria
- Saint Helena, Ascension and Tristan da Cunha
- Senegal
- Sierra Leone
- Togo
- Cote d'Ivoire
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, By Country, 2018–2023
5. Production, In Physical Terms, By Country, 2012–2023
6. Harvested Area, By Country, 2012-2023
7. Yield, By Country, 2012-2023
8. Imports, In Physical Terms, By Country, 2012–2023
9. Imports, In Value Terms, By Country, 2012–2023
10. Import Prices, By Country Of Destination, 2012–2023
11. Exports, In Physical Terms, By Country, 2012–2023
12. Exports, In Value Terms, By Country, 2012–2023
13. Export Prices, By Country Of Origin, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Consumption, By Country, 2023
4. Market Volume Forecast to 2030
5. Market Value Forecast to 2030
6. Products: Market Size And Growth, By Type
7. Products: Average Per Capita Consumption, By Type
8. Products: Exports And Growth, By Type
9. Products: Export Prices And Growth, By Type
10. Production Volume And Growth
11. Yield And Growth
12. Exports And Growth
13. Export Prices And Growth
14. Market Size And Growth
15. Per Capita Consumption
16. Imports And Growth
17. Import Prices
18. Production, In Physical Terms, 2012–2023
19. Production, In Value Terms, 2012–2023
20. Area Harvested, 2012–2023
21. Yield, 2012–2023
22. Production, By Country, 2023
23. Production, In Physical Terms, By Country, 2012–2023
24. Harvested Area, By Country, 2023
25. Harvested Area, By Country, 2012-2023
26. Yield, By Country, 2012-2023
27. Imports, In Physical Terms, 2012–2023
28. Imports, In Value Terms, 2012–2023
29. Imports, In Physical Terms, By Country, 2023
30. Imports, In Physical Terms, By Country, 2012–2023
31. Imports, In Value Terms, By Country, 2012–2023
32. Import Prices, By Country, 2012–2023
33. Exports, In Physical Terms, 2012–2023
34. Exports, In Value Terms, 2012–2023
35. Exports, In Physical Terms, By Country, 2023
36. Exports, In Physical Terms, By Country, 2012–2023
37. Exports, In Value Terms, By Country, 2012–2023
38. Export Prices, 2012–2023