Report Update: May 1, 2024

Nigeria - Bananas - Market Analysis, Forecast, Size, Trends And Insights

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Banana Price in Nigeria - 2022

Banana Price in Nigeria (FOB) - 2022

The average banana export price stood at $4,955 per ton in 2022, almost unchanged from the previous year. Over the period under review, the export price recorded a dramatic curtailment. The growth pace was the most rapid in 2020 a decrease of -65.6% against the previous year. The export price peaked at $14,408 per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Georgia ($28,585 per ton), while the average price for exports to South Africa ($651 per ton) was amongst the lowest.

From 2019 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Georgia (+35.9%), while the prices for the other major destinations experienced a decline.

Banana Price in Nigeria (CIF) - 2022

The average banana import price stood at $1,182 per ton in 2022, flattening at the previous year. Over the period under review, the import price saw prominent growth. The pace of growth was the most pronounced in 2019 an increase of 175%. Over the period under review, average import prices attained the maximum in 2022 and is expected to retain growth in the near future.

As there is only one major supplying country, the average price level is determined by prices for Cameroon.

From 2015 to 2022, the rate of growth in terms of prices for Cameroon amounted to +6.3% per year.

Banana Exports in Nigeria

In 2022, shipments abroad of bananas decreased by 0% to 8.2 tons, falling for the second consecutive year after two years of growth. In general, exports posted a significant expansion. The pace of growth was the most pronounced in 2020 with an increase of 961%. As a result, the exports reached the peak of 16 tons. From 2021 to 2022, the growth of the exports remained at a lower figure.

In value terms, banana exports amounted to $41K in 2022. Over the period under review, exports enjoyed significant growth. The most prominent rate of growth was recorded in 2020 when exports increased by 265% against the previous year. As a result, the exports reached the peak of $82K. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

Export of Banana in Nigeria (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Niger	21.3	43.6	N/A	24.1	4.2%
Germany	N/A	N/A	N/A	6.5	0%
Canada	N/A	N/A	N/A	6.3	0%
Georgia	N/A	15.6	N/A	1.9	-65.1%
Belgium	N/A	N/A	N/A	0.7	0%
South Africa	0.8	2.5	N/A	0.6	-9.1%
United Arab Emirates	N/A	N/A	N/A	0.6	0%
Uganda	N/A	15.5	N/A	N/A	0%
Others	0.2	4.3	N/A	0.1	-20.6%
Total	22.3	81.5	N/A	40.7	22.2%

Top Export Markets for Banana from Nigeria in 2022:

Niger (5.4 tons)
Canada (1.3 tons)
South Africa (0.8 tons)
Germany (0.3 tons)
United Arab Emirates (0.2 tons)
Georgia (0.1 tons)
Belgium (0.1 tons)

Banana Imports in Nigeria

Banana imports into Nigeria stood at 25 tons in 2022, approximately reflecting the previous year's figure. Over the period under review, imports recorded a precipitous descent. The smallest decline of -75.1% was in 2020.

In value terms, banana imports amounted to $30K in 2022. In general, imports faced a precipitous shrinkage. The smallest decline of -58.5% was in 2020.

Import of Banana in Nigeria (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Cameroon	143	59.1	N/A	29.5	-40.9%
Others	N/A	N/A	N/A	N/A	0%
Total	143	59.1	N/A	29.5	-40.9%

Top Suppliers of Banana to Nigeria in 2022:

Cameroon (25.0 tons)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the banana 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 486 - Bananas

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